Lots of individuals and business entities in UAE and across the globe are currently facing financial uncertainty due to the coronavirus (COVID-19) pandemic, which also lead to several issues arising. Despite measures that are taken by local government authorities. businesses and individuals may still receive some unwelcome news with regards to charges, account closures, and/or penalties. If you believe that your bank or any person is acting unfairly, follow these basic steps to resolve banking and finance issues in UAE:
Start with putting your complaint or issues in writing and send it to the firm or person that you’re dealing with. Make sure you do this as soon as you possibly can and be clear with what went wrong in the letter of complaint. A firm or person’s legal representative has a maximum of ninety calendar days in responding to you in writing.
Take note: you must ask for a written acknowledgment sent to you upon receiving your letter. Both the response and acknowledgment sent to you must offer the following crucial information:
After receiving a response that should also include the offer of the firm or person in resolving the issue or denial with regards to your complaint, your options will be either to accept or take the necessary steps in escalating your complaint. Remember that there are restrictions and limits on how much time you’re given to make a complaint with the local authorities, including the Central Bank’s Consumer Protection Department.
In addition, document everything apart from acting quickly and putting your issue in writing. Make sure that you document the steps that you’re taking in getting your complaint resolved. This includes all emails, faxes, and telephone conversations with names of employees, if applicable.
If you’re not satisfied with the option for dispute resolution that’s provided by the other party, then consult with experts on Islamic banking and finance disputes in UAE. Experts can help you involve the ombudsman of your bank if your issue is with a banking service or product. An ombudsman will help consumers resolve disputes with banking and financial institutions in UAE.
Read more: Why Islamic Finance Disputes are Best Resolved via International Arbitration
Apart from the contractual terms and conditions, there are some aspects the law states banks and financial institutions in UAE must do. As per the local legislation, they must provide their services:
You may want to know: Benefits of hiring a Court Expert
Reaching a stalemate, most especially with an insurance negotiation, will mean there’s a need for soliciting the help of a mediator. With mediation, an alternative dispute resolution, parties to a banking and financial dispute in UAE reach an agreement with the mediator, an impartial party, helping both sides in reaching an agreement.
Both parties are to sit down with a mediator to discuss the respective sides of a case. Every party will get the chance to speak with a mediator privately. An impartial party such as a mediator will use gathered information from both sides to a dispute in persuading the parties in meeting in the middle or for a specific amount which a mediator feels is reasonable and fair considering what has been presented.
Lawyers may also decide in seeking the guidance of a mediator. Local courts can also order for the compulsory use of a mediator. Either way, it’s required for a settlement to be agreed upon. Yes, even when there is a mediator involved. A mediator isn’t capable of making legally binding contracts.
Note: If a settlement is not reached with the help of a mediator, arbitration may be the out-of-court solution in reaching a settlement. Decision that’s made by an arbitrator is binding and has to be abided by both parties to a dispute.
If you want more information regarding your options for banking and finance dispute resolution in UAE, contact us here in Farahat & Co today!