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New guidelines for UAE bank customers, to get the complaints resolved instantly.

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For a new Financial Consumer Protection Regulatory Framework, consultation process launched.

As per the new guidelines being drafted by the Central Bank of the UAE(CBUAE) Bank consumers and financial institution will have greater protection in UAE.

For developing a new Financial Consumer Protection Regulatory Framework, CBUAE has launched process for consultation. Which will result into resolving complaints faster as well as consumers will also receive “effective dispute resolution services”

The Governor of CBUAE, Mubarak Rashed Al Mansoori exclaimed.” Through this process, CBUAE will move forward with the development of a new Financial Consumer Protection Regulatory Framework to protect financial consumers”

The principle of the framework includes market conduct, business conduct and protection of consumer data and privacy as well as disclosure and transparency, regulatory supervision and corporate governance too.

Moreover, this particular principal is also responsible for finance practices, consumer education, awareness, financial inclusion, complaint management and dispute resolution. However, for the development of comprehensive framework in financial service Shariah compliance is essential.

Furthermore, the new regulations and standards will apply to all existing agreements, products and services of licensed financial institutions.

Prior information investors need to know before purchasing unplanned real estate.

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First and foremost, before signing an off-plan unit purchase and sale agreement. It is the buyer’s duty to pay a visit to the Dubai Land Department (DLD)and the Real Estate Regulator Agency (RERA). or the individual needs to visit DLD’s Genuine website (ww.dubailand.gov.ae) to check the following: –

  1. Is the real estate project registered with RERA?
  2. For the purpose of project is there any escrow account? what is the name and number of the escrow account agent?
  3. What is the percentage acquired and the expected date for the completion of the project?
  4. Is the developer registered with RERA? id the development land owned by the developer or whether they hold any agreement between the owner and developer?
  5. Does the developer hold the required permits and approvals from DLD and RERA to sell unplanned units for the relevant project?