The Central Bank has affirmed its commitment to protect customers from any financial misbehavior by promoting awareness, setting appropriate policies and regulations, monitoring banks' compliance, and handling complaints.

He revealed to Emirates Today that he is currently working on developing the regulatory framework for consumer protection and using advanced technologies to ensure that all consumer inquiries are monitored and processed in a timely manner.

This came in response to a questionnaire conducted by «Emirates Today» through its website on the microblogging «« Twitter », in which 683 traders participated, 77% of them said they are“ dissatisfied ”with the response of the Central Bank to solve problems with banks, and described the response as« weak » .

Customer Reviews

In detail, a survey conducted by «Emirates Today» on its microblogging platform «Twitter», which included 683 respondents, showed that 77% of respondents «dissatisfied» the response of the Central Bank to resolve their problems with banks, describing the response as «weak», he said 13% of them said that the response is “moderate”, and 10% felt that the central bank is responding to the problem.

The questionnaire included the questionnaire: What is the response of the Central Bank when there is a problem with your bank?

The participants' comments were negative, and they tell the experiences of customers who have communicated with the Central Bank, and their problems have not been solved.

«Central» commitment

For its part, the Central Bank assured «UAE Today» that it puts consumer opinion at the top of its priorities.

“We are currently working with a global company to carry out a comprehensive survey, which accurately reflects the most prominent public opinion trends towards the UAE Central Bank.”

The Central Bank is committed to protecting consumers from financial misconduct by promoting awareness, adopting appropriate policies and regulations, monitoring compliance and handling complaints.

`` We are also constantly developing the regulatory framework to protect consumers by investing in cutting-edge technologies and regulations, and developing the necessary mechanisms to ensure that all consumers' inquiries are monitored and processed in a timely manner, in a way that meets their needs and aspirations.

It is worth mentioning that the Central Bank has for years launched a specialized department for consumer protection, which is tasked with receiving customer complaints, assisting in solving them, in addition to requiring banks to operate an independent complaints unit, which reports directly to the CEO of each bank.

Despite all these efforts, the highest bank complaints from the newspaper's hotline remain.

Banks shrink financing for small projects in the third quarter

According to data issued by the Central Bank, yesterday that banks reduced their lending to small and medium enterprises, during the third quarter of this year, where they reached 84.9 billion dirhams at the end of last September, compared with 88.5 billion dirhams at the end of June, a decline of 3.6 billion dirhams. Equivalent to a negative 4%.

According to statistics, the assets of the banking sector exceeded the first three trillion dirhams by the end of September to reach three trillion and 22 billion dirhams, compared with two trillion and 958 billion dirhams at the end of the first half of this year, an increase of 64 billion dirhams, continuing to lead the Arab and Gulf.

During the third quarter, banks raised their various investments, whether in securities, stocks or other, to 397 billion dirhams at the end of September, compared to 367 billion dirhams at the end of June, an increase of 30 billion dirhams.