DUBAI: The UAE Banks Federation (UBF) will develop an integrated framework to improve the efficiency and transparency of its members in handling customer complaints.
Central bank authorities have approved the initiative, the UBF said in its statement. The group represents 48 lenders operating in the Emirates.
“The proposed framework was developed as part of the UBF’s continued efforts to enhance customer experience, as well as bring higher levels of transparency and efficiency in addressing the concerns of the bank customers in the UAE,” Abdulaziz Al-Ghurair, the chairman of UBF, said in a statement.
“The Central Bank’s blessing for the framework paves the way for the country-wide implementation of this landmark initiative, which is in line with global best practices. It will ensure that customers’ concerns, rights and interests are taken care of and protected.”
The group likewise unveiled a set of guidelines that specify standards for good banking practices for is member banks when dealing with complaints from customers.
“The purpose of the Service Promise is to upgrade the quality of service that bank customers across the UAE will receive when they file a complaint about a product or service. By providing a set of guidelines and adequate quality assurance to customers, the Service Promise will raise the industry standards and ensure standardized processes and experiences across banks, as well as help encourage consumer confidence in the banking industry,” Al-Ghurair said.
Under UBF’s Service Promise, customers can lodge complaints through a variety of channels, including bank call centers, branches, via Internet or mobile banking and the social media.
Customers would then get an acknowledgement from their bank that their complaints have been received, and a resolution would be provided within six business days or less.
If the bank is unable to solve the complaint within 60 days, the complainant will be provided with information about their options for external escalation, the UBF said.
UAE banks launch initiative to handle customer complaints
UAE banks launch initiative to handle customer complaints
Closing Bell: Saudi benchmark index edged up to close at 10,549
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.
Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.
The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.
Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.
On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.
Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.
The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.
The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.
