Falak Hyat (November 13, 2013)
The adoption of the code is aimed to increase the professional service standards of the bank and it’s on goings. This aims to instill higher levels of trust in the Banking industry of UAE, since a professional standard means more quality as well as service equality in all banks operating in the UAE.
“This is a move towards self-regulation of the banking industry. All elements in the code of conduct have come from within the banking industry and all CEOs representing the banking sector in the country believe that it will benefit, banks, customers and the society at large,” said Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation and CEO of Mashreq.
The code of conduct consists of application that should be followed by banks while serving customers, dealing in interbank transactions, recruitment, and market conduct, relations with regulator, advertising and development of UAE national staff as well as the overall management of banks.
The most highlighted code is that of customer service and the conduct that member banks adopt while serving their customers, which focuses on having fair customer dealings and paying importance to their complains and finding quick and instant solutions for them. The conduct will assure the banking staff is well trained and equipped with the ability to help and guide customers on what choices are best for them.
The Code also stresses on the need by banks to be transparent in dealing with customers and advising them on different aspects, especially interest rates and fees for the products the bank offers.
This initiative is not only good for the customers, but especially for that banks, since it helps them standardize quality and code of conducts, bringing more business to the UAE banks and satisfied customers, which will be very beneficial for the UAE economy and Banking Sector.
“Although the Code of Conduct is voluntary in nature, we will take any breaches in their application very seriously and will seek remedial action from any member bank that is not meeting the standards set out in the Code,” Al Ghurair said.
“It is a voluntary guideline and its objective is to increase awareness among banks, banking industry professionals and customers on what to expect from banks,” said Andre Sayegh, CEO of First Gulf Bank, who headed the specialized committee responsible for concluding the Code of Conduct.
Despite the fact that authorities mentioned that the code in not legally binding on UAE Banks Federation members, it is still very important to abide by it, since it will create a set quality benchmark that all banks must adhere to in the UAE Banking Sector
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