Financial or banking disputes are the ones that may become an insurmountable roadblock in your professional and personal life. Now, these financial disputes occur because of many reasons. Some of the financial disputes include but are not limited to financial scams, disputed money transfers, unauthorized charges, illegal financial activities, bounce cheques, card theft or less, and more.
These disputes will not be welcomed for sure and will receive legal complications that will further need to be resolved by advocates and lawyers. Involving a lawyer or a legal firm becomes mandatory as it helps concerning charges in terms of fines, prison, penalties, and even business closures.
Now, there are some early measures that you should take to save yourself from later inconveniences. For example, by filing a complaint with the bank, arranging or sequencing all the paperwork, preparing reports, and ensuring that all the relevant and adequate measures have been appropriately taken so that the dispute gets a proper solution.
At this point, several people consider it a way to file a complaint over the phone and then assume to get the positive results back. What is important is to realize those correct procedures and necessary measures must be taken in order to achieve the final resolution. Having said this, here is what you need to know about financial or banking disputes and all the measures you must take for dispute resolution. Be your case related to a real estate dispute, partnership failure, or any other case – financial dispute resolution is the process with which you can get the results in time and ensure your financial stability.
Proven Ways to Deal with Financial or Banking Disputes
Here are the 4 legally recommended ways to deal with or solve financial or banking disputes in Dubai, primarily with a legal advisor in Dubai.
1. Make a Complaint with UAE’s Central Bank
The first and foremost step is to make a legal complaint with the central bank of the United Arab Emirates. This is a step that not many people are adequately aware of, and this is what adds to their problem.
UAE central bank is the governing and authoritative body for dealing with and supporting all the financial stability in the cities of UAE. One of the many primary functions of this body is to maintain and ensure financial system efficiency and correct functioning at all times. So, each financial institution in the UAE has been managed by this monetary and licensed financial institution.
This governing body is also responsible for implementing and practicing several functions that protect the interests of the consumers while promoting economic growth. However, if you have a financial concern with some individual or company, this is a body where you can issue your complaint and resolve your issue with a team of financial experts. The Central Bank of the UAE has a particular designed unit, i.e., the consumer protection department, that deals with and resolves all the financial conducts in the UAE.
Moreover, the body will also investigate the stringency of the case and evaluate if there is really a legal violation for which they will be taking necessary measures. So, if you are wondering how to make a complaint with the UAE Central Bank, here is a brief step in pointers;
- The first way is to make your complaint on the official website. For this, you will need to register yourself, and your complaint can be lodged after providing the information.
- If you’re residing in Abu Dhabi, you can seek assistance from the Consumer Happiness Centre, which is in the Central Bank.
- Another way to make your complaint is by making it with the Call Centre, which is mainly for seniors.
2. Issue a Police Complaint
Another way to deal with financial disputes is by filing or issuing a complaint to the police. When you take this step, you will get a report of your complaint that will also help out when you take your complaint with the Central Bank of UAE. Here’s how you can make your complaint;
- A person can lodge a complaint online or can also take the in-person option.
- Before making a complaint, you must ensure that all the documentation and proof of financial disputes are available for 100% transparency in the process.
- Providing the police department with bank records, receipts, cheques, etc., must be presented at the time of reporting.
3. Involving a Mediator
One way of dealing with a financial dispute is by involving a mediator in the process who will understand the gravity of your case. If you seek the help of corporate lawyers in Dubai at Mai Alfalasi, we will help you in your mediation and resolution of the issue. They are well aware of all the channels involved to bring your case to transparent explanations while ensuring your satisfaction.
4. Ask for Expert Assistance
Several times, we are not properly satisfied with the verdict and conviction others take for our financial disputes. This is where involving experts and seeking their assistance based on their farfetched experience, knowledge, and skillset, it becomes important to ask and sometimes understand the situation. Having said this, if you need the legal assistance of an expert help, the lawyers and advocates at Mai Alfalasi are always available to facilitate and assist clients with Islamic banking and financial disputes related to any matter.
The Final Takeaway
Knowing and learning about your rights and laws regarding financial disputes is essential. Only this is the way with which you can take measures and ensure that everything is being done in a transparent manner. This is what we aim to provide – firsthand knowledge to our readers and clients so that they can take effective measures and know what can be done for the protection of their financial stability.
Moreover, it is imperative to note that if you are not satisfied with the resolution process, you can ask your lawyer to redefine the case and challenge it in court to get the rights and solutions you deserve. However, in order to get this, you must have legal assistance or a legal firm who will answer for you and help you overcome the errors.
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- Corporate & Commercial
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Mai Alfalasi
Advocates & Legal Consultancy
1203, Green Tower
Baniyas Street, Deira
Dubai, United Arab Emirates
Phone. +971 4 223 0666
Whatsapp. +971 50 208 9986
Email. info@maaflegal.ae
Office Hours
9.00am to 6.00pm (GST)
Monday to Friday