UAE Central Bank Returns AED 36 Million to Consumers in 2024
Consumer protection efforts result in financial reimbursements amid significant regulatory actions.
The United Arab Emirates Central Bank has reported that it returned a total of AED 36 million to consumers in 2024 as part of its consumer protection efforts.
This initiative stemmed from thorough reviews conducted by the Market Surveillance sector of various licensed financial institutions.
Following these investigations, clear directives were issued to the concerned licensed financial institutions to compensate consumers for unjustified fees and amounts deducted or held from their accounts.
The disclosures are part of the Central Bank’s annual report for 2024, which outlines its achievements for the past year alongside initiatives that have marked a significant shift in its operational role to bolster the national economy.
The report highlighted a surge in supervisory inspections, with 152 inspections carried out in the last year, reflecting an increase of 108% compared to 2023.
Additionally, the report specified that the number of UAE nationals employed in vital roles within financial institutions reached 7,886 by the end of the previous year, marking the highest level of employment in this sector, with a growth rate of 20.2% compared to the previous year.
The Central Bank stated that Emiratisation remains a strategic priority for 2024, with licensed financial institutions surpassing their Emiratisation targets, showing a growth rate of 152.9% by hiring 2,866 nationals.
As per the report, the Emiratisation rate within the Central Bank itself stood at 59.4%, with the total number of full-time employees reaching 1,026.
The economic performance of the UAE also demonstrated notable growth in 2024, with real GDP expanding by 3.9%, supported by robust performance in both the oil and non-oil sectors.
The Central Bank anticipates an acceleration of growth to 4.7% in 2025, reflecting the resilience and diversification efforts of the national economy.
Moreover, trade in non-oil goods rose by 13.8%, surpassing AED 2.8 trillion, significantly bolstered by comprehensive economic partnership agreements.
The banking sector experienced exceptional financial growth, with total assets increasing to AED 4.56 trillion, achieving a growth rate of 12.0%, which positions the UAE as a leader in the Middle East regarding banking assets.
The insurance sector also noted significant growth, with total written premiums reaching AED 64.8 billion, a year-on-year increase of 21.4%.
Additionally, the Central Bank imposed fines totaling AED 124.9 million on regulated institutions, completing 291 precautionary inspections and 258 inspections focused on anti-money laundering and counter-terrorism financing throughout the year.
Central Bank Governor Khaled Mohamed Balama emphasized the institution's continued efforts to enhance financial stability and regulatory frameworks, along with leading innovation within the financial services sector.
He noted that the initiatives undertaken in 2024 have improved the efficiency and competitiveness of the financial sector, culminating in the bank receiving the Mohammed bin Rashid Government Excellence Award for best federal entity.
This initiative stemmed from thorough reviews conducted by the Market Surveillance sector of various licensed financial institutions.
Following these investigations, clear directives were issued to the concerned licensed financial institutions to compensate consumers for unjustified fees and amounts deducted or held from their accounts.
The disclosures are part of the Central Bank’s annual report for 2024, which outlines its achievements for the past year alongside initiatives that have marked a significant shift in its operational role to bolster the national economy.
The report highlighted a surge in supervisory inspections, with 152 inspections carried out in the last year, reflecting an increase of 108% compared to 2023.
Additionally, the report specified that the number of UAE nationals employed in vital roles within financial institutions reached 7,886 by the end of the previous year, marking the highest level of employment in this sector, with a growth rate of 20.2% compared to the previous year.
The Central Bank stated that Emiratisation remains a strategic priority for 2024, with licensed financial institutions surpassing their Emiratisation targets, showing a growth rate of 152.9% by hiring 2,866 nationals.
As per the report, the Emiratisation rate within the Central Bank itself stood at 59.4%, with the total number of full-time employees reaching 1,026.
The economic performance of the UAE also demonstrated notable growth in 2024, with real GDP expanding by 3.9%, supported by robust performance in both the oil and non-oil sectors.
The Central Bank anticipates an acceleration of growth to 4.7% in 2025, reflecting the resilience and diversification efforts of the national economy.
Moreover, trade in non-oil goods rose by 13.8%, surpassing AED 2.8 trillion, significantly bolstered by comprehensive economic partnership agreements.
The banking sector experienced exceptional financial growth, with total assets increasing to AED 4.56 trillion, achieving a growth rate of 12.0%, which positions the UAE as a leader in the Middle East regarding banking assets.
The insurance sector also noted significant growth, with total written premiums reaching AED 64.8 billion, a year-on-year increase of 21.4%.
Additionally, the Central Bank imposed fines totaling AED 124.9 million on regulated institutions, completing 291 precautionary inspections and 258 inspections focused on anti-money laundering and counter-terrorism financing throughout the year.
Central Bank Governor Khaled Mohamed Balama emphasized the institution's continued efforts to enhance financial stability and regulatory frameworks, along with leading innovation within the financial services sector.
He noted that the initiatives undertaken in 2024 have improved the efficiency and competitiveness of the financial sector, culminating in the bank receiving the Mohammed bin Rashid Government Excellence Award for best federal entity.
