Page 105 - ALEF EDUCATION PR REPORT - JUNE 2024

#2- The Central Bank of the UAE is requiring banks to notify customers of their
right to resort to its dispute resolution unit, Sanadak, Mubasher reports, citing a
circular. The decision also requires ins. companies and any licensed financial
institutions to inform customers in writing of their right to resort to the unit. Customers
have three years to file a complaint without charge from the date of the incident.
ICYMI- The Central Bank launched Sanadak, a new ombudsman unit responsible for
dispute resolution, in March. Consumers can now file claims against ins. companies and
banks through Sanadak's website or app.
#3- The deadline for submitting requests to redeem balances on e-AED cards is
30 June, the Finance Ministry said in an X post. Redeem requests can be submitted
through the Ministry's website.
#4- The Federal Tax Authority has issued a public clarification (pdf) on corporate
tax registration timelines, available on its website. The clarification does not include
amendments to the previous legislation effective since March, but clarifies tax
registration application deadlines for taxable persons, including residents and non-
residents, and registration requirements for juridical persons seeking exemption from
the tax.
#5- Emirates can now apply for home loans via one entity, down from 11, after
Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved the launch of the
Manzili housing services bundle yesterday, Wam reports. The initiative — which offers
18 housing services and cuts back procedures for filing a loan request — looks to
eliminate some 2k government processes and slash processing time by 50% within a
year. Required approval documents for home loans have also been reduced from 10 to
two documents.

PLUS- The Dubai Ruler also greenlit AED 1.68 bn in housing support under the
Sheikh Zayed Housing Program, covering over 2.1k new homes for citizens, Dubai
Ruler Sheikh Mohammed bin Rashid Al Maktoum said on X.

#6- The Sustainable Finance Working Group introduced new principles
for sustainability-related disclosures for licensed financial institutions, covering ESG
policies and procedures and transparency in reporting, according to a statement from
the Securities and Commodities Authority. While SCA has signed off on the new
principles, they have not yet been officially released.

WATCH THIS SPACE-
#1- e& optimistic about prospects of a PPF takeover despite EU probe: Telecoms
giant e& plans to close the acquisition of Czech PPF Telecom Group’s assets in
Eastern Europe this year, as it remains “fully committed to the transaction,” the telco
said in a bourse filing (pdf) yesterday. e& noted that the European Commission’s probe
into the takeover is merely a “procedural step,” which does not predetermine the
investigation’s outcome, and that it will cooperate with the commission closely towards a
conclusion for the probe.

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morning:-alef-education-debuts-on-the-adx-in-abu-dhabi%25e2%2580%2599s-first-ipo-of-the-
year