Capital Market Authority warns investors against unlicensed company
Abu Dhabi: The Capital Market Authority has warned investors against dealing with Qanat Al Amal Services and Call Centres, saying the company is not licensed to conduct financial activities or provide services regulated by the authority. The regulator said it would bear no responsibility for any transactions carried out with the company in relation to such activities. Get updated faster and for…
The Capital Market Authority has issued a stern warning to investors, cautioning them against engaging with Qanat Al Amal Services and Call Centres. The authority contends that this entity lacks the necessary license to engage in financial activities or provide services that fall under its purview. The regulator has made it clear that it will not assume any liability for transactions conducted with the company in connection with these activities.
To avoid potential pitfalls, the Capital Market Authority has urged investors to meticulously verify the status of any company or entity before entering into agreements or transferring funds. This is especially pertinent when financial services are in play. The authority's official website hosts a comprehensive list of licensed companies, which investors are advised to consult prior to undertaking any transactions.
Similarly, Qanat Al Amal Services and Call Centres have been singled out for targeting financial institutions through deceptive mobile phone installment advertisements on social media platforms. The UAE Council For FATWA has also taken a firm stance against unlicensed online fatwa accounts. In another development, Dubai Police have sounded the alarm about a surge in fake investment schemes proliferating online.
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