Dubai, United Arab Emirates – Al Fardan Exchange has signed a Memorandum of Understanding (MoU) with Dubai Insurance on behalf of the Insurance Pool, marking a pioneering collaboration that positions Al Fardan Exchange as the first exchange house in the UAE to offer Involuntary Loss of Employment (ILOE) payment claims. This strategic partnership provides customers registered in the ILOE scheme the ability to conveniently collect their insurance payouts through Al Fardan Exchange’s expansive network of over 87 branches nationwide.
The MoU was formalized during a signing ceremony between Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, and Abdellatif Abuqurah, CEO of Dubai Insurance and Chairman of the Insurance Pool. This collaboration underscores both organizations’ commitment to supporting individuals in need by simplifying access to critical insurance payouts.
Enhanced Convenience for ILOE Scheme Subscribers
Through this partnership, UAE nationals and residents enrolled in the ILOE scheme, and holding a valid UAE visa or Emirates ID, will be able to claim their ILOE payouts at any Al Fardan Exchange branch across the UAE. With instant verification systems in place, customers can receive their funds on the same day, ensuring a smooth and swift process for those facing unexpected job loss.
Hasan Fardan Al Fardan emphasized the significance of this partnership: “Our collaboration with Dubai Insurance, representing the Insurance Pool, highlights our dedication to integrating individuals into the financial system and offering essential support. This MoU enables us to be a vital part of the ILOE program, extending our reach and ensuring that customers can access their insurance payouts quickly and conveniently across our extensive branch network.”
Supporting Employees in Times of Need
The ILOE program, introduced by Dubai Insurance as the leader of the Insurance Pool, is designed to provide financial support to employees who have lost their jobs involuntarily after being enrolled in the scheme for at least 12 consecutive months. The scheme offers a safety net during challenging times, helping individuals maintain financial stability as they transition between jobs.
Abdellatif Abuqurah, CEO of Dubai Insurance and Chairman of the Insurance Pool, expressed his optimism about the partnership: “We are pleased to collaborate with Al Fardan Exchange on behalf of the Insurance Pool, which will expand the payment channels for Involuntary Loss of Employment claims. This partnership ensures that scheme subscribers can easily access compensation, reflecting the Insurance Pool’s commitment to delivering high-quality services that align with UAE government directives.”
Strengthening Financial Resilience
By combining Al Fardan Exchange’s extensive branch network with Dubai Insurance’s comprehensive insurance services, this partnership aims to strengthen the financial resilience of customers facing involuntary job loss. The agreement further solidifies the shared mission of both companies to deliver exceptional services that meet the evolving needs of their customers.
About Al Fardan Exchange
Founded in 1971, Al Fardan Exchange is a key member of the Al Fardan Group, with roots dating back to 1954. Known for its trustworthiness and reliability, Al Fardan Exchange operates across various industries, including real estate, high-end jewelry, and financial services. The exchange house serves the UAE’s diverse population through a robust network of 87 branches across all Emirates, offering secure transactions and maintaining strong relationships with over 150 global financial institutions.
About Dubai Insurance
Incorporated by His Highness Late Sheikh Rashid Al Maktoum as the UAE’s first local insurance company, Dubai Insurance has established a reputation for excellence and innovation in the insurance industry. Managing both the Involuntary Loss of Employment Scheme and the Workers’ Protection Program on behalf of the UAE Ministry of Human Resources and Emiratisation, Dubai Insurance continues to deliver comprehensive insurance solutions that cater to traditional and non-traditional risk management needs. The company holds strong financial ratings and partners with leading international reinsurers.
For more information, visit alfardanexchange.com.
