Al Fardan Exchange has signed a Memorandum of Understanding (MoU) with Dubai Insurance on behalf of the Insurance Pool, becoming the first exchange house in the UAE to offer Involuntary Loss of Employment (ILOE) payment claims. This partnership allows customers registered in the ILOE scheme to conveniently collect their insurance payouts through a network of over 87 Al Fardan Exchange branches across the UAE.
The MoU was signed by Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, and Abdellatif Abuqurah, CEO of Dubai Insurance and Chairman of the Insurance Pool. This strategic partnership is designed to support individuals during times of need by offering seamless access to insurance claims. It reflects both companies' shared commitment to delivering convenience and care to their customers.
As part of this collaboration, Emirati citizens and UAE residents enrolled in the ILOE scheme and holding a valid UAE visa or Emirates ID can receive their ILOE payouts at any Al Fardan Exchange branch nationwide. With instant verification systems, customers can collect their funds on the same day, ensuring a streamlined payout process.
Dubai Insurance, a Pool Member and the leader of the Insurance Pool, introduced the ILOE program to provide financial support for employees enrolled for at least 12 continuous months and unexpectedly lost their jobs.
Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, emphasised the importance of this partnership. He said:
Our collaboration with Dubai Insurance, the representative of the Insurance Pool, highlights our dedication to integrating people into the financial system and providing essential support. This MoU enables us to extend our reach and be an integral part of Dubai Insurance's ILOE program. With our extensive network of branches, we ensure easy access for customers to receive their insurance payouts swiftly and conveniently, adding value to their everyday lives.
Abdellatif Abuqurah, CEO of Dubai Insurance and Chairman of the Insurance Pool said:
We are pleased to cooperate with Al Fardan Exchange on behalf of the Insurance Pool, which will provide expanded payment channels for Involuntary Loss of Employment claims through Al Fardan Exchange’s network of branches, in a way that meets the expectations of the scheme’s subscribers in terms of ease of obtaining compensation. This reflects the Insurance Pool’s commitment to providing the highest quality standards of services in line with the directives of the UAE government.
By combining Al Fardan Exchange's extensive branch network with Dubai Insurance's comprehensive insurance services, this agreement benefits both organisations while strengthening the financial resilience of customers in times of need.
