Al Fardan Exchange has officially partnered with Dubai Insurance to enhance access to insurance payments for individuals facing involuntary job loss.
This collaboration makes Al Fardan Exchange the first exchange house in the UAE to facilitate claims for the Involuntary Loss of Employment (ILOE) programme.
Involuntary Loss of Employment
Customers enrolled in the ILOE scheme can now conveniently collect their insurance payouts at any of Al Fardan Exchange’s 87 branches across the UAE.
The Memorandum of Understanding (MoU) was signed by Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, and Abdellatif Abuqurah, CEO of Dubai Insurance. This partnership underscores a shared commitment to providing timely financial support to those in need.
Emirati citizens and residents with a valid UAE visa or Emirates ID who are part of the ILOE program can receive their payments on the same day, thanks to efficient verification processes. Dubai Insurance launched the ILOE program to assist employees who have been continuously employed for at least 12 months and experience unexpected job loss.
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 programme. 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.
tanvir@dubainewsweek.com
