Dubai, United Arab Emirates: 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.

About Al Fardan Exchange

Al Fardan Exchange is a member of the Al Fardan Group, which has roots stretching back to 1954. Emerging from a seafaring and pearl trading tradition to a commercial trade, the Al Fardan name is built on a solid bedrock of security and reliability. Leveraging on the Group’s diversified business interests and successful operations in real estate, high-end jewellery and financial services, Al Fardan Exchange holds global reach with trust and credibility as its main ethics.

Established in 1971, Al Fardan Exchange has had the unique opportunity of playing a part in supporting communities who have helped build this nation, by helping them bring life to their own dreams – both here and in their home countries. Today, we are incredibly proud to serve the UAE’s cosmopolitan community through our strong network of 87 branches, spanning across all Emirates. Reinforced by strong relationships with over 150 global corresponding banks, financial institutions, and other financial service providers, we offer secure transactions that firmly place reliability and trust in the forefront.

To learn more about Al Fardan Exchange, visit alfardanexchange.com

About Dubai Insurance

Dubai Insurance Company (DIN) was incorporated by His Highness Late Sheikh Rashid Al Maktoum as the first local company in the UAE. Since then, Dubai Insurance has always provided excellent service to its clientele. The major transformation took place when the newly, agile and proactive Board of Directors were elected in early 2006. Dubai Insurance’s new Board of Directors together with the new management team tripled and doubled its revenue, profitability and client offering while maintaining the same unique values the founders were keen to establish. In acknowledgment of its performance and outlook, AM Best has assigned Financial Strength Rating “A(Excellent)” and Fitch Ratings has assigned an “A” Financial Rating.

As a result of Dubai Insurance’s strong performance and systematic working mechanism, it was assigned by the Ministry of Human Resources and Emiratisation to manage the Insurance Pool for Involuntary Loss of Employment Scheme, in addition to managing the Insurance Pool for the Workers’ Protection Program. Dubai Insurance prides itself in partnering with leading international reinsurers to offer our clients the solutions necessary for all their traditional and non-traditional risk management needs.

Over the years, Dubai insurance has seen a steady growth, in profits as well as premiums. What we are most proud of, is our contributions to the community and working closely with government entities to ensure that the community living here or visiting have the necessary insurance protecting them and making society work at peace.