Efficient Access To ILOE Payouts: Al Fardan Exchange Collaborates With Dubai Insurance For UAE Claimants

In a pioneering move for the UAE, Al Fardan Exchange has entered into a Memorandum of Understanding (MoU) with Dubai Insurance on behalf of the Insurance Pool, facilitating a new avenue for Involuntary Loss of Employment (ILOE) payment claims. This collaboration marks Al Fardan Exchange as the inaugural exchange house in the nation to offer this service, enabling registered customers of the ILOE scheme to easily obtain their insurance payouts from any of its over 87 branches scattered throughout the UAE.

The partnership between Al Fardan Exchange and Dubai Insurance, under the umbrella of the Insurance Pool, aims to provide a cushion during unforeseen employment crises. By allowing customers who are Emirati citizens or UAE residents, and who are enrolled in the ILOE scheme with a valid UAE visa or Emirates ID, to claim their ILOE payouts effortlessly at any Al Fardan Exchange branch, this initiative underscores a mutual commitment towards customer convenience and support. The process is designed for efficiency with instant verification systems in place, ensuring that customers can access their funds on the same day they apply.

This strategic alliance was formalized through a MoU signing ceremony, featuring Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, and Abdellatif Abuqurah, CEO of Dubai Insurance and Chairman of the Insurance Pool. Highlighting the significance of this partnership, Hasan Fardan Al Fardan stated, "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 echoed this sentiment, expressing enthusiasm for the partnership. He 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."

Dubai Insurance, serving as the leader and a member of the Insurance Pool, introduced the ILOE scheme with the objective of offering financial security to employees. The program is specifically tailored for those who have been part of the workforce for at least 12 continuous months and find themselves abruptly unemployed. This initiative underscores a broader effort to bolster the social safety net for workers in the UAE, ensuring they have the necessary financial support during periods of transition.