Al Ansari Exchange, the UAE’s exchange house network that provides worldwide remittance and foreign exchange services, has announced a new partnership with Islamic Finance House (IFH) across its branches whereby IFH will issue labor guarantees for companies.
Under the partnership, Al Ansari Exchange will offer exceptional value to commercial establishments and a more convenient and cost-effective platform as it does not require an annual renewal fee, which is typically charged by banks.
“The new labor guarantee service provides a more accessible and convenient platform for establishments in the private sector to secure labor guarantees through more than 110 branches of Al Ansari Exchange across the country. It has always been our thrust to build client relations and enhance customer loyalty by introducing new services that match evolving customer requirements. Moreover, the launch of the new labor guarantee service underlines the unique ability of Al Ansari Exchange to quickly respond to emerging market gaps and create greater added value to our customers,” said Rashed Ali Al Ansari, General Manager of Al Ansari Exchange.
The labor guarantee, which is one of the requirements to secure a work permit for an employee, has been implemented by the UAE Ministry of Labor as part of its efforts to safeguard the rights of workers. IFH is authorized by the UAE Central Bank and Ministry of Labor to offer labor guarantees to all commercial establishments operating in the UAE. Al Ansari Exchange collects the labor guarantee payments from customers and transfers the amount to IFH, which can then issue the labor guarantees instantly through its direct access to the Ministry of Labor systems. The entire process is fully automated wherein transaction details are electronically sent by Al Ansari Exchange to IFH every 10 minutes.
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