Introduction to the Policy

This data privacy policy (“Privacy Policy”) published and shared by Al Fuad governs the use of personal and financial data supplied by our customers while availing any of our services whether on our digital application (App) or at branches. The customer’s trust is most important to us, which is why we are committed to ensure that the customer’s privacy is secured and protected. We want to strengthen that trust by being transparent with how we collect, use and protect the Customer’s Personal Data (defined hereinafter).

The information that the customer shares with us enables us to provide and improve our services such as:

• remittance services via branches or digital application;
• currency exchange;
• various value-added services like bill payments;
• WPS services.

All services can be used only after the customer has gone through the Know-Your-Customer (KYC) process to ensure that all transactions are legal and follow AML/CFT laws, regulations and Central Bank directives.

To constantly provide proper protection to Personal Data, we may update this Data Privacy Policy periodically. We encourage customers to check this page from time to time. Customers may email us at [email protected] with questions.

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Why we collect Personal Data

We collect the Customer’s Personal Data such as (but not limited to):

• Name
• Date and place of birth
• Specimen signature or biometrics
• Present and permanent address
• Source of funds or income
• Name of employer or nature of self-employment/business, profession
• Contact details such as phone numbers and email address
• Mother’s name
• Marital status

We collect such information to, among other purposes:

1. enhance the customer experience and develop tailored products;
2. communicate relevant products and advisories;
3. display relevant advertisements and measure their reach;
4. comply with safety, security, public service or legal requirements;
5. process information for statistical, analytical and research purposes.

We also collect Personal Data as required by law and legal process (for example under Anti-Money Laundering legislation) or to prevent imminent harm to public safety or order. Aggregate reports created for analytics help us improve services for all customers.

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Use and Storage of Personal Data

We use Personal Data to provide requested services, resolve disputes, troubleshoot, promote safe services, measure consumer interest, inform customers about offers/updates, customize experience, detect and prevent fraud, and enforce our terms. We may invite customers to complete optional surveys which may request contact and demographic information.

We take reasonable measures to protect Personal Data (paper and electronic) from misuse, loss, unauthorized access, modification and disclosure by implementing organizational, physical and technical security measures. When storing data with third-party providers, we use contractual arrangements to ensure they follow industry best practices.

We will retain registration and transaction records for a minimum of five (5) years in adherence with Central Bank and applicable legal/regulatory requirements. Once retention periods expire, Personal Data will be destroyed in an irretrievable and unusable form in accordance with our security measures.

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Data Privacy for Digital Application

In addition to the practices described above, the Al Fuad Exchange app employs advanced encryption standards, multi-factor authentication and secure transmission protocols to protect customer data. We adhere to the Central Bank of UAE’s regulatory framework and directives on data privacy and cybersecurity. Data collected through the App is validated and any sharing with third-party providers is subject to binding agreements ensuring confidentiality and legal compliance (including AML/CFT requirements).

Customers using the App retain rights to access, correct or request deletion of their personal data in accordance with UAE Federal Decree-Law No. (45) of 2021 on the Protection of Personal Data. Review the App’s privacy settings or contact our customer care team for assistance.

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When do we share Personal Data?

We will ask for customer consent before sharing Personal Data except where sharing is required by law or regulatory mandate, or with group companies and affiliates. With consent, we may share data with contracted third-party service providers for processing, marketing, research and other legitimate purposes under data sharing agreements that require adequate organizational, physical and technical protections.

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Security

We maintain stringent security measures to protect Personal Data against loss, misuse, and alteration. Secure servers and strict security guidelines are used whenever customers access or change account information.

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Consent

By using our services or providing Personal Data, customers consent to collection and use of their information in accordance with this Privacy Policy, including the sharing described above.

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How can Customers access their Personal Data?

Customers have the right to access or correct their Personal Data unless restricted for practical, contractual or legal reasons. We will require reasonable time to process such requests. For assistance email: [email protected].

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Updates to Policy and Contact

This Privacy Policy (and related Website/App policies, Terms & Conditions) may be updated occasionally. Customers are encouraged to review these sections regularly to stay informed of changes.

Customer service contact details:
Email: [email protected]
Contact: +971-4-2211117