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HISTORY & BACKGROUND

Foreign Exchange and Remittance Group [FERG] is a non-profit organization formed based on the initiative of the Central Bank of UAE. The FERG comprises of companies engaged in the business of money exchange and remittances from large sized companies with over 100 branches, to single branch outlets to come on a common platform and work towards mutual benefit.

The initiative to form the Foreign Exchange & Remittance Group (FERG) started in the year 2003, wherein, some of the large and leading exchange companies decided to come together and hold regular meetings to discuss current market situations, opportunities and threats facing the exchange industry. This initiative gained momentum with the Central Bank Governor calling a meeting of all leading exchange

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CHAIRMAN’S
MESSAGE

CHAIRMAN’S MESSAGE
Mr. Mohammed Al Ansari

The Foreign Exchange & Remittance Group (FERG) has existed for over nine years and in its short span, achieved a distinction of being recognized as the voice of the exchange industry. FERG has been successful in highlighting the contributions made by the exchange industry both within UAE and worldwide. Today, regulators, government bodies, banks and institutions both within the UAE and globally, acknowledge the vital role played by the exchange companies in transferring millions of dollars across the world through official channels, in a safe, secure and cost-effective way.

Exchange companies are licensed and regulated by the Central Bank of the UAE and cater to the financial needs of both the multi-national resident community in the UAE, as well as the millions of tourists visiting this beautiful Country.

 

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CHAIRMAN’S MESSAGE
Mr. Mohammed Al Ansari

OFFICE BEARERS

  • Mr. Mohamed Al Ansari is a well-recognized businessman in the United Arab Emirates. After finishing his graduation, he went on to pursue higher education in

  • Mr. Adeeb Ahamed is the MD of LuLu Financial Holdings, a global financial services provider with a focus on remittances and money exchange. Mr. Adeeb Ahamed is th

  • Rajiv Ashok Raipancholia is the young and dynamic Director of Orient Exchange Co., a family-run exchange company operating in the UAE since 1923. After completing

  • Mr. Antony Jos is the Director of Joyalukkas Exchange an integral part of the Joyalukkas Group is a relatively new venture that has been gaining favour a

  • Since 2015, Imad ul Malik has held the role of General Manager at Al Ghurair International Exchange, renowned as one of the youngest and dynamic business leaders in the ind

  • Mr. Osama Al Rahma is one of the founding member of FERG. He has occupied the roles of Chairman & Vice Chairman of FERG. Currently he is the Advisory Board Member for the g

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