UAE’s Foreign Exchange and Remittance Group (FERG) announces New Office Bearers
The new office bearers were selected and announced during the Group’s first committee meeting of the year.
Dubai, UAE: The Foreign Exchange and Remittance Group (FERG), a non-profit organization comprising of companies engaged in the business of money exchange and remittances in the UAE, announced its new office bearers that were selected by committee members during the group’s first committee meeting of the year held at the Pullman Dubai Downtown on Sunday.
The newly elected office bearers are as follows:
- Chairman: Mr. Mohamed Ali Al Ansari
- Vice chairman: Mr. Adeeb Ahamed
- Secretary: Mr. Rajiv Raipancholia
- Treasurer: Mr. Antony Jos
- Joint treasurer: Mr. Imad Ul Malik
- Advisory board member: Mr. Osama Al Rahma
FERG’s committee members was elected in November 2020 and announced during the Annual General Meeting (AGM). The committee members include Al Ansari Exchange, Al Fardan Exchange, Al Ghurair Exchange, Al Razouki International Exchange, Al Rostamani International Exchange, Joy Alukkas Exchange, Index Exchange, LuLu International Exchange, Orient Exchange, Redha Al Ansari Exchange and Wallstreet Exchange.
The newly elected committee members will play a key role in liaising with regulators and law enforcements on behalf of FERG members. They will also contribute to the growth and expansion of the Group along with the foreign exchange and remittance industry in the UAE.
FERG has frequently taken up concerns and recommendations that have led to favourable policy amendments by various authorities in the UAE. FERG’s role in working alongside its members and the authorities were instrumental in gaining government approvals and allowing exchange houses to continue its business during the COVID-19 lockdown last year.
As the representative of exchange houses in the UAE, FERG has also continuously worked to enhance learning and development initiatives to maintain the highest standards of security and compliance in the industry, which has in turn helped deter money laundering and other dubious financial transactions. The Group has carefully designed training modules, to train staff of member organizations at different levels across departments to better equip them to safeguard the interests of customers and other stakeholders.
The Foreign Exchange and Remittance Group [FERG] is a non-profit organisation based on the initiative of the Central Bank of UAE. FERG comprises of companies engaged in the business of money exchange and remittances, from large sized companies in the UAE with over 100 branches, to single-branch outlets to join a common platform and work towards mutual benefits. FERG, as an organisation through its members, not only complies with the UAE’s financial regulations, but also plays a significant role in providing information to the entire industry and works closely with most of its members to ensure all requirements and implementation are being promoted.
The Group has also taken up issues that have led to favourable policy amendments by the Central Bank of the UAE, promoted Emiratisation, and supported the implementation of the Wage Protection System. FERG regularly liaises with national police departments to combat dubious financial transactions and works with the Central Bank to implement strict AML policies.