FERG's 2015 Annual General Meeting recaps the successful year for UAE exchange and remittance industry

Al Rahma: “FERG will build on an extremely successful 2015 to continue bringing transparency, stability and security to customers of the UAE’s exchange and remittance sector.

Dubai UAE, December 28, 2015:  The Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances, has held its 2015 Annual General Meeting to review its activities for the year while setting a strategy for 2016. 

The Meeting, held at the Shangri-La Hotel Dubai, was attended by all FERG members, members of Dubai Chamber, and chaired by FERG’s Chairman Osama Al Rahma. The evening event formally started with a welcome speech by Al Rahma, where he lauded FERG members for supporting the organisation’s vision of a transparent and robust exchange and remittance sector in the UAE. 

The evening event started officially with a welcoming speech delivered by Mr. Al Rahma thanking the wise leadership of the state and its tireless efforts in creating a sustainable economic environment that has provided banking institutions to a favorable environment for growth and development. He also thanked the Central Bank and its leading role in the organization for providing meaningful guidance in their activities and praised the members of the exchange houses in the UAE for their vision that seeks to promote the strength and transparency of the banking sector and the financial transfer in the United Arab Emirates.

Al Rahma’s keynote was followed by a presentation by FERG’s Secretary, Rajiv Raipancholia, who delivered a recap of FERG’s achievements in 2015, which included joining the Union of Arab Banks, extending its message of diligence in combating grey transactions to new audiences, participating in global forums, liaising with regulators, Government of UAE and Central Bank to improve cooperation, and educating members of exchange houses on anti-fraud, anti-money laundering and compliance methods and combating terrorist funds. Mr. Raipancholia’s presentation was followed by audited Financial Statement for the year 2014, presentation of the estimated accounts 2015 and Budget set for 2016 including the allocation of social responsibility clause by the Treasurer of FERG, Mr. Adeeb Ahamed. To conclude the event, a closing speech & vote of thanks was shared by the Vice Chairman of FERG, Mr. Y. Sudhir Kumar Shetty.

“FERG’s Annual General Meeting is one of two general meetings that are part of our founding charter, and they enable us to coordinate efforts between members, enhance cooperation, and work towards the common goal of transferring millions of dollars across the world through official channels in a safe, secure and economical way. The 2015 Annual General Meeting was very rewarding in that it shed light on FERG’s very many accomplishments during the year while laying the groundwork for 2016,” said Mr. Osama Al Rahma.

“In 2016, FERG will further commit to work for the benefit of the exchange industry in the UAE and all the companies operating in this industry or utilizing it, by ensuring a business environment that helps them grow and flourish within the legal and regulatory framework and make significant contribution to the economy of UAE. It is our vision to make UAE the leader in the exchange and remittance business with the support and guidance of the Central Bank and Government of UAE.,”concluded Mr. Al Rahma. 

Created in collaboration with the UAE Central Bank, FERG works towards representing the concerns of its members while advocating the transfer remittances through official, legal channels. Most of the country’s notable exchange houses are FERG members.