The Foreign Exchange and Remittance Group (FERG) holds its Annual General Meeting 2014

FERG will continue to foster the development of the foreign exchange and remittance industry, and help position UAE as the market leader in Money exchange and Remittance business

Dubai –January 29, 2015 –The Foreign Exchange and Remittance Group (FERG) has held its Annual General meeting to review the activities of the group throughout the year 2014 and plan ahead for the current year. The meeting, headed by FERG Chairman Mr Osama Al Rahma, saw discussions on the Group’s future plans headlining the agenda.

Attending the meeting were the majority of FERG memberswith the presence of Mr.Saeed Al Najjar from the Dubai Chamber of Commerce and Industry who was present as Chief Guest.Other influential attendees included FERG’s Founder Chairman Mr. Mohammad Ali Al Ansari, Vice Chairman Mr.Sudhir Kumar Shetty, Secretary Mr. Rajiv Raipancholia, Treasurer Mr.AdeebAhamed, Joint TreasurerMr.Karunakaran, and former treasurer Mr. Mohammed Amin Bawa.

The attendees also discussed the 2014 financials and presented their insights for the 2015 budget. The expenses were reviewed and approved during the AGM.
“FERG’s AGMs are held every year and are targeted towards ensuring the group’s commitment to improving regulation and transparency in the industry, highlighting achievements and plans, and welcoming new members to a common platform for better regulation and mutual benefit,” said Al Rahma.

FERG had a very successful 2014, and this was showcased through the presentations delivered by members. The AML trainings, committee meetings and the participation of members in various industry events all over the UAE were a glimpse of the activities of FERG and how active the members were during this year. Since its inception, FERG has conducted over 27 workshops on AML, which have benefitted over 1000 industry professionals by training them in AML measures.

“Up till 2014, FERG has made a quantum leap in the planning and implementation of its activities,” added Al Rahma. “We hadsuccessful and continuous collaboration with the Government and public sector bodies to implement successful initiatives and we are always encouraged to support those bodies in their various activities as we are driven mainly by our key motive to serve the general public and secure a safe, organized and legislated exchange industry.”

The Foreign Exchange and Remittance Group (FERG) is a non – profit organization comprising of businesses engaged in Money exchange and Remittance and the group was formed as per the initiative of the Central Bank of the UAE. FERG is formed with an objective to bring in all the service providers [from large size companies with over 100 branches to single branch company] from the industry in to one platform to understand their challenges, concerns and to discuss the outcomes on some of the common issues of the industry.

“As a group, we have played a pioneering role in reforming the UAE’s remittance and exchange sector by creating a platform to share common concerns with government and regulatory bodies. The group has taken up issues that have led to favourable policy amendments by the Central Bank of the UAE, as well as taking up issues with regulators in other countries to ease the process and the interaction is on a regular basis,” Al Rahma said.

“FERG will continue to foster the development of a dynamic, innovative and stable foreign exchange and remittance industry, contribute to the economic and social wellbeing of all our stake holders, and help position UAE as the market leader in Money exchange and Remittance business,” concluded Al Rahma.