Latest news with #RashedA.AlAnsari
Web Release
2 days ago
- Business
- Web Release
Al Ansari Exchange Addresses Indian Rupee Drop to Near Record Lows and Its Implications for UAE Remittance Market
Al Ansari Exchange, a leading remittance and foreign currency exchange service provider in the UAE, has highlighted the recent sharp decline of the Indian rupee against the UAE dirham, which is pegged to the U.S. dollar. The rupee has approached record lows, trading around ?23.91 per AED, with intra-week fluctuations between ?23.63 and ?23.95. This marks one of the weakest levels in recent years and has drawn significant attention from expatriate communities and businesses with exposure to India. The drop in the Indian rupee has been driven by several factors, including heightened trade tensions between the United States and India, particularly the threat of new tariffs on Indian exports of up to 25 percent. These developments have unsettled investors and triggered capital outflows from Indian markets. July 2025 witnessed the rupee's lowest monthly performance since 2022, with foreign equity sell-offs exceeding USD 2 billion. Additionally, the Reserve Bank of India has taken a more cautious stance on currency intervention, allowing the rupee to adjust more freely to external factors. Global geopolitical concerns and rising oil prices have further weighed on India's import bill, exacerbating the currency's decline. For consumers in the UAE, this development is already influencing remittance and currency exchange patterns. Al Ansari Exchange has observed a surge in remittance activity, as Indian expatriates take advantage of the more favourable rates to send additional funds back home. The stronger conversion value is allowing customers to remit significantly higher amounts in rupees for the same dirham outlay, providing tangible benefits to families and dependents in India. At the same time, businesses and individuals engaged in trade with India are reviewing their hedging strategies and timing of transactions in light of the increased volatility. In response to the surge in remittance demand, Al Ansari Exchange has ensured sufficient liquidity across its nationwide branch network and digital channels, while continuing to provide competitive rates and transparent pricing. The company has also launched targeted initiatives to attract customers during this period, including special promotional offers, rate alerts via its mobile application, and expanded staffing at high-demand branches to ensure smooth and efficient service. Commenting on the situation, Rashed A. Al Ansari, CEO of Al Ansari Exchange said: 'The current exchange rate presents a unique opportunity for Indian expatriates in the UAE to maximise the value of their remittances. While the outlook for the rupee remains influenced by global and domestic factors, we are fully prepared to meet the increased demand and provide our customers with the best possible value and service during this period of heightened currency volatility.' Al Ansari Exchange reaffirmed its commitment to supporting customers with reliable and efficient remittance solutions, even as currency markets remain uncertain. The company continues to monitor global economic developments closely and remains focused on delivering safe, transparent, and customer-centric services.
Mid East Info
3 days ago
- Business
- Mid East Info
Al Ansari Exchange Addresses Indian Rupee Drop to Near Record Lows and Its Implications for UAE Remittance Market
Al Ansari Exchange, a leading remittance and foreign currency exchange service provider in the UAE, has highlighted the recent sharp decline of the Indian rupee against the UAE dirham, which is pegged to the U.S. dollar. The rupee has approached record lows, trading around ₹23.91 per AED, with intra-week fluctuations between ₹23.63 and ₹23.95. This marks one of the weakest levels in recent years and has drawn significant attention from expatriate communities and businesses with exposure to India. The drop in the Indian rupee has been driven by several factors, including heightened trade tensions between the United States and India, particularly the threat of new tariffs on Indian exports of up to 25 percent. These developments have unsettled investors and triggered capital outflows from Indian markets. July 2025 witnessed the rupee's lowest monthly performance since 2022, with foreign equity sell-offs exceeding USD 2 billion. Additionally, the Reserve Bank of India has taken a more cautious stance on currency intervention, allowing the rupee to adjust more freely to external factors. Global geopolitical concerns and rising oil prices have further weighed on India's import bill, exacerbating the currency's decline. For consumers in the UAE, this development is already influencing remittance and currency exchange patterns. Al Ansari Exchange has observed a surge in remittance activity, as Indian expatriates take advantage of the more favourable rates to send additional funds back home. The stronger conversion value is allowing customers to remit significantly higher amounts in rupees for the same dirham outlay, providing tangible benefits to families and dependents in India. At the same time, businesses and individuals engaged in trade with India are reviewing their hedging strategies and timing of transactions in light of the increased volatility. In response to the surge in remittance demand, Al Ansari Exchange has ensured sufficient liquidity across its nationwide branch network and digital channels, while continuing to provide competitive rates and transparent pricing. The company has also launched targeted initiatives to attract customers during this period, including special promotional offers, rate alerts via its mobile application, and expanded staffing at high-demand branches to ensure smooth and efficient service. Commenting on the situation, Rashed A. Al Ansari, CEO of Al Ansari Exchange said: 'The current exchange rate presents a unique opportunity for Indian expatriates in the UAE to maximise the value of their remittances. While the outlook for the rupee remains influenced by global and domestic factors, we are fully prepared to meet the increased demand and provide our customers with the best possible value and service during this period of heightened currency volatility.' Al Ansari Exchange reaffirmed its commitment to supporting customers with reliable and efficient remittance solutions, even as currency markets remain uncertain. The company continues to monitor global economic developments closely and remains focused on delivering safe, transparent, and customer-centric services.
Hi Dubai
14-05-2025
- Business
- Hi Dubai
Al Ansari Financial Services Posts 10% Profit Rise as Digital and Regional Expansion Gains Pace
Al Ansari Financial Services PJSC has delivered a strong performance in Q1 2025, reporting a 10 percent year-on-year rise in net profit to AED109 million, driven by higher operating income and strong growth in digital and regional operations. Operating income climbed 7 percent to AED294 million, while EBITDA rose 13 percent to AED138 million, maintaining a healthy EBITDA margin of 46.8 percent. The company also saw a modest 1 percent increase in total transactions, reaching 12.5 million in the first quarter. Growth was especially notable in digital channels, which recorded a 16 percent rise in transaction volume and now account for nearly a quarter of all outward remittances. Banknote transaction values rose 6 percent to AED22 billion, and salary disbursals through the Wage Protection System surged 27 percent to 2.5 million. Group CEO Rashed A. Al Ansari credited the results to disciplined execution and a sharp focus on customer experience, despite a challenging geopolitical and competitive landscape. Deputy Group CEO Mohammad Bitar highlighted the completion of the BFC acquisition as a key milestone in the company's regional growth strategy. He also announced the launch of a new digital wallet, which is expected to reshape how customers manage their finances and further solidify Al Ansari's position in the fintech space. The Q1 results reflect the company's continued emphasis on digital innovation and regional expansion, setting a positive tone for the rest of the year. News Source: Emirates News Agency
Daily Tribune
10-04-2025
- Business
- Daily Tribune
Al Ansari Financial Services Acquires BFC Group, Becomes Largest Non-Banking Financial Institution in GCC
Al Ansari Financial Services PJSC (AAFS), a leading financial services group in the UAE and parent company of Al Ansari Exchange, has announced the successful completion of its acquisition of BFC Group Holdings (BFC), following the receipt of all necessary regulatory approvals. The USD 200 million deal cements AAFS's status as the largest non-banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) region in terms of branch network. This strategic acquisition significantly expands AAFS's regional footprint across Bahrain, Kuwait, and India, increasing the Group's customer base by 29% and branch network by 60%. The integration enhances the Group's operational scale and geographic reach, promising greater value for shareholders, customers, and employees. Digital Innovation at the Core AAFS has been a pioneer in financial technology through its award-winning Al Ansari Exchange app and a suite of advanced digital services. The Group is actively incorporating artificial intelligence into various operations to boost personalization, efficiency, and fraud prevention. The Group aims to extend its successful digital-first model to BFC entities, reinforcing its leadership in tech-driven financial services across the region. Strategic Gains from the Acquisition Market Leadership: AAFS now leads the NBFI sector in the GCC, strengthening its dominance in remittances and foreign exchange. Regional Expansion: The acquisition secures AAFS's top position in Bahrain, third in Kuwait, and expands its customer base in India—while maintaining its leading role in the UAE. Digital Capabilities: BFC's fintech expertise complements AAFS's technology-driven growth strategy. Operational Synergies: The merger is set to generate economies of scale, improve cost-efficiency, and enhance revenue growth. Financial Impact The transaction is immediately earnings-accretive. Based on 2024 data, the Group projects: A 20% rise in operating income. A 13% increase in EBITDA. A 13% growth in net profit after tax. Strengthened cash flows, improving dividend distribution potential. Leadership Commentary Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, stated: 'Today's acquisition marks a pivotal step in our journey. It demonstrates our commitment to regional expansion, innovation, and financial strength. We are confident that this move will deliver long-term value to our shareholders and reinforce our promise of consistent returns.' Looking Ahead With its expanded market presence and enhanced capabilities, AAFS is poised to accelerate its growth trajectory. The Group will continue focusing on operational efficiency, digital transformation, and unlocking new revenue streams. The acquisition is expected to pave the way for new strategic partnerships, innovative product offerings, and deeper market penetration across key remittance corridors.
Khaleej Times
10-04-2025
- Business
- Khaleej Times
Al Ansari completes acquisition of BFC Group with $200 million deal
Al Ansari Financial Services (AAFS), a leading UAE-based financial services group and parent company of Al Ansari Exchange, has completed its acquisition of BFC Group Holdings (BFC) after securing all regulatory approvals. The $200 million deal reinforces AAFS's position as the largest non-banking financial institution (NBFI) in the GCC by branch network, significantly expanding its presence in Bahrain, Kuwait, and India. The acquisition boosts AAFS's customer base by 29 per cent and increases its branch network by 60 per cent, enhancing operational scale and geographic diversification. Rashed A. Al Ansari, group CEO of Al Ansari Financial Services, called the move a pivotal step in the company's growth strategy, emphasising its commitment to innovation and shareholder value. 'We are confident this acquisition will deliver long-term benefits, supported by stronger cash flows post-integration,' he said. With an expanded footprint and reinforced digital capabilities, AAFS is poised to drive sustainable growth across key markets, exploring new partnerships and innovation opportunities in major remittance corridors, Al Ansari said. AAFS, known for its digital leadership in financial services, plans to extend its award-winning digital solutions — including its AI-driven platforms for efficiency and fraud prevention — to BFC's operations. This integration is expected to reinforce AAFS's dominance as a digital-first NBFI while unlocking new revenue streams and improving profitability. Financially, the deal is immediately earnings-accretive, with projections indicating a 20 per cent rise in operating income, a 13 per cent increase in Ebitda and a similar growth in net profit after tax. The strengthened cash flow is also expected to enhance dividend potential for investors. Strategically, the acquisition bolsters AAFS's market leadership in remittances and foreign exchange, securing the top position in Bahrain, the third spot in Kuwait, and a broader foothold in India. The combined entity aims to leverage operational synergies, cost efficiencies, and BFC's fintech expertise to accelerate growth.
