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 companies in January 2004 to discuss the challenges facing this Industry. One of the important outcomes of the meeting with the Governor was the initiation of the Steering Committee, comprising of 10 leading exchange companies, who relentlessly worked towards bringing in most of the exchange companies to a common platform.
Over the next couple of years, the Steering Committee held regular meetings and took up issues with various regulatory and government authorities such as, Central Bank of the UAE, Reserve Bank of India, Dubai Police, Human Resources Committee for Emiratization, etc., with an objective to facilitate easier operational norms & to create a conducive business environment for the money exchange industry in the UAE. In the course of time more exchange companies joined the Committee as Rotating Members to strengthen and make it more vibrant.
The efforts of the Committee to register the Foreign Exchange & Remittance Group (FERG) were successful with the registration of the Group with Dubai Chamber of Commerce & Industry in October 2008.
The first General body Meeting of FERG was held on 29th November 2008. The number of members has since grown to 65, who aggregately cover over 90% money exchange and remittance business in the UAE. Meetings of the Representative Committee and all members are held at regular intervals.
FERG is registered with Dubai Chamber of Commerce & Industry, the body concerned with patronizing and supporting the various activities of the private sector in the United Arab Emirates.