Office Bearers

Mr. Osama Al Rahma Chairman

Mr. Osama Al Rahma is one of the founding member of FERG. He has occupied the roles of Chairman & Vice Chairman of FERG.

He has an experience in the remittance and payment industry for more than three decades. He has a lot of contributions towards elevating the standards of compliance and AML/CTF within the industry.

Mr. Osama worked at Al Fardan Exchange LLC and Al Fardan Group from 1993 in many leadership roles and was CEO since 2011 to 2020.
Mr. Al Rahma was the former Vice Chairman of Dubai Quality Group, a semi-government, non-profit organization and a former Board of Standard of the American Academy of Financial Management (AAFM). Mr. Al Rahma earned his postgraduate degree in Management Studies at the University of Hull, UK and a graduate degree in Electronics Engineering from the University of Bahrain. Mr. Al Rahma is an alumnus of the J.F. Kennedy School of Government’s Executive Program at Harvard University, in Dubai School of Government and also an alumnus at Queen’s University in Canada for Executive Courses in Strategy and Finance. He has passed several trainings and workshops in Zurich, New York, and Frankfurt.

Rashed A. Al Ansari Vice Chairman

Rashed A. Al Ansari is currently the Group Chief Executive Office and a member of the board of directors of Al Ansari Financial Services P.J.S.C. a publicly listed company on the Dubai Financial Market (Ticker: ALANSARI). He also holds the role of the CEO of Al Ansari Exchange since 2010, the UAE’s largest foreign exchange and remittance company with a network consisting of more than 250 branches. Previously, Mr. Al Ansari was the CEO and Vice President of Dubai Industrial City for three and a half years, responsible for the day-to-day management and setting the strategic direction for the industrial township. He has also founded various strategic projects such as Dubai Industrial Academy and Transpark Logistics. In 2005, Mr. Al Ansari was appointed as a board member of the Dubai Mercantile Exchange, a joint venture between the government of Dubai and the New York Mercantile Exchange. Prior to that, he held positions at Dubai Holding and The Executive Office in Dubai.

Mr. Al Ansari was ranked 66 in the Middle East’s top 100 CEOs by Forbes in 2023. He holds a bachelor’s degree in engineering from the University of Bradford and a master’s degree in business administration from Leeds University Business School in the UK. He is an associate member of the Institute for Mechanical Engineering in the UK, a member of the Urban Land Institute, and a member of the Mohammed Bin Rashid Leadership Program. In June 2021, Rashed Al Ansari was appointed as a member of the “Dubai Chamber’s advisory Council”. On the social front, Mr. Al Ansari actively participates in many local and international education and health related humanitarian programs. He also serves on the UAE advisory board for The Rosalynn Carter Fellowships for Mental Health Journalism. Mr. Al Ansari is married and has three sons.

Mr. Syed Abdus Salam Secretary

With over 30 years of experience in the foreign exchange and remittance industry, Syed Abdus Salam is a highly accomplished executive known for his strategic leadership, operational excellence and ability to drive business transformation.

As the Chief Operating Officer of Index Exchange, Mr. Salam has played a pivotal role in enhancing operational efficiencies, expanding business lines and positioning Index Exchange as a trendsetter in the UAE remittance sector. Under his leadership, the company has achieved significant milestones, strengthened its market presence and diversified its business model to ensure sustainable growth.

Key Achievements & Expertise:

Business Growth & Market Positioning – Led Index Exchange to become a major market competitor, diversifying business lines to mitigate risk factors.
Strategic Partnerships & Innovation – Spearheaded the introduction of new revenue-generating services and strategic alliances ensuring sustainable growth.
Operational Excellence – Optimized business processes, strengthened compliance frameworks and introduced best-in-class governance standards.
Leadership & Talent Development – Built a team of industry experts and professionals, enhancing operational effectiveness and service quality.
Regulatory Compliance & Risk Management – Ensured adherence to local and international regulatory requirements, reinforcing business integrity and transparency.

Prior to associated with Index Exchange, Mr. Salam held key leadership roles at Habib Exchange Company LLC, where he played a pivotal role in correspondent banking relationships, regulatory compliance and operational management. His extensive experience in financial services, compliance and customer experience enhancement makes him a valuable asset to the remittance and exchange industry. After the change of ownership of Habib Exchange Company LLC, Mr. Salam took over the complete charge of the company and rebranded it as Index Exchange LLC in 2015. Mr. Salam graduated in Economics from the University of Chittagong, Bangladesh.

Mr. Rajiv. Raipancholia Treasurer

Rajiv Ashok Raipancholia is the young and dynamic Director of Orient Exchange Co., a family-run exchange company operating in the UAE since 1923.

After completing B.A (Hons) in International Business - Finance & Economics in 2002 at the University of Manchester, Rajiv completed his post-graduation in Human Resource Management and Industrial Relations from the Manchester Business School in 2005. He honed his business skills by undergoing a brief apprenticeship in the Treasury & Trade Finance Departments of Mashreq Bank Dubai & Citi Bank, Singapore.

Under Rajiv’s leadership, Orient Exchange strives to improve the remittance business with a rapid-branch expansion to complement their well-established money exchange business.

Mr. Malaz Mubaid Joint Treasurer

Mr. Malaz Mubaid is the Chief Operating Officer and Acting Chief Executive Officer of Wall Street Exchange, bringing 20 years of experience in the remittance industry. His expertise encompasses cross-border payments, payment solutions, fintech, sales, and retail operations, with a focus on driving strategic business growth across diverse markets.

Mr. Malaz held key positions at UAE Exchange as the Head of Growth Markets for the Middle East and Africa region and at Tiqmo Payments Holding as the Head of Business Development. In these roles, he led the exploration of new business opportunities, analyzed market trends, and established strategic partnerships and services.