One of the leading integrated financial services groups in the UAE

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About Us

Al Ansari Financial Services is one of the leading integrated financial services groups in the UAE.

It empowers its operating subsidiaries, Al Ansari Exchange, Al Ansari Exchange Kuwait (full acquisition by the Group is currently ongoing and expected to be completed post-IPO), Worldwide Cash Express, CashTrans and Al Ansari Digital Pay (under incorporation in the UAE), to unlock their growth potential through synergy.
The Group’s global platform provides cross-border payments, foreign currency exchange solutions, access to the Wage Protection System (WPS) in the UAE, and other services such as bill collection and pre-paid cards, as well as payment technology solutions to consumers and businesses in the large and growing payments and foreign currency exchange and remittance market in the UAE.

Through its subsidiaries, Al Ansari Financial Services provides its products and services to a diverse range of customers, including:

  • Retail: residents and inbound and outbound tourists
  • Corporates: large, medium and small enterprises in the UAE, global sending and receiving institutions and agents, and other exchanges

The Group delivers its products and services through a comprehensive global network underpinned by its proprietary technology and relationships with third parties.
Underpinned by the UAE’s growing position as a global financial, commercial, talent and tourism hub, the Group has expanded its core offerings to include:

  • Remittances – The Group provides remittances at its retail branches and via its digital channels, offering domestic and global money transfers through its proprietary money remittance platforms, Cash Express, Global Fund Transfer and Worldwide Cash Express, as well as through its money transfer operator partners such as Western Union, and its transfer payment network where transfers to bank accounts are executed via money transfer services such as SWIFT or Ripple. The Group offers remittances for its retail and corporate customers.
  • Bank Notes – The Group’s retail and wholesale foreign currency exchange services primarily comprise the sale and purchase of foreign currency directly to and from retail and wholesale customers. The Group offers its bank notes services in over 70 currencies across all its branches. The Group also offers pre-paid cards as part of its retail foreign currency exchange services. Both the Group’s Travelcard and FlexiblePay products are reloadable pre-paid cards that can store either single or multiple currencies on the card, and which also allow the conversion of such currencies to other currencies by the user. The Group’s pre-paid cards, where available, can be purchased or reloaded in the Group’s branches, online or through the mobile app.
  • Wage Protection System– The Group offers corporate payroll solutions, executing wage payments on behalf of companies operating in the United Arab Emirates in compliance with the directives of the UAE’s Ministry of Human Resources & Emiratisation, under the Wage Protection System initiative.
  • Others Services – The Group’s other offerings include, among others, bill collection and end-to-end cash management solutions.

Competitive Advantage

Al Ansari Financial Services has the competitive advantage of an extensive physical presence across the UAE, with 231 physical branches as at 31 December 2022, and an untarnished reputation with zero regulatory breaches or penalties to date. Meanwhile, its strong and growing digital capabilities are driving scale, enabling it to capture greater market share and supports customer retention rates while boosting efficiency.
Beyond the UAE, Al Ansari Financial Services expanded into Kuwait with the establishment of Al Ansari Exchange Kuwait in 2002. Al Ansari Exchange Kuwait, an entity owned by some of the current shareholders of the Selling Shareholder, is currently in the process of being fully acquired by Al Ansari Financial Services. According to management, upon completion, the acquisition will give the Group a strong presence in the sixth-largest outward personal remittances market globally in 2021. The transaction is expected to be completed post-IPO.

 

Our History

Since the founding of our first business, Al Ansari Exchange, in 1966, we have expanded our physical presence across the UAE while introducing innovative products and services and establishing specialised entities, such as WorldWide Cash Express and CashTrans, to adapt to market trends and changing regulations. As we continue to expand the business over time, the only constant has been our focus on catering to our customer’s evolving needs and preferences. This is demonstrated through our investment in our digital channels while also maintaining a prominent physical presence to offer face-to-face interactions. We are proud of our accomplishments to date and look forward to continuing our journey.

Board of Directors

MOHAMMAD AL ANSARI
Chairman

Mohammad Ali Abualhassan Al Ansari is the Chairman of the Company. He is the founding Chairman of the Foreign Exchange..

MOHAMMAD AL ANSARI
Chairman

Mohammad Ali Abualhassan Al Ansari is the Chairman of the Company. He is the founding Chairman of the Foreign Exchange and Remittance Group (“FERG”), a non-profit association for exchange companies in the UAE established in conjunction with the UAE Central Bank. He pursued his higher education in the United States and returned to the UAE in the early 1980s.

FUAD AL ANSARI
Vice Chairman

Fuad Ali Abualhassan Al Ansari serves as the Vice Chairman of the Company. He joined the Group in 1995, and led the organization’s..

FUAD AL ANSARI
Vice Chairman

Fuad Ali Abualhassan Al Ansari serves as the Vice Chairman of the Company. He joined the Group in 1995, and led the organization’s digitalization efforts through overseeing the development of automated systems to process the volume of transactions. Prior to joining the Group, he had a decade-long tenure in Abu Dhabi Company for Onshore Oil Operations – “ADCO”. Fuad Ali Abualhassan Al Ansari earned his bachelor’s degree in Mechanical Engineering from the University of Pittsburgh, U.S.A.

EISA AL ANSARI
Director

Eisa Ali Abualhassan Al Ansari serves as a member of the Board of Directors of the Company. He joined the Group in 1995 and has over 27 years..

EISA AL ANSARI
Director

Eisa Ali Abualhassan Al Ansari serves as a member of the Board of Directors of the Company. He joined the Group in 1995 and has over 27 years of experience with the Group. Eisa Ali Abualhassan Al Ansari earned his Bachelor of Science degree in Electrical Engineering in the U.S.A. He also undertook executive education in the fields of financial and business management skills at the Michigan School of Business.

RASHED AL ANSARI
Director

Rashed Ali Abualhassan Al Ansari is the Group Chief Executive Officer. He joined the Group in 2010. He has previously worked at Dubai Holdings..

RASHED AL ANSARI
Director

Rashed Ali Abualhassan Al Ansari is the Group Chief Executive Officer. He joined the Group in 2010. He has previously worked at Dubai Holdings, Dubai Industrial City and Dubai Mercantile Exchange, among others. He is an associate member of the UK Institute for Mechanical Engineering and a member of the “Mohammed Bin Rashid Leadership Program”. He holds a Bachelor’s degree in Engineering from the University of Bradford and Master’s degree in Business Administration from the Leeds University Business School in the UK. In June 2021, Rashed Ali Abualhassan Al Ansari was appointed as a member of the “Dubai Chambers Advisory Council”.

NITIN KHANNA
Director

Nitin Khanna serves as an independent non-executive member of the Board of Directors of the Company. He has over 40 years of experience in the Middle East region..

NITIN KHANNA
Director

Nitin Khanna serves as an independent non-executive member of the Board of Directors of the Company. He has over 40 years of experience in the Middle East region, mainly with PricewaterhouseCoopers (“PwC”). Whilst with PwC, he held several senior positions including serving on the Middle East leadership and Deals leadership teams, heading Transaction Services and the Corporate Finance practices of the firm in the region.. He currently serves as a member of the executive committee of Bin Dawood Holdings Ltd (“BDH”), a company listed on the Saudi Tadawul Exchange. Until May 2022, he was an independent non-executive director of BDH. He continues to act as a Director of Future Tech Retail, a wholly owned subsidiary of BDH engaged in making technology related investments. He is an advisor to several subsidiaries of Transmed Holdings and is a senior partner of Nucleus Consulting FZC. Previously, he served as an advisory board member of Emirates Hospital Group and as an adviser to the Chairman of PNCI LLC, a private company engaged in the real estate sector. He pursued a bachelor’s degree in Economics from Delhi University, India and is a chartered accountant from the Institute of Chartered Accountants of India.

Raja Director Profile Picture
RAJA AL MAZROUEI
Director

Named among the global “Top 100 Women in FinTech” by Innovate Finance, Raja Al Mazrouei has been a key figure in solidifying the United Arab Emirate’s position..

RAJA AL MAZROUEI
Director

Named among the global “Top 100 Women in FinTech” by Innovate Finance, Raja Al Mazrouei has been a key figure in solidifying the United Arab Emirate’s position as one of the top ten global Fintech hubs. A natural visionary, Raja is committed to scaling the latent potential of each individual and fearlessly broadening the boundaries of what is considered possible. Raja’s career in FinTech was launched with an MBA in Global Leadership and Management from the United Arab Emirates University in 2005. Since then, she has held senior executive positions within the IT, operations, and marketing teams at Dubai Holding, National Bonds Corporation, and Dubai International Financial Center. She has expanded her credentials by completing programs at Harvard Business School, London Business School, University of California at Berkeley, Singularity University, and Hawkamah Institute for Corporate Governance. In 2017 Raja helped launch FinTech Hive, a collaborative community encompassing over 200 FinTech, RegTech, and InsurTech firms operating at the DIFC. As Executive Vice President, Raja recruited over 1000 startups and oversaw their integration into the UAE economic scene, running acceleration programs for early stage, growth stage, and scale-ups. Her fearless forward thinking has inspired countless individuals, helping to make FinTech Hive one of the region’s most successful technology hubs and one of the world’s top financial innovation labs. Raja’s contributions as a pioneer in the field have been widely recognized. In addition to the recognition from Innovate Finance, she has been named among the “50 Most Influential Women in Middle East Finance” by Dow Jones’ Financial News and the “Top 100 Power Businesswomen in The Middle East” by Forbes. She also helps shape the future of financial services in the region by serving on various boards, including the Harvard Business School MENA Advisory Board and the boards of Zand Digital Bank, National Cement Company, Etihad Credit Insurance, Al Masraf Arab Bank for Investment and Foreign Trade and a trustee member of Mohammad Bin Rashid School of Government. Additionally, she served as the Vice President of the Harvard Business School Club of the Gulf Cooperation Council, a non-profit fostering the professional and personal growth of over 1,200 Harvard Business School alums in the Gulf region. Raja’s entrepreneurial vision and passion for innovation, combined with her commitment to the growth and development of individuals and institutions alike, have made her a significant contributor to the dynamic success of FinTech in the UAE, the Gulf region, and beyond.

MARCELLO BARICORDI
Director

Marcello serves as an independent non-executive member of the Board of Directors of the Company. Marcello is a Senior Executive..

MARCELLO BARICORDI
Director

Marcello serves as an independent non-executive member of the Board of Directors of the Company. Marcello is a Senior Executive with 25+ years of experience in accelerating growth especially for Multinationals across Emerging Markets and Payments. Marcello brings the experience of Senior Roles at Network International (Group President Processing), Visa International (General Manager MENA) and First Data (Managing Director Italy, currently FISERV). Marcello is currently helping Companies to accelerate growth in the region as Board Member for Strands LLC (Barcelona) and Enza Group (Abu Dhabi) and as Senior Advisor for Kearney. Marcello holds a Laurea in Business Administration from the University of Venice Italy and a corporate governance diploma and ESG certificate from the Corporate Governance Institute.

Executive Management

RASHED AL ANSARI
Group Chief Executive Officer

Rashed Ali Abualhassan Al Ansari is the Group Chief Executive Officer. He joined the Group in 2010. He has previously worked at Dubai Holdings..

RASHED AL ANSARI
Group Chief Executive Officer

Rashed Ali Abualhassan Al Ansari is the Group Chief Executive Officer. He joined the Group in 2010. He has previously worked at Dubai Holdings, Dubai Industrial City and Dubai Mercantile Exchange, among others. He is an associate member of the UK Institute for Mechanical Engineering and a member of the “Mohammed Bin Rashid Leadership Program”. He holds a Bachelor’s degree in Engineering from the University of Bradford and Master’s degree in Business Administration from the Leeds University Business School in the UK. In June 2021, Rashed Ali Abualhassan Al Ansari was appointed as a member of the “Dubai Chambers Advisory Council”.

MOHAMMAD BITAR
Deputy Group Chief Executive Officer

Mohammad Bitar is the Deputy Group Chief Executive Officer. He has more than two decades of experience in the financial services industry..

MOHAMMAD BITAR
Deputy Group Chief Executive Officer

Mohammad Bitar is the Deputy Group Chief Executive Officer. He has more than two decades of experience in the financial services industry across a broad range of strategy, organization, operations, and information technology assignments. Bitar has previously worked with various local and international firms in the UAE, Oman, Saudi Arabia, Egypt and Jordan, including the National Bonds Corporation, Union National Bank and Accenture. He holds a post graduate diploma in Information Technology and Management from Sheffield Hallam University in the UK, and a bachelor’s degree in Electrical Engineering from Jordan University of Science & Technology. He is also certified in investments and wealth management from the Chartered Institute for Securities and Investment.

ALI AL NAJJAR
Chief Operating Officer

Ali Al Najjar is the Chief Operating Officer of Al Ansari Exchange. Ali is also in charge of executing the company’s growth strategy..

ALI AL NAJJAR
Chief Operating Officer

Ali Al Najjar is the Chief Operating Officer of Al Ansari Exchange. Ali is also in charge of executing the company’s growth strategy leading the Business Development and Digital Channels departments. Ali has extensive experience of more than 17 years in operations, cash management, treasury and the foreign currency trade market. He holds a bachelor’s degree in Business Administration and majored in Accounting and Financial Banking at Al Yarmouk University in Jordan.

FAISAL ANWAR
Group Chief Financial Officer

Faisal Anwar is the Group Chief Financial Officer. He leads the organization’s financial growth strategies, budgeting and forecasting, business performance..

FAISAL ANWAR
Group Chief Financial Officer

Faisal Anwar is the Group Chief Financial Officer. He leads the organization’s financial growth strategies, budgeting and forecasting, business performance and analysis,systems implementation and tax. In addition to that he leads both Legal and Risk Management functions. Prior to joining the Group, Faisal held several key positions at Mattex Group, Majid Al Futtaim, KPMG and PricewaterhouseCoopers. He has over 30 years of experience in various sectors including financial services, commercial banks, asset management companies, manufacturing and energy. Faisal is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants of Pakistan since 1997.

GEORGETTE YOUSEF
Group Chief Human Resources Officer

Georgette Yousef is the Group Chief Human Resources Officer responsible for leading on all aspects of Human Resources within the Group..

GEORGETTE YOUSEF
Group Chief Human Resources Officer

Georgette Yousef is the Group Chief Human Resources Officer responsible for leading on all aspects of Human Resources within the Group. Prior to joining the Group, Georgette held the position of Director of Human Resources and Support Service at Amanat Holdings PJSC, a publicly listed company on the DFM. Georgette, holds a Diploma in Human Resources Practice – CIPD from Oakwood International, UK.

ABDEL HADI MUSTAFA
Group Chief Technology Officer

Abdel Hadi Mustafa is the Group Chief Technology Officer of the Company. Prior to joining the Group, Abdel Hadi led the digital transformation..

ABDEL HADI MUSTAFA
Group Chief Technology Officer

Abdel Hadi Mustafa is the Group Chief Technology Officer of the Company. Prior to joining the Group, Abdel Hadi led the digital transformation of United Arab Bank and Union National Bank. He has over 20 years of valuable experience in IT planning, Quality Assurance, Digital solutions and Business services. Abdel Hadi holds a master’s degree in Information Systems Management and a bachelor’s degree in Computer Science from University of Jordan. He is also a certified ITIL and Scrum Master.

ASHRAF MOUSSAD
Group Chief Corporate Services Officer

Ashraf Moussad is the Group Chief Corporate Services Officer. He is in charge of the Company’s network expansion, leasing, projects, procurement, logistics, and facilities management..

ASHRAF MOUSSAD
Group Chief Corporate Services Officer

Ashraf Moussad is the Group Chief Corporate Services Officer. He is in charge of the Company’s network expansion, leasing, projects, procurement, logistics, and facilities management. In addition to the above, Ashraf was leading the Human Capital, Administration and Legal functions of Al Ansari Exchange for the past eight years prior to this new role. He has around 30 years of experience in leading strategic human resources management, administration, leasing, quality management and training with prominent some of the conglomerate groups in the UAE, Kuwait, Egypt and KSA, such as DAMAS Jewellery, Sharjah Cooperative Society, Corinthia Palace Group and Shamil Group. Ashraf holds a post graduate diploma in strategic human resource management from the American University. He is a certified ISO auditor and has a diploma in Lean Management.

VISWANATH RAMASUBRAMANIAN
Group Chief Internal Auditor

Viswanath Ramasubramanian is the Group Chief Internal Auditor. Viswanath has over 25 years of experience in leading internal audit, regulatory compliance..

VISWANATH RAMASUBRAMANIAN
Group Chief Internal Auditor

Viswanath Ramasubramanian is the Group Chief Internal Auditor. Viswanath has over 25 years of experience in leading internal audit, regulatory compliance, banking operations, governance, risk management, fraud investigation and business advisory services in banking and financial services industry spanning across the Middle East and Asia Pacific region. Viswanath’s former appointments include Union National Bank, RSM International – Kuwait, KPMG – Kuwait, Deutsche Bank – Mumbai etc., where he led various Internal Audit Functions.

He is a Chartered Accountant from The Institute of Chartered Accountants of India. He is also a Certified Financial Crime Specialist, a Certified Information Systems Auditor and a Certified Internal Auditor.

KAPIL DEV ARORA
Group Head of Correspondent & Banking

Kapil Dev Arora is the Group Head of Correspondent & Banking Department. Kapil has over 22 years of experience in leading international cross-functional business..

KAPIL DEV ARORA
Group Head of Correspondent & Banking

Kapil Dev Arora is the Group Head of Correspondent & Banking Department. Kapil has over 22 years of experience in leading international cross-functional business, sales and product teams across the Middle East and Asia Pacific region. Prior to joining Al Ansari Exchange, Kapil held several key positions at HSBC, Citibank, Western Union and Kotak Bank. Kapil has a Master’s Degree in Mathematics along with a Postgraduate Diploma in Business Management from India. He also completed an ‘MBA Essentials’ program from the London School of Economics.

HUSAM SHABANI
Group Head of Marketing

Husam Mahmoud Shaker Shabani is the Group Head of the Marketing Department. He is a seasoned professional with 20+ years of experience in advertising..

HUSAM SHABANI
Group Head of Marketing

Husam Mahmoud Shaker Shabani is the Group Head of the Marketing Department. He is a seasoned professional with 20+ years of experience in advertising, branding and in developing and executing innovative marketing strategies. He holds a master’s degree in Business Administration at Halifax University in the U.S.A. Husam’s former appointments include Havas Creative (Formerly known as Euro RSCGME), Webtec e-Solutions & Stallions Home Entertainment where he led various Marketing & Advertising functions.

DANA KHALAF
Group Senior Manager of Corporate Communications & Investor Relations

Dana Khalaf is the Group Senior Manager of Corporate Communications and Investor Relations. Dana is an accomplished senior marketing..

DANA KHALAF
Group Senior Manager of Corporate Communications & Investor Relations

Dana Khalaf is the Group Senior Manager of Corporate Communications and Investor Relations. Dana is an accomplished senior marketing, content and branding professional with over 22 years of experience in strategic planning, interactive marketing, content creation, creative development and branding from prominent brands such as DP World, Nestle Water and Majid Al Futtaim. She holds a Bachelor’s Degree in Modern Arts from the American University of Beirut in Lebanon.

MUHAMMAD HAROON
Head of Operations of CashTrans

Muhammad Haroon is the Head of Operations of CashTrans, leading and managing the entire operations of the company from cash management, cash logistics, security..

MUHAMMAD HAROON
Head of Operations of CashTrans

Muhammad Haroon is the Head of Operations of CashTrans, leading and managing the entire operations of the company from cash management, cash logistics, security, loss prevention and regulatory compliance. Haroon’s former appointments include G4S Cash Services, Abana Enterprises KSA, Transguard and Emrill Services. He holds a Bachelor’s Degree in Computer Science.

VIVEK NAIR
Country Head of Kuwait Operations

Vivek Nair is the Country Head of Kuwait Operations. He brings with him over 20 years of experience in cross border payments..

VIVEK NAIR
Country Head of Kuwait Operations

Vivek Nair is the Country Head of Kuwait Operations. He brings with him over 20 years of experience in cross border payments, product expansions and business development from Kuwait & Qatar. Vivek’s former appointments include UAE Exchange & Unimoni Exchange.

He holds a Master’s Degree in Business Administration and Diploma in Strategic Management from the International Business Management Institute in Germany.

OMER FAROOQ
Head of Operations of Worldwide Cash Express

Omer Farooq is the Head of Operations of Worldwide Cash Express. Omer leads Worldwide Cash Express business expansion strategies, market penetration and overall operations..

OMER FAROOQ
Head of Operations of Worldwide Cash Express

Omer Farooq is the Head of Operations of Worldwide Cash Express. Omer leads Worldwide Cash Express business expansion strategies, market penetration and overall operations. Omer has extensive experience of more than 23 years in remittance business, cash management, and transaction banking. Prior to joining Al Ansari, Omer worked at Faysal Bank, Pakistan as Head of Global Remittances. He holds a master’s degree in Business Administration at Hamdard University in Pakistan.

Our Story

01
1966

Al Ansari Exchange opened its first branch

02
2002

Commenced Operations in Kuwait

03
2010

Launched Payroll solution “Payplus”

04
2011

Launched Cashtrans

05
2017

Launched Worldwide CashExpress

06
2018

Launched Mobile App

07
2022

Introduced Smart Counters

08
2023

Listed on Dubai Financial Market (DFM)

GET IN TOUCH

Contact Us

  • UAE Call Center: 04 222 0800
  • Call Center Timing: 08:00 AM – 05:00 PM
  • Email: info@aafs.ae

Office No. 804, Al Ansari Business Center, Al Barsha 1, Dubai, United Arab Emirates

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