Al Ansari Financial Services

Al Ansari Financial Services PJSC is a Dubai Financial Market listed[1][2][3][4] and regulated by the Central Bank of the United Arab Emirates[5] and the Central Bank of Kuwait[6] financial services group. Their headquarters are based in United Arab Emirates, specializes in providing a range of financial services to individuals and businesses. Founded in 1966, the group is amongst the oldest in the UAE Remittance and Foreign Exchange industry.[7]

Al Ansari Financial Services
TypeHolding company, Public company
DFM: ALANSARI
ISINAEE01198A238
IndustryFinancial services
Founded1966 (1966)
Headquarters
Dubai
,
United Arab Emirates
Number of locations
238
Area served
United Arab Emirates, and Kuwait
Key people
  • Mohammad Ali Al Ansari (Chairman)
  • Fuad Ali Al Ansari (Vice Chairman)
  • Eisa Ali Al Ansari (Board of Directors)
  • Rashed Ali Al Ansari (Group Chief Executive Officer)
Products
Number of employees
4,000 (2023)
Subsidiaries
  • Al Ansari Exchange
  • Al Ansari Exchange Kuwait
  • Worldwide Cash Express
  • CashTrans
  • Al Ansari Digital Pay.
Websiteaafs.ae

History

Al Ansari Financial Services’ first business, ‘Al Ansari Exchange’ was founded by the Late Ali Abualhassan Al Ansari[8] in 1966. The inaugural branch was established in Abu Dhabi in 1966, aligning with the expansion of the structured banking sector in the UAE during the mid-1960s.

In April 2023, Al Ansari Financial Services listed 10% of its shares on the Dubai Financial Market (DFM) equivalent to 750 million shares.[9]

Subsidiaries

Its operating subsidiaries are Al Ansari Exchange,[10] Al Ansari Exchange Kuwait,[11] Worldwide Cash Express,[12] CashTrans,[13] and Al Ansari Digital Pay.

Products and services

Al Ansari Financial Services offers the following products and services:

  • Remittances – Remittances services are provided for retail and corporate customers at Al Ansari Exchange retail branches and via its digital channels, offering domestic and cross border money transfers through its money remittance platforms executed via money transfer services such as traditional banking network SWIFT or blockchain based Ripple protocol.
  • Bank Notes – Physical fiat cash interchange for 70 currencies can take place via their branch network for retail and corporate clients.
  • Prepaid cards – Cards with cross currency FX interchange capabilities are also available at branches or via their mobile app, that can be loaded and reloaded with supported fiat currencies for reuse.
  • Wage Protection System – Was launched in 2010, to facilitate transferring of salary payments on behalf of companies via the UAE Funds Transfer System (UAEFTS) bank wire network[14][15] or various exchange issued WPS salary cards (for those unbanked individuals without a bank account). So companies employing blue-collar workers are in compliance with the directives of The United Arab Emirates Ministry of Human Resources & Emiratization (MOHRE), by paying them on time and in full as per the worker's registered contract, under the Wage Protection System initiative.[16][17]

See also
Wikivoyage has a travel guide for Money & currency exchange.

References
  1. "Al Ansari Financial Services". Dubai Financial Market. Retrieved 2023-10-04.
  2. "Al Ansari Financial Services PJSC". Dubai Financial Market. Retrieved 2023-10-04.
  3. Sayegh, Hadeel Al (2023-04-06). "Shares of UAE's Al Ansari Financial Services up 16.5% on market debut". Reuters. Retrieved 2023-10-04.
  4. "Al Ansari Financial Services PJSC (ALANSARI.AE)". Yahoo! Finance. Retrieved 2023-10-04.
  5. "Licensing". Central Bank of the UAE. Retrieved 2023-10-04.
  6. "Exchange Companies". Central Bank of Kuwait. Retrieved 2023-10-04.
  7. Monteiro, Leandra (2023-02-01). "Al Ansari Exchange undergoes a comprehensive restructuring". IBS Intelligence. Retrieved 2023-10-04.
  8. "Our History". Al Ansari Financial Services. Retrieved 2023-10-04.
  9. Derhally, Massoud A. (2023-03-09). "Al Ansari IPO: UAE money exchange plans to sell 10% stake". The National. Retrieved 2023-10-04.
  10. "History". Al-Ansari Exchange. Retrieved 2023-10-04.
  11. "About Us". Al Ansari Exchange. Retrieved 2023-10-04.
  12. "Who We Are". Cash Express. Retrieved 2023-10-04.
  13. "About Us". CashTrans. Retrieved 2023-10-04.
  14. "Payments and Settlements". Central Bank of the UAE. Retrieved 2023-10-04.
  15. "Frequently Asked Questions - UAEFTS" (PDF). Central Bank of the UAE. Retrieved 2023-10-04.
  16. "Payment of salaries (wages)". The United Arab Emirates' Government portal. Retrieved 2023-10-04.
  17. "The Wages Protection System in the United Arab Emirates". Anders Legal Consultancy LLC. 2023-12-04. Retrieved 2023-10-04.
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