During the holy month of Ramadan and before Eid Al Fitr, Al Ansari Exchange Company has observed a significant increase in financial transfers. The growth is attributed to the rise in both the frequency and volume of transfers sent by residents to their families in their home countries.
Ali Al-Najjar, the company’s Chief Operating Officer, stated that individuals in the UAE are eager to share the joyous Ramadan and Eid Al-Fitr atmosphere with their families by sending money to help cover expenses and purchase supplies for the holiday. He added that this tradition is deeply rooted in Muslim-majority societies and is expected to continue throughout the summer months, especially with an increase in tourism, travel, activities, and family gatherings during the summer vacation.
The company identified five communities that account for a significant portion of money transfers abroad, including Asian countries like India, Pakistan, Bangladesh, and the Philippines, as well as Arab countries, particularly Egypt. The US dollar emerged as the most popular foreign currency for exchange during Ramadan, followed by the euro, the British pound
