Muscat: Al Jadeed Exchange, a leading exchange house in Oman, signed agreements with Bahrain Finance Company (BFC) and India-based Muthoot Group to import currencies.

BFC is a global business group offering remittance services to over 50 countries through its Ez Remit money transfer service; while Muthoot Group is one of the world’s largest financial service providers whose services include Royal Money Global money transfer service.

“Foreign currency business in Oman holds high potential, and the demand for foreign currency is increasing by the day,” said Sheikh Bakhit Jadeed Jadad Al Kathiri, chief executive officer of Al Jadeed Exchange. “The tie-ups with these two renowned companies will enable us to supply foreign currency at very competitive rates.”

“Presently, the currency market is dominated by a few major players who control the market rates. This arrangement will help us to provide currencies at very competitive rates for both wholesale and retail markets,” noted Rajan B, the general manager of Al Jadeed Exchange.

“We operate four forex counters at Muscat airport, and 15 branches all over Oman. Another three forex counters are all set to be opened at Salalah International Airport. We believe the arrangement with BFC and Muthoot will give us a clear edge to become a major player in the Oman market,” stated Tuan Amit, manager, Business Development Marketing at Al Jadeed Exchange.