UAE’s Al Fardan Exchange adopts Oracle Treasury Solution

Published January 19th, 2006 - 02:02 GMT

One of the UAE’s leading currency exchange providers, Al Fardan Exchange, has announced its selection of the Oracle Treasury software solution to manage liquidity and risk. Oracle Treasury is an integrated part of the Oracle E-Business Suite, and provides visibility and control of all enterprise-wide operational exposures as well as those associated with treasury positions.


Over the next few months, Al Fardan will deploy Oracle Treasury to centrally and proactively manage currency positions, enabling the company to better control its liquidity by providing visibility of all available balances in addition to operational cash flow.


“Previously, we relied on spreadsheets, faxes, and emails to stay informed about our finances across the business.  The Oracle Treasury solution creates a centralized and automated perspective on all of Al Fardan’s currency trades and money transfers, so we can operate and maintain a running balance in real time, which is an incredibly valuable source of information for Al Fardan’s management,” said Osama Hamza AlRahma , General Manager, Al Fardan Exchange. “When complete, we believe Al Fardan Exchange will have the first implementation of Oracle Treasury within the Middle East’s money exchange sector,” he added.


“With the Middle East’s financial sector on its current growth path, banks doing business here are subject to complex financial exposure.  While Al Fardan Exchange is taking this bold step to manage their treasury via Oracle Treasury solution, we anticipate that other financial services institutions in the Middle East will opt for the same greater visibility and risk management offered by this software solution,” said Ayman Abouseif, Oracle’s Managing Director for the Gulf States.


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