- Mohd. & Obaid Al Mulla Building, Shop No. 4, Street No 18, Community 119 Next To Twin Towers, Deira, Dubai, United Arab Emirates
Orient Exchange in Deira Dubai
Orient Exchange in Deira Dubai – Orient Exchange Co. (L.L.C.) established in the year 1923, are the pioneers of the Foreign Exchange business in the UAE. Driven by customers need and market demand, with absence of any banks or financial institution, the operations commenced in the early 20th century under the name and style “M/S Parmanand Jethanand” With licensing of companies introduced and issued by the Dubai Municipality, it was in the year 1963, that our exchange was officially registered as M/s Arabian Trading Agency. But since 1982 all money exchange companies were licensed and regulated by Central Bank of the UAE, our foreign exchange unit was renamed as M/S Arabian Trading Agency Exchange. In the year 1983 U.A.E. introduced agency laws and as per said law an Exchange company could not have the terms Trading and Agency as part of their registered name. Hence our company was renamed as Orient Exchange Co. (OEC) in the year 1986 and converted into a limited liability company in 1994 and currently known as Orient Exchange Co. (L.L.C.). Transformation from its humble fledgling setup to its current state of art full fledged operations, the company has been passionately guided by the vision of insightful leaders.
Orient Exchange operates out of 23 outlets in UAE and a representative office in Cochin, India, with the permission of Reserve Bank of India, for some of the back office functions and draft printing for onward dispatch to beneficiaries in India.
OEC was one of the earliest to fully computerize its operation in the early 1980s. Presently the operation is controlled by a state of art web based Enterprises Resource Planning (ERP). Competent and qualified professional managers supervise and manage the business.
OEC has an efficient Anti Money Laundering policy, KYC procedure and control system in place. The company is fully regulated by Central Bank of the UAE. The operation and accounts are regularly inspected by the regulator.
OEC has appointed a leading auditing firm – Ernst and Young as their external auditors. Ernst and Young also audits the companies AML policy and procedure. The in-house Internal Auditor reviews the operation of the company periodically. The company’s risks are covered by a comprehensive Banker’s Blanket Insurance Policy.
Rich History of Orient Exchange Co. (L.L.C.)
The roots of Orient Exchange Co.(L.L.C.) takes us way back to the 19th century era, to be more precise during the 1850’s when our mother company, the Arabian Trading Agency Group was actively trading in the fields of foodstuff and construction, with trade of pearls being the major stream of business in the emirates of Sharjah and Dubai. It is worth noting that our group company was conducting business by barter exchange system, the mode of trading during the earlier days of trade in 1850’s. Years passed on, style of business changed, but ethical business values, customer focus, market needs, success and glory was constant. As we ushered in the 20th century, i.e. early 1900’s, the trade of pearls started waning off, with rise in demand for gold and old jewellery.
Our company guided by the market and customer needs, in 1920 diversified into the bullion business by purchasing old gold jewellery and re-exporting it in the form of bars to various different refineries across the world. Demand for gold was on an upward graph and hence the company initiated and developed mutual relationship with overseas financial institutions like Credit Suisse, UBS, Swiss Bank Corporation, Samuel Montagu and Jonson Mathew to import gold bullion for onward disposal in the local markets and business entrepreneurs from MENA region and Asia in exchange for foreign currency. During those days the currency in circulation in UAE (then known as Trucial States) was the old imperial Indian Rupees. With this new market evolution and demand for foreign currencies, but no banks or any financial institutions in UAE to cater for such requirements, our foreign exchange company was conceived in 1923, now named as Orient Exchange Co. (L.L.C.).
Products and Services
• Foreign Currency
• Orient Pay
• Travellers Cheques
• Cash Advances
• Ancillary Products
• Transfer Request