Modern Exchange opens 14th branch

Manama  : Building up its network of branches at a brisk pace, Modern Exchange Company, the latest entrant to Exchange Business in Bahrain, have opened a new branch next to MAC Stores in Salmabad. 

The branch, which had commenced operations on 26 August 2016, was formally dedicated to customers yesterday by Abdulla Esam Fakhro, the Company’s Director. Richhpal Singh, General Manager and other senior functionaries of the company were also present on the occasion. With this, the company’s outlets in the Kingdom has quickly swelled to 14 in a short span of about 15 months since its inception in May 2015. 

The company has identified two more locations, one in Arad and another in Tubli and will be launching these branches soon. 

Abdulla Fakhro, while speaking at the inauguration,  thanked the customers for their overwhelming response which, he said, had given the company the confidence to expand at such a fast pace. He also re-iterated the company’s commitment to keep investing in technology to be able to offer the customers the best in class products and services. 

“Our key differentiator has been our ability to provide instant credit to beneficiary accounts at  large number of banks in various corridors even on holidays and that has endeared the company to remitters at  large,” Fakhro added. 

“The company already has arrangement with many banks in India (SBI&HDFC), Pakistan (HBL&MC) and Philippines (BDO) providing the instant credit facility and we are continuously expanding the service to other corridors. We have recently opened up Bangladesh corridor for instant credit even on Public Holidays in that country by having similar arrangement with IBBL Bank and will soon be adding many more Banks across corridors,” he further stated. 

As regards Free Insurance  is available to all remitters from the company as a unique customer offering. Fakhro advised that the company had, during the current year, received claims from three bereaved families whose bread earners working in Bahrain had been snatched away by an unfortunate accident or in the natural course. 

“The claims are under process and will be settled soon and the cover amount of BD1250-1500 shall be remitted to the bereaved family members,” he added.