The central bank earlier this Wednesday permitted the close of the money exchange house, Majid Al Futtaim. According to a spokesperson, the exchange house had already been closed down last year.

The exchange house had stated in a newspaper ad this Wednesday:

“Based on our request, the Central Bank of the UAE has permitted the closure of the business of Majid Al Futtaim Exchange House and liquidate the exchange house by the liquidation committee appointed by the central bank.”

The announcement had not specified the reason for the exit. The liquidation process under process. The Central Bank is currently assessing the claims against the money exchange house to complete this liquidation process. All the stakeholders, including the beneficiaries and the remitters, were called upon to raise their claims if any with the Central Bank.

The money exchange house has urged all those that are concerned to submit their claims within the time frame of 45 days from May 28, 2018.

The company notice said, “We hereby advise all parties who have claims of any type or nature must include the complete details of the type/nature of the relationship/dealing with the exchange house, the amount of claim in UAE dirhams and must be accompanied by original supporting documents to facilitate the calculation of claims.”