In this week’s episode of AB Majlis, Tala Michel Issa sits down with a leader from a sector that quietly powers much of the UAE’s economy – remittances. From humble beginnings in the pearl trade 70 years ago to becoming one of the UAE’s most trusted names in financial services, Al Fardan Exchange embodies a story of vision, resilience, and enduring family legacy.
Joining the podcast is Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, who discusses the company’s evolution, the importance of trust in business, and what it means to lead with purpose in an age of rapid change.
A heritage spanning generations
“My late grandfather, who passed away in April, God rest his soul, established Al Fardan Exchange in 1954. So, our family has had quite a rich legacy of pearl trading in the region,” Al Fardan recalls. What began as a trading enterprise grew into a financial services company at a time when expatriate workers were arriving in the Gulf in increasing numbers.
“The very first outbound remittance that came out of the UAE was between Al Fardan Exchange and the National Bank of Egypt.” From that historic first transaction, the company has expanded its reach to “about 160 relationships around the world, from the United States all the way down to Australia.”
The remittance industry has since become a cornerstone of the UAE’s economy, with record-breaking figures in recent years. “Remittances is one of those staple sectors… providing an essential service to a growing economy, and we have to thank the UAE’s leadership for a lot of the positive economic decisions that have been taken across the country,” he says. “So long as we continue to see growth in the region… businesses like ours, ones that are considered essential services, will continue to see growth by extension.”
For Al Fardan, trust remains the foundation of the family business. “Trust is probably the foundation of everything that we’ve learned from my grandfather… If your customers trust you, they will very likely come back to continue working with you.” He adds that it starts internally: “It really starts from the inside of the organisation – building trust within the teams that we work with, with the products and the technologies that we use.”
Technology, trust and transformation
As the conversation turns to technology, Al Fardan is pragmatic about the role of artificial intelligence in reshaping financial services. “We have to recognise that there is quite a significant disruptive potential of AI, but we want to use it to help improve the output of our employees and simplify journeys for our customers.”
He stresses that AI should not be used as a means of replacement. “If you displace quite a significant number of people from the workforce, that will have socioeconomic implications… For us, it’s not just about making money, it’s about contributing positively and constructively to the various diasporas that we cater to in the UAE.”
Discussing leadership and legacy, Al Fardan reflects on what it means to head a family business in a fast-evolving market. “Taking on a leadership role is more of a responsibility than anything. With family businesses, your role as a leader is really one of stewardship, and not of ownership. You do not necessarily have to treat the business like it’s yours, but you must make sure you leave it in better shape than you found it.”
He describes his transition from the Abu Dhabi Investment Authority to the family enterprise as a deliberate and careful process. “The best way to do it is to go slow, and to make sure that you carry people along for the journey with you.”
That principle of connection also extends beyond the boardroom, even into Dubai’s transport network. On the Al Fardan Exchange Metro Station, he explains: “Connectivity is truly consistent with the whole thought of remittances, as you’re connecting families across the world… It made sense for us to align our brand with this, and it’s something that we’re proud of.”
Building for the future
In a competitive and increasingly digital financial sector, Al Fardan sees the company’s long history as its greatest strength. “We’re a trusted family business in the region… It really pushes us, keeps us on our toes to innovate and stay ahead. The onus is on the challengers coming in to knock us off our perch, and we welcome the competition.”
He insists that legacy is not a burden but a privilege. “I don’t necessarily think of it as a burden. Legacy is part of our ability to build trust. We view it as more of a responsibility than a burden.”
As the discussion turns to the future, Al Fardan is clear about what the Al Fardan name should mean to future generations. “Inside the family, we continue to honour the legacy and the trust that my grandfather instilled in the business… My hope is that whoever comes after me is prepared to do far better than I have. If we’re not preparing the next generation to be better than us, then we’re failing as leaders.”
He pauses when asked what his grandfather might think of the company today. “We miss him very dearly… He was very proud to see the younger generation step up and take leadership roles in the business. We’re a family before we are a business.”
When the conversation closes, he leaves no doubt about the values that guide him. “Integrity,” he says without hesitation when asked for the one value he would never compromise on. And when asked to complete the sentence, Legacy is… he smiles: “Everything.”
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