Bahrain's liberal economy and potential clientele base have attracted Modern Exchange Company (MEC) to enter the kingdom's market.

The firm, a new joint venture between Al Mulla International Exchange Company (AMIEC) based in Kuwait, Dr Esam A Fakhro and Ebrahim Al Lengawi, launched its first two outlets at Golden Sands in Hoora and Filipino Garden in Gudaibiya, said a report in the Gulf Daily News (GDN), our sister publication.

The branches were formally inaugurated by MEC director Abdulla Esam Fakhro.

AMIEC is a wholly-owned subsidiary of the Al Mulla Group (AMG) in Kuwait and Dr Esam chairs the Fakhro Group (FG) of Bahrain. AMG and FG are amongst the largest conglomerates in Kuwait and Bahrain.

MEC enters the Bahrain market after its resounding success in Kuwait and Oman.

“We have invested in technology and efficient processes to emerge as the leading player in the region so it was a logical decision to enter the Bahrain market,” said Al Mulla Group divisional general manager of exchanges Rajesh Gairola.

“Bahrain's liberal economy and potential clientele base, across various nationalities, provide an attractive market and we are excited to be in a position to offer our services in this market.”

MEC launched its services in Bahrain with an unmatched offer to customers - highly competitive exchange rates, innovative and value-added services such as direct and instant transfers into bank accounts and opening its shops seven days a week.

“We understand that time is money,” MEC-Bahrain general manager Richhpal Singh.

“Which is why our core belief is in offering unparalleled services to our customers in an innovative fashion that allows the beneficiary to get instant credit into their bank account in a matter of three seconds without any manual intervention through server-to-server technology.

“The services on offer would for the first time make it possible for a customer to remit funds 365 days a year irrespective of a holiday in Bahrain or the destination country,” he added.

MEC will be the first exchange and remittance company to offer free insurance coverage, free SMS notifications and a loyalty points system that offers special discounts and complimentary services to its customers.

“Servicing our customers with fairness and integrity is at the core of our beliefs,” Abdulla Fakhro said at the launch.

“We are committed to offering the highest quality services by incorporating cutting-edge technologies, management leadership, and progressive strategies.”

MEC will launch its third outlet on Sunday near Dasman Centre in Gudaibiya Avenue, to be followed by another two at Abdulrahman Al Fadhel Avenue in Muharraq (near Seyadi House) and at East Riffa Souq near NBB. - TradeArabia News Service