DUBAI, UAE: Pakistan’s Ambassador to the United Arab Emirates (UAE) Faisal Niaz Tirmizi has highly appreciated and congratulated the Index Exchange for playing its role in spreading awareness among Pakistani diaspora by launching a full-fledged media campaign.
In his remarks at the Media Briefing & Engagement Event titled “HUNDI PE WAAR” arranged by the Index Exchange in Dubai on Saturday to promote legal remittances to Pakistan, Ambassador Faisal Tirmizi urged all Pakistani community members to support and promote legal banking channels for sending money back home.
The event was also attended by the Board of Directors, Chief Operating Officer (COO), CBO and other senior Index Exchange Executives aimed at creating awareness against Hawala/Hundi that threatens the very foundation of an economy and future generations.
“Hundi transactions involve illegal and unregulated transfers of money, which can lead to various financial risks. The negative economic effects on economic development are difficult to quantify, yet it is clear that such activity damages the financial-sector institutions that are critical to economic growth, reduces productivity in the economy’s real sector by diverting resources and encouraging crime and corruption, which slow economic growth, and can distort the economy’s external sector—international trade and capital flows—to the detriment of long-term economic development,” the Index Exchange UAE noted.
