Doha, Qatar: Qatar enjoys a solid and strong economy that promotes the existence of an ideal and attractive environment for job seekers, especially considering the availability of various, multiple, and safe channels to send money abroad. The financial activity in Qatar witnesses significant growth in the month of Ramadan, as remittances rise.

Financial activity usually sees an uptick around the time of Ramadan, with swathes of the world’s Islamic population spread across the globe are preparing for Eid celebrations. As such, many Muslim nations report increases in remittance activity.

Several countries from South and Southeast Asia, the Middle East, and Africa form the big portion of the total financial remittances that take place during this period. Financial remittances of Asian workers represent about half of the total remittances, followed by remittances to Arab and African countries.

Remittances rise during Ramadan as most Asian expatriates send money to their families to meet expenses during the holy month and for Eid. India, Pakistan, Philippines, Bangladesh, Nepal, Egypt, Sri Lanka are the main destinations that witness major remittance.

Ramadan is the best month for exchange houses in Qatar because maximum number of transactions during the year happens in this month. The holy month of Ramadan is celebrated by close to 2 billion Muslims worldwide and is busy month for remittance and international money transfers.

Foreign remittance and currency exchange play a key role in an economy. Exchange houses which carry out facilitation of foreign remittances and currency exchange help keep the economy going. Expatriate worker remittances account for the lion share of foreign exchange earnings of many developing countries which has a sizeable number of its work-force employed overseas.

Besides worker remittance make a noteworthy contribution to the GDP of a state having trickle down effects on trade expansion, employment creation, and livelihood development.

Exchange houses in Qatar witness surge in number of remittances and exchange transactions during Ramadan as remittances increase remarkably as the holy month begins. The exchange houses witness sharp increase in number of remittances and exchange transactions.

Qatar is home to a large number of expatriates whose hard-earned money is remitted to loved ones and dependents back home. The Gulf region accounts for a major component of the global expatriate working community. Remittance is a key part of many Islamic nations’ economies, and to see numbers rise around this time of year is further proof of the strength of their bond and community spirit, especially in difficult economic times.

A proper and speedy facilitation of remittances is important to meet the purpose of working abroad to earn enough money to support the family and other dependents. Qatar witness higher number of remittances during the month of Ramadan than exchange transactions as the holy month commences.

Exchange houses facilitate the exchange of different currencies with one or more currencies and assist in processing credit card and utility bill payments. Around 200 exchange houses operate in Qatar facilitating foreign remittances and exchange transactions round the clock.

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