Prof. Dr. Syed Rashidul Hasan
Professor
Dept of MBA
Date of Submission:
Prepared By
Md Waliur Rosul
ID: 12515035
Lulu International Exchange
The specialists in providing foreign exchange expertise to clients.
Introduction
Lulu International Exchange is the money transaction arm of the renowned LuLu Group of Companies, which has diverse business interests shaped over more than a century of visionary entrepreneurship. Trust and reliability were the watchwords, which built Lulu International Exchange customer base even further.
Incorporated in 2008 under the ownership of HH Sheikh Saeed bin Zayed Al Nahyan - a member of the Abu Dhabi Executive Council - and Indian business stalwart M.A. Yusuff Ali, a Padmashree awardee and Managing Director of EMKE Group.
The company set up with a paid up capital of AED fifty million has its Registered Office in Abu Dhabi. The company has started its operations from UAE and has liaising offices in India and Bangladesh.
Currently, over 40 locations in Malls and Super Markets owned and managed by our Group Company, in the Middle East have been identified for setting up branch offices
Between the last two years, Correspondent Banking relationships become with over 100 banks worldwide along with several remote draft printing stations. It should be noted that Remittance and Currency Exchange business are Sharia compliant.
In the next three years, plans are in place to take the company across continents which includes but not limited to the following: operations in every GCC country, consolidation of operations in India and a presence in Africa, Far East and Europe.
The senior management team comprises of industry experts who have played a leading role in strategizing and implementing the company's portfolio of services. They will also help in positioning the company as a key financial retailer that grows to become a global retail payment and utility company.
Vision
To be the principal financial service retailer in foreign exchange management and micro payment.
Mission
To be the First choice in financial services and be the most sought after organization by setting high standards in customer satisfaction and compliance.
Our motto is being your remittance and exchange partner.
Reduce Anti Money Laundering!
Mission Analysis :
Preferred supplier
We aim to become the preferred choice of customers by providing an enjoyable money transfer experience resulting from a unique, creative approach and a commitment to delivering quality products and uncompromising service.
Customer focus
We are dedicated to our customers and their needs. We want our customers to be satisfied and feel appreciated, as well as know they are getting good value for their money. We are committed to maintaining personal, attentive and caring relationships with our customers over time.
Personal commitment
We are committed to providing honest service, exhibiting professional integrity, maintaining competitive prices, and continually developing cutting-edge products to the benefit of our customers.
Worldwide deployment
We are broadening operations abroad to provide our full range of services across the globe.
Community involvement
We are a part of the communities in which we operate, and are committed to donating a percentage of our profits to help address local needs. In addition, we encourage our employees to volunteer their time and efforts to the community, and recruit partners and peers to join us in this cause.
Employee satisfaction
Our employees represent the main engine for our success. We encourage teamwork, personal initiative and excellence, while ensuring the highest levels of professionalism and responsibility. We provide a warm and supportive environment with advancement opportunities to help create worker satisfaction and a sense of belonging.
Only by acting in the spirit of this vision will we make a significant impact and deliver value to our customers, employees, shareholders, and hosting communities.
Strength
One can opt from a wide range of financial products and solutions that are ideal for both expatriates and locals. Our Draft Cheque facility, Swift Transfer, Western Union Money Transfer, Inter-Emirates Money Transfer, and exchange of foreign currency, are all services geared to meet the needs of our customers and through the process help increase our understanding of both micro and macro issues of the remittance and exchange market.
Mission Statement
Provide taxpayers with a simple, efficient, and cost effective means of transmitting accurate sales and use tax returns and remittances to political subdivisions of the state from a central site in the quickest manner possible. The mission shall not be construed to grant to the advisory committee or the Department of Revenue any authority to collect or administer such taxes. In addition, any funds transmitted through the system as provided for in this Section shall be considered the funds of the taxing authorities to be distributed by the collector in the manner provided by local ordinances and shall not in any way be considered state funds. Likewise, any tax information transmitted through the system shall remain the property of the taxing authority.
Provide a link on the Department of Revenue's web site to a web page where the following information provided by the collectors shall be posted: a list of tax rates a list of the optional exemptions enacted by a tax authority as provided for in R.S. 47:337.10
The tax rates and optional exemptions posted on the web page shall be considered an official record of such tax rates and optional exemptions by any court. A taxpayer may rely on the optional exemptions and tax rates posted on the web page and such reliance shall be an absolute defense against any claim for a taxing authority's sales and use tax.
Provide a method for all questions related to the application and interpretation of the sales and use tax law of a particular taxing authority received by the committee or the Department of Revenue to be forwarded to the appropriate collector for response.
Scope
Emke Group is one of the most diversified Business conglomerates in the Arabian Gulf. Today, it has presence in Oman, Qatar, Kuwait, Bahrain, Saudi Arabia, Yemen, India, Indonesia, Thailand, Hong Kong, China Kenya, Tanzania and Benin. Beginning operations with the traditional supply chain, the Group soon entered – with success – the areas of manufacture, import and export, wholesale and finally the retailing of consumer products. The Group is home to a multinational employee profile that includes 20,000 employees across 29 countries.
Being at the right place and at the right time gave the Group a competitive edge. Today, it has gained a huge customer base by building popular brands of retail chain stores including the renowned LULU chain of hypermarkets, supermarkets and department stores. Al Falah Plaza and Emirates General Market are the other popular brand names under the EMKE Umbrella.
With footfall of over 320,000 customer’s everyday and over 32% of the total retail market share within the GCC, EMKE’S retail chain enjoys an enviable position in the retail scenario. The Group is expected to increase its market share with the opening of more outlets in the near future. EMKE is also in the area of Mall Management. They own, build, lease and manage Malls in all the GCC countries and in Egypt and India.
Opportunity
The growing expatriate population in the GCC - particularly UAE, a steady surge in tourists, the need for GCC countries to pay companies for daily consumables and the phenomena of globalization [UN figures project 2.2 million people moving overseas annually till 2050 to earn their livelihood], are all powerful drivers that have helped the remittance industry witness a double digit growth figures.
By using the latest web technologies and off-shoring task to minimize “people” cost, making use of excess space available in current business premises of the Group and by leveraging in-house management and IT skills – apart from benefiting from the powerful Lulu brand - Lulu International Exchange is all set to make its mark in the industry.
Target
Not surprisingly, a window of opportunity has been seen – resulting in the setting up of Lulu International Exchange. Our primary commitment is to provide trusted and reliable services to people across the globe by offering them the latest advancements in the world of fund transfer.
To help achieve this goal, the company’s Technology Team has been tasked with keeping itself abreast of the latest industry advancement.
With a commitment to responsible corporate governance, the company aims to be the most preferred destination for retail financial services. A strategic partnership with Western Union will further help the company establish operations easily in numerous countries worldwide.
LULU Exchange will also enter into primary gold business wherever the regulation permits.
Conclusion
It is a small, interdependent world today - with geographical, political and theological boundaries blurring to meet the needs of people across the universe.
Today, more than ever before, man stands on a global platform. He is born in one continent, but his livelihood is in another. This only emphasizes the need for a world without boundaries.
Money remittance and foreign exchange therefore becomes a basic need. And that’s exactly what we are offering at LULU International Exchange. By extending smooth, efficient and transparent financial transactions, we are committed to upholding the highest values of ethics and integrity.
Through our sure and steady approach we aim to provide and sustain value to our stakeholders and partners, keeping the services simple and dependable to our customers. It will vitally, give you, our customer, a better option when it comes to the world of remittance and money exchange.
