R. Hayyim Farhi, the subject of the eulogy, belonged to the renowned Farhi family of financiers in Damascus during the 18th and 19th centuries. Members of this family held the position of \arraf ("banker") in the province of Damascus during the 1740s and possibly even earlier. It appears that members of this family also served as officials in the financial administration of the province and during the 1790s the bookkeeping of the provincial treasury was entrusted to them. The status and power of this family reached its climax during the 19th century, when the responsibility for the affairs of the treasury of the provinces of Damascus and Sidon - the center of which was in Acre - was handed over to one of its members. The family could then undertake the financing of large-scale projects, including participation in the financing of the hajj (pilgrimage to Mecca) expenses, which was within the domain of the governor of the Damascus Province as the organizer of the hajj caravan.

The first member of this family to consolidate his position in Damascus was Saul (Shihada) Farhi who lived there at the end of the 18th century. His position in the financial administration of the province enabled him to intervene with the governor of Damascus in favor of the Christians. His sons Raphael and Joseph inherited his position in Damascus and their cousin Solomon (Salmon) Farhi also shared their importance. The third son, Hayyim, the subject of the eulogy, entered the service of Ahmad al-Jazzar Pasha, the governor of the province of Sidon who had fixed his residence in Acre in about 1790. He held the position of harraf and was responsible for the treasury affairs during most of al-Jazzar's rule (until 1804). He distinguished himself during the stand of Acre against Napoleon's armies in 1799. His brother Moses was his assistant. In 1804 Hayyim was imprisoned, but on the death of al-Jazzar he was set free. He immediately joined in the struggle for al-Jazzar's succession as a supporter of Suleiman Pasha. Suleiman achieved the position of governor in 1805 due to the assistance of Hayyim who intervened in his favor in Constantinople. Suleiman had complete confidence in Hayyim and he gave him a free hand in the administration and its finances. The Suleiman period (until 1818) was one of consolidation for Hayyim and the family in general, especially after Suleiman was also appointed governor of Damascus. Hayyim Farhi also chose Suleiman Pasha's successor, 'Abdallah Pasha, whom he had helped rise to the position of ketkhuda (or kahya; administrative director) under Suleiman from 1814. In practice, Hayyim was the governor of the province from 1818. However, the thirst for power of 'Abdallah and the presence of men who slandered Hayyim before Abdallah brought about his downfall and he was executed (1820) at the height of his glory. This was the first blow to strike the family. Hayyim's brothers attempted to avenge him and they participated in the war waged against 'Abdallah by the governor of Damascus. Because of its financial power, the family nevertheless continued to hold on to its firm position in Damascus. The Egyptian conquest of Syria at the beginning of the 1830s struck a decisive blow at the family, both in relation to its financial matters and its influence in the town. In 1834 the family lost its positions in the financial administration and that of \arraf, and only a few of its members remained on the staff of the treasury and in the leadership of the Jewish millet. However, with the return of the Ottoman rule in Syria in 1840, one of the members was again appointed to the direction of the treasury administration, even though the family could not regain its former financial power.

As was the case with other wealthy Jewish families, the Farhis also played a role in the fostering of the spiritual life and the financial support of the needy of the country's communities. Hayyim Farhi was a particularly generous donor to synagogues both in Damascus and in Acre. He owned the magnificent Farhi Bible, which was named after him. After his execution it came into the possession of the British consul in Damascus, and it was only restored to the family nearly a century later. They established family religious trusts for the benefit of yeshivot and kolelim, supported scholars, assisted the needy, and arranged for employment in their offices. They also initiated relations between the Jews of Damascus and Palestine and those of Constantinople. As for the relations between the Jews and the government, there is no definite evidence of their intervention, except for some vague evidence concerning a tax exemption for the Jews of Safed.