Customer Notice Board

Dear Customer,

We would like to inform you that the Instant Finance portfolio held under RAK Islamic Finance Company (RAKIFC) shall be moved to THE NATIONAL BANK OF RAS AL KHAIMAH a Public Joint Stock Company (RAKBANK) Islamic Banking Division effective from 24-05-2017 with a new instant finance agreement number.

This means that your Instant Finance relationship and all the related issues, including your rights and obligations in relation whatsoever with your Instant Finance, shall be as of the Effective Date exclusively with RAKBANK Islamic Banking Division.

Therefore, starting the Effective Date all outstanding amounts, payments or other dues resulting from your Instant Finance shall be paid to RAKBANK Islamic Banking Division.

RAKBANK aims to offer you a unique banking experience and as part of this endeavor, it would like to offer you the opportunity to enjoy the Islamic products under its Islamic Banking Division. RAKBANK Islamic Banking Division, which is an exclusive Islamic Window for Sharia compliant Banking, has been functioning since 2013 under license granted by the UAE Central Bank. RAKBANK Islamic Banking Division offers a comprehensive range of products and services under Retail, Business and Wholesale Banking. As part of its strategic initiatives, RAKBANK is working on streamlining, enhancing and consolidating all Islamic products and services under the Islamic Banking Division.

In this context, the transfer of the Instant Finance portfolio held under RAKIFC will provide you, as a Instant Finance holder, access to multiple products and services within RAKBANK Islamic Banking Division. A vast majority of RAKBANK Islamic Instant Finance customers are enjoying Islamic products and services offered under its Islamic Banking Division. We would like to assure you that your Instant Finance shall continue operating strictly and exclusively under the regulations of Shariah Compliance. The RAKBANK Islamic Banking Division is a complete independent department and all records and accounts are being maintained separately from conventional Banking. The assets under RAKBANK Islamic Banking
Division are funded by Islamic liabilities whilst Treasury ensures that there is no asset, liability mismatch. RAKBANK Islamic Banking Division ensures to maintain independent policies, procedures and regulations with segregated financial books enabling it to separately manage the Islamic products and services and to record all Islamic transactions, apart from conventional banking and ensures to maintain its own Profit and Loss statement and
Balance Sheet.

The RAKBANK Islamic Banking Division has a Shariah Supervisory Board that approves all products and services. A quarterly Board meeting is held to review all operations. Shariah Audit is conducted regularly to review operations, documentation and to monitor Shariah Compliance. The audit results are submitted to the Shariah Supervisory Board which closely monitors its enforcement. The Sharia Supervisory Board has approved the launch of the Instant Finance through the RAKBANK Islamic Banking Division.

Kindly note that there will be absolutely no changes to the terms and conditions of your Instant Finance and that your EMI, Tenor and Maturity date will remain the same, and for further enquiries please call on 600 54 0044.

Finally we would like to draw your attention that you have 30 days starting from the date of your notification of the present letter to decide whether to accept the above-mentioned transfer of your Instant Finance and to continue your relationship with respect to your Instant Finance with RAKBANK Islamic Banking Division or to reject such transfer and to exit and cancel the relationship relating to your Instant Finance without any additional fees or charges.

In case you decide to reject the said transfer, kindly let us know by sending us a written notice by way of a closure request as per the applicable form through any RAKBANK Branches or contact center within the above–mentioned 30 days period, after you settle any outstanding amounts, payments or other dues resulting from your Instant Finance as per the RAKIFC Terms and Conditions. If we don’t receive any written notice from you within the said period of 30 days, then you shall be deemed having accepted irrevocably and finally the said transfer and your relationship regarding your Instant Finance shall continue starting the Effective Date with RAKBANK Islamic Banking Division.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team 

Dear Customer,

We would like to inform you that the credit cards (Credit Card) portfolio held under RAK Islamic Finance Company (RAKIFC) shall be moved to THE NATIONAL BANK OF RAS AL KHAIMAH a Public Joint Stock Company (RAKBANK) Islamic Banking Division effective from 24-05-2017.

This means that your Credit Card relationship and all the related issues, including your rights and obligations in relation whatsoever with your Credit Card, shall be as of the Effective Date exclusively with RAKBANK Islamic Banking Division.

Therefore, starting the Effective Date all outstanding amounts, payments or other dues resulting from your Credit Card shall be paid to RAKBANK Islamic Banking Division.

RAKBANK aims to offer you a unique banking experience and as part of this endeavor, it would like to offer you the opportunity to enjoy the Islamic products under its Islamic Banking Division.

RAKBANK Islamic Banking Division, which is an exclusive Islamic Window for Sharia compliant Banking, has been functioning since 2013 under license granted by the UAE Central Bank. RAKBANK Islamic Banking Division offers a comprehensive range of products and services under Retail, Business and Wholesale Banking.

As part of its strategic initiatives, RAKBANK is working on streamlining, enhancing and consolidating all Islamic products and services under the Islamic Banking Division. 

In this context, the transfer of the Credit Card portfolio held under RAKIFC will provide you, as a Credit Card holder, access to multiple products and services within RAKBANK Islamic Banking Division. A vast majority of RAKBANK Islamic credit card customers are enjoying Islamic products and services offered under its Islamic Banking Division.

We would like to assure you that your Credit Card shall continue operating strictly and exclusively under the regulations of Shariah Compliance. The RAKBANK Islamic Banking Division is a complete independent department and all records and accounts are being maintained separately from conventional Banking. The assets under RAKBANK Islamic Banking Division are funded by Islamic liabilities whilst Treasury ensures that there is no asset, liability mismatch.

RAKBANK Islamic Banking Division ensures to maintain independent policies, procedures and regulations with segregated financial books enabling it to separately manage the Islamic products and services and to record all Islamic transactions, apart from conventional banking and ensures to maintain its own Profit and Loss statement and Balance Sheet. 

The RAKBANK Islamic Banking Division has a Shariah Supervisory Board that approves all products and services. A quarterly Board meeting is held to review all operations. Shariah Audit is conducted regularly to review operations, documentation and to monitor Shariah Compliance. The audit results are submitted to the Shariah Supervisory Board which closely monitors its enforcement. The Sharia Supervisory Board has approved the launch of the Qard Al Hassan Credit Card through the RAKBANK Islamic Banking Division.

Kindly note that there will be absolutely no changes to the terms and conditions of your Credit Card and that you can continue to use the Credit Card for both domestic and international transactions and enjoy existing features under the existing Qard Al Hassan contract. For further details on the features or terms and conditions of your Credit Card, please visit RAKislamic Standard or Titanium Credit Card website page on www.rakbank.ae  600 54 0044.

Click here to view the terms & conditions of your Standard or Titanium Credit Card that will take effect on 24/05/2017.

Click here to view the terms & conditions of your Business Titanium Credit Card that will take effect on 24/05/2017.

Finally we would like to draw your attention that you have 30 days starting from the date of your notification of the present letter to decide whether to accept the above-mentioned transfer of your Credit Card and to continue your relationship with respect to your Credit Card with RAKBANK Islamic Banking Division or to reject such transfer and to exit and cancel the relationship relating to your Credit Card without any additional fees or charges.
In case you decide to reject the said transfer, kindly let us know by sending us a written notice by way of a card closure request as per the applicable form through any RAKBANK Branches or contact center within the above–mentioned 30 days period, after you settle any outstanding amounts, payments or other dues resulting from your Credit Card as per the RAKIFC Terms and Conditions.

If we don’t receive any written notice from you within the said period of 30 days, then you shall be deemed having accepted irrevocably and finally the said transfer and your relationship regarding your Credit Card shall continue starting the Effective Date with RAKBANK Islamic Banking Division.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

18/04/2017

Dear Customer,

We are pleased to inform you that effective 15th May 2017, charges for Fund transfer through Digital Banking will be reduced and you can now enjoy higher transaction limit up to AED 200,000 through Digital Banking and higher  cash withdrawal limit up to AED 35,000 through Business Debit card.

The new charge structure for Account services would be effective from 15th May 2017 and will be applicable to all Conventional and Islamic Business accounts under Business Banking.

Click here to view the detailed Conventional Account Service and Price Guide
Click here to view the detailed Islamic Account Service and Price Guide
 

13/03/2017

Dear Customer, 

As per UAE Central Bank guideline, all corporates are required to renew their Trade Licenses  at the end of expiry and the same needs to be updated with the concerned Banks where the account is held. The renewed Trade License needs to be submitted to the Bank within 60 days of the Trade Licence expiry. 

If there is ‘No Change in the Trade license’ (Change in company name, legal status, ownership / shareholders or signatories) as compared with the previous year, you can have the trade licence updated on our records through the following options 
 

• Digital Banking* - Upload all pages of the renewed license through our Digital Banking portal 
• Branches - Submit the original at nearest RAKBANK Branch 
• Email* – Scan and mail the renewed trade license  to [email protected] 

* Updation of trade license submitted through channels listed above would be subject to internal assessment and necessary approvals from the Bank.

If there is a ‘Change in the Renewed Trade License’ (Change in company name, legal status, ownership / shareholders or signatories), kindly e-mail us at [email protected] mentioning the relevant change to be updated  for us to advice you on the required documentation and to seek an appointment for the service at the  Branches listed below. Once the appointment is finalised you will be assisted by dedicated staff in our Branch to  help you with the necessary service. 

• Ras Al Khaimah – Al Nakheel Branch 
• Sharjah – Al Rolla Branch
• Dubai – Umm Hurair Branch
• Dubai – Sheikh Zayed Road Branch
• Al Ain – Al Ain Branch
• Abu Dhabi – Musaffah Branch 
• Abu Dhabi – Khalidiya Branch 

Click here to locate the closest branch. You can also call us at 04 2130000 or 600 54 4049 for more details.

Please note that charges would apply in case of non-submission/update of the Trade License with Bank. Please refer to the Service and Price Guide or visit any of our branches for further details. 

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

15/01/2017

Dear Customer,

Please note the following service and prices guide are updated & will be effective from 15th March 2017.

• Credit Cards
• Titanium Business Credit Card
• Islamic Credit Cards
• Islamic Business Titanium Credit Card
• Islamic Gold and Platinum Credit Cards
• Islamic World Credit Card

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

25/12/2016

Dear Customer,

Click here to view the revamped Titanium Credit Card Cashback tier which is effective from 5th January 2017. 

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

28/11/2016

Dear Customer,

We are pleased to inform you that effective 1st January 2017, you no longer need to maintain monthly minimum average balance of AED 25,000 in each of your business accounts. Instead, you only need to maintain a monthly minimum average balance of AED 25,000 at a business entity level (i.e. all your accounts in AED and other currencies) as compared to maintaining the same at an individual account level currently. Standard ledger fee of AED 50 will continue to be charged to the customers not maintaining monthly minimum average balance.

Further, if you have just commenced relationship with RAKBANK, you will not be charged monthly minimum balance charges for the first three months. The first month is counted from the 1st of the next calendar month after the date of account opening. 

We will continue to provide free teller transactions, printed statements and chequebooks for Business Accounts which maintain a monthly average balance of AED 100,000 or equivalent and above. For accounts which do not maintain the prescribed balance for the month, a nominal fee has been introduced effective from 1st January 2017 for Business Current Accounts and RAKfinance Accounts. Also, we will continue to provide e-statements of accounts free, whereas printed statements will attract charges as detailed below. 

Note:
Above charges will be effective 1st Jan 2017, for all the conventional and Islamic Business Current Accounts and RAKfinance Current Accounts. 

Click here to view the Conventional Accounts Service and Price guide
Click here to view the Islamic Accounts Service and Price guide 

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

13/10/2016

Dear Customer,

Our existing Electronic Funds Transfer (EFT) request form available on our website and at our branches has been revised to assist our customers for a seamless experience. 
 
The new form has been updated to include additional validations to allow correct entering of information and ensure that the  request is processed without any delays.

Click here to view the form. 

We are sure that you will find it convenient to request your remittances using the new forms. Please feel free to share your feedback by calling our Contact Centre at 04 2130000 or writing to us at [email protected]

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

12/10/2016

Dear Customer,

Please note the following service and prices guide are updated & will be effective from 15th December 2016.

• Credit Cards
• Debit Cards
• Titanium Business Credit Card
• Prepaid Cards 
• World Credit Card 
• Islamic Credit Cards
• Islamic Debit Cards
• Islamic Titanium Business Credit Card

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

03/10/2016

Dear Customer,
 
As part of our long-term strategy to grow our Islamic Banking Division and provide Sharia compliant services to our Islamic Banking Customers, RAKBANK is pleased to announce that we have rebranded our Islamic Banking Division from Amal Islamic Banking to RAKislamic.
 
A phased roll-out reflecting our new brand, customer communication, and collateral associated with our Islamic Banking Division, will be done over the course of the year. Till the rollout is completed, both the old and new branding will continue to co-exist without any impact to the product, services, including the terms & conditions provided to our Islamic Banking customers.
 
Please click here to access our Frequently Asked Questions (FAQs) related to the change, or contact 04-2130000 for any further inquiries on the same.
 
We thank you for your patronage and understanding.
 
Regards,
RAKBANK Team

25/09/2016

Dear Customer, 

Our pricing and tariff is influenced by various factors such as market movements, institutional requirements, Central Bank and correspondent bank policies amongst others. Given that a number of currencies are now operating in a negative interest rate environment, we regrettably need to revise the interest rates for Euro, Swiss Franc and Japanese Yen conventional savings and call deposits.

Effective 01/10/2016, these deposit accounts will be subject to monthly interest charges by the bank. 

For more details, please call us on 04 2130000.

We thank you for your continued patronage and assure you of our best attention at all times.

Regards

RAKBANK

08/09/2016

Dear Customer,

In case of system issues with beneficiary bank for IMPS transactions (instant credit feature), the transactions might be routed thru NEFT. These transactions may be credited within couple of hours on working days between 7.45 am to 5.30 pm UAE time.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

31/08/2016

Dear Customer,

Please note service and price guide for Retail Accounts and Islamic Accounts are updated & will be effective 1st October 2016.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

28/08/2016

Dear Customer,

Please note service & price guide for RAKauto Loan and Amal Auto Finance is updated & is effective 25th August 2016.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

22/08/2016

Dear Customer,

Please note service & price guide for Mortgages is updated & will be effective 23rd August 2016. Kindly click here for details.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

18/08/2016

Dear Customer,

Please note service & price guide for Remittance is updated & will be effective 21st August 2016. Kindly Click here for details.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

10/08/2016

Dear Customer,

Please note service & price guide for Mortgage Home Loan, RAKauto Loan, Personal Loan, Amal Home Finance, Amal Auto finance, Amal Personal finance is updated & is effective from 10th August 2016.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

31/07/2016

Dear Customer,

Please note service & price guide for Remittance is updated & will be effective 1st October 2016. Kindly Click here for details.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

20/07/2016

Dear Customer,

Our Al Dhait branch is relocating

From 23rd July, 2016 our Al Dhait Branch will serve you at a new location on the opposite side of the road, (next to Al Futtaim Showroom). 

Our Badr branch is relocating

From 23rd July 2016 our Badr Branch will serve you at a new location in Al Kharan on the Airport Road next to Saqr Park and will be renamed as Al Kharan Branch. 

You can enjoy the same wide range of banking services in a new state-of-the-art environment. We look forward to welcoming you to our new branch.    

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

05/07/2016

Dear Customer,

Please note Cashback for retail spends on Debit Cards will be discontinued with effect from 1st September 2016.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team