What's the buzz! Keep up with the latest news from RAKBANK.

29/04/2014

RAKBANK Wins Best Internet Banking Initiative Award in the Middle East for 2014 & Best Core Banking Implementation Award in the Middle East for 2014

RAKBANK was recently announced the winner of two awards at The Asian Banker’s first annual Middle East and Africa 2014 awards ceremony when it was recognized for the Best Internet Banking Initiative in the Middle East for Click and Collect online account opening, and Best Core Banking Implementation in the Middle East for successfully merging, with its technology partners Oracle and Infosys, two different core systems.

RAKBANK’s Click and Collect, which was behind the Bank’s award for Best Internet Banking Initiative, gives existing and new customers the convenience of opening their RAKBANK accounts on www.rakbank.ae through a completely online interface. Just 48 working hours after filling out an online application, Click & Collect ensures that customers can visit a UAE branch of their choice anytime within a month to pick up their welcome that includes their debit card, PIN, cheque book, and Online and Mobile Banking details all at once. Currently, Click and Collect contributes 20% of the Bank’s new individual account acquisitions and is part of the Bank’s wider portfolio for innovative online solutions.

RAKBANK was also selected for the Best Core Banking Implementation award as the first bank in the region to successfully merge two different core systems together. When the Bank introduced RAKBANK AMAL’s Islamic Banking unit on Oracle Flexcube core banking system, it combined it with its conventional core banking system from Infosys’s Finacle to create a single customer profile across both systems. Over 33 surround systems were involved and were integrated with Flexcube and all existing Finacle channels were integrated to the Islamic Core Banking platform including Mobile Banking, ATM, Online Banking, IVR, and Card Management system. AMAL was able to go live in one weekend with no disturbance to the existing customer base.

“These awards are a testament to the Bank’s continuous effort to remain innovative and competent,” said Peter England, RAKBANK Chief Executive Officer. “The successful merger of our core banking system underlines our commitment to adopt efficient internal structures, while products like Click and Collect highlight the importance we place on convenience in the customer’s banking experience.”

The Asian Banker awards program is designed to identify emerging best practices as well as to identify implementation goals and challenges from which other banks and vendors can learn. It is also designed to populate The Asian Banker’s vendor selection program with benchmarks and realistic goals that other banks taking the same path can set themselves. This program uses the same criteria and stringent evaluation process as The Asian Banker Technology Implementation Awards presented during the annual summit and focuses solely on the achievements in the Middle East and Africa banking industry. Winners are selected by a panel of advisors, industry leaders, practitioners, and academics based on in-depth submissions that exhibit new concepts, new technologies, and creative thinking.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks. According to The Banker's Top 100 Bank Rankings for 2013, RAKBANK is the 1st in the Arab World by Return on Assets and 5th in the Arab World by Return on Capital.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels.

23/04/2014

Total assets stood at AED 31.5 billion growing 11.3% year on year. Asset growth year to date has been 4.6% which is attributed to a rise in the investments portfolio of AED 862 million and gross loans and advances by AED 680 million.

Gross loans and advances stood at AED 23.0 billion, up 12.3% year on year. Gross Islamic financing assets increased by AED 465 million compared to 31 December 2013. Customer deposits grew by AED 447 million to AED 23.5 billion compared to 31 December 2013. The growth was mainly in Sharia compliant deposits which grew by AED 342 million.

At AED 334.6 million net profit dropped by AED 33 million over the same period last year, however improved by AED 41 million over the 2013 fourth quarter results, reflecting better operating income, lower impairment charges and lower cost over the last quarter of 2014.

Net interest income plus net profit from Islamic financing grew by 7.4% compared to 31st March 2013 to AED 639.2 million mainly due to a reduction in the cost of deposits as the Bank focused on accumulating low cost transaction accounts and Income from Islamic financing which increased by AED 22.2 million to AED 22.8 million in line with its growing Islamic finance portfolio that commenced operations in 2013.

Total operating income increased by AED 72.3 million to AED 824.7 million, an increase of 10% compared to 31st March 2013. This growth was mainly due to an increase of AED 44.3 million in net interest income and income from Islamic financing and AED 28.0 million in non-interest income, which went up by 17.8% from the same period last year.

Operating costs increased by 11% to AED 359.8 million compared to the same period last year mainly due to increases in employment costs. However, it dropped compared to fourth quarter 2013 operating cost of AED 364.7 million.

The total impairment charge for the quarter stood at AED 130.3 million compared to AED 61.4 million at the end of the same quarter last year, however reduced by AED 27.2 million from the fourth quarter 2013. Non-performing loans were steady at 2.4% of the loan portfolio and the annualized net credit losses to average loans and advances closed at 2.3%.

“Our first quarter performance is in line with the message we have been sending to markets,” explained Peter England, RAKBANK Chief Executive Officer. “The focus for 2014 is to strongly grow the Bank’s top line to help buffer a level of net credit losses which is more representative of the on-going position for a loan book like ours after 2 years of abnormally low credit losses. We expect to see solid increases in top line performance over the next 3 quarters as the full impact of our loan pipeline starts to come through. We are seeing good solid growth in almost all of our lines of business and have managed to slow down the level of attrition through re-financing on our National loan portfolio,” said England.

During the first quarter of 2014, RAKBANK launched AMAL Home Finance solutions, Ijarah, to join AMAL’s growing portfolio of Islamic banking products which includes Debit and Credit Cards, Savings and Current accounts, and Personal, Auto and Business Finance.

The Bank’s capital adequacy ratio as per Basel II requirement at the end of the quarter is 27.6% comprising entirely of Tier 1 capital. This is against a current minimum total capital ratio of 12% prescribed by the Central Bank in the UAE. At the end of the quarter, the regulatory liquid assets ratio was 18.9% and advances to stable resources ratio was 91%. Total shareholder’s equity totaled AED 6 billion including current quarter profit.

The Bank is currently rated by following leading rating agencies. The following ratings have remained unchanged during the quarter.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks. According to The Banker's Top 100 Bank Rankings for 2013, RAKBANK is the 1st in the Arab World by Return on Assets and 5th in the Arab World by Return on Capital.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

21/04/2014

RAKBANK, one of the fastest growing retail and small business banks in the UAE, is supporting Emiratization through its participation in the 2014 Dubai Career Fair. Its strong presence at the Fair seeks to open doors for national job seekers to a wide range of educational, training, and career opportunities.

“RAKBANK is planning to recruit over 120 Emiratis this year, as part of an aggressive Emiratisation campaign,” said Fahad Khalaf, RAKBANK’s Nationalization Manager. “We are actively recruiting national talent into our Branches, Operations, and Call Centre, as well as some specialist functions across the Bank.”

RAKBANK will offer onsite interviews to the candidates during the fair who will have the opportunity to meet representatives from different divisions to offer an insight into career opportunities.

“Emiratisation is a top priority in the UAE, and therefore for RAKBANK as well,” said Peter England, RAKBANK CEO. “Most of our national hiring takes place in our home emirate of Ras Al Khaimah (RAK) where our new staff members play numerous roles in growing the Bank’s operations. We provide selected talent with a range of training and development programs to enhance their banking knowledge and professional competencies,” explained England.

New recruits are inducted through a six-month Graduate Training Program, and following that continue to be involved in various courses that are tailored to enhance individual skills. By developing the Nationals’ knowledge and skills, the Bank prepares them for future positions where they can play influential roles in the UAE banking industry.

“As we renew our mission to be the financial partner of choice in the UAE, we focus on our staff as our brand ambassadors by offering them promising career opportunities and long-term growth,” added England.

RAKBANK also participated in the 2014 RAK and Sharjah career fairs which provide an excellent platform to build the Bank’s brand image among jobseekers. “We were one of the first banks to achieve the 40% Nationalisation standard set by the UAE Central Bank in 2002 and we work closely with many national development organizations including Tanmia and Emirates Nationals Development Programme (ENDP) to maintain, and even exceed, the standard year-on-year,” concluded Khalaf.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks. According to The Banker's Top 100 Arab Bank Rankings for 2013, RAKBANK is the 1st in the Arab World by Return on Assets and 5th in the Arab World by Return on Capital.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

23/03/2014

RAKBANK has announced that its Annual General Assembly has approved the distribution of a 50% cash dividend for the year 2013, following the conclusion of its assembly. The assembly also approved the Bank's 2013 financial statements. For the 12 months ended December 31st, 2013, RAKBANK reported a net profit of Dh 1,430.8 million, an increase of 2 per cent compared to the year before. The Bank remains more than adequately capitalized at 29%.

H.E. Shaikh Omar Al Qasimi, Chairman of RAKBANK, said, “The Bank witnessed a dynamic year in 2013 with the launch of the Islamic Banking window ‘AMAL’ which is already contributing positively to the Bank’s bottom line. 2013 also marked a major management change for the Bank, with Mr. J G Honeybill retiring after leading the bank for 18 years. We welcomed Mr. Peter England as our new Chief Executive Officer on 1st November 2013 and he has the full support from the Board to commence the next chapter of the development of the Bank.”

From his side, Peter England, said "I am looking forward to building on the Bank’s outstanding success so far. We will continue to focus on Personal and Business Banking in 2014 as we scout the market for further opportunities in the broader SME banking space to ensure continued growth and success. We are confident that the positive factors in the UAE economy will support our ambitious growth plans in these areas.”

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks. According to The Banker's Top 100 Arab Bank Rankings for 2013, RAKBANK is the 1st in the Arab World by Return on Assets and 5th in the Arab World by Return on Capital.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

28/01/2014

RAKBANK announced AED 1,430.8 million in net profit for 2013. In its maiden year, the Bank’s Islamic Finance division - AMAL - broke even ahead of target, recording a small profit of AED 3.0 million for the year. Gross loans and advances grew by 8.5% to AED 22.4 billion at year-end, AED 1.2 billion of which came from Islamic financing assets.

Total operating income increased by AED 257.2 million to AED 3.2 billion, an increase of 8.9% over 2012. The growth in total operating income over last year is due to a rise in loans, Islamic financing and investments, as well as strong performances in non-funded income streams like Bancassurance commission, fees from wealth management products, investment income and income from foreign exchange transactions.

Net interest income and income from Islamic financing grew by 5.5% largely on the back of continued focus on garnering low cost current and savings accounts. The underlying business growth for 2013 in most of the Bank’s key product lines has been strong but a significant reduction in the bank’s National loan portfolio, which was aggressively targeted by competitors during the course of 2013, dampened growth in loan interest income.

Non-interest income increased by 20.2% (AED 133.5 million) to AED 793.4 million compared to last year due to a large contribution from investment income which increased by AED 78 million to reach AED 150 million.

However, overall growth in net profit for the year was subdued due to the Bank taking a further conservative stance on provisioning. The increase in total impairment charge to AED 340.6 million compared to last year’s AED 209.1 million was mainly due to an increase in impairment provisions related to one of the retail loan portfolios and a decision to maintain higher provisions for restructured loans.

Notwithstanding the above, nonperforming loans made up only 2.4% of the loans and Islamic Finance portfolio compared to 2.5% at the end of last year. Net credit losses to average loan advances remained low at 1.6% which is a testament to the bank’s high underwriting standards and asset quality.

“In 2013 RAKBANK continued to produce robust results, affirming the Banks strategy to focus on Personal and SME banking, continued focus on product innovation and customer service, and generally improving market conditions,” explained Peter England, RAKBANK Chief Executive Officer. “We have seen solid growth in the balance sheet for most of the Bank’s business lines. Fee income also grew very strongly for the year and costs were contained, further reducing our cost income ratio, all of which are very positive signs for the future. However, top line growth was affected by a significant reduction in our National loan portfolio, which was actively targeted for re-financing by other banks, and we also decided to take a further conservative stance with regard to loan provisioning throughout the year. Despite these headwinds, our loan pipeline and fee income momentum is looking very strong and RAKBANK remains firmly the number one bank in the UAE in terms of Return on Assets, Return on Equity, and Capital Adequacy,” added England.

During the year, RAKBANK opened its 34th branch, the first in the emirate of Fujairah, to complement its existing branch network in the country’s East Coast region. The Bank also launched the first dedicated Islamic Auto Finance Centre - Fast Lane - in Al Barsha, Dubai to offer AMAL Auto Finance solutions to car buyers in just 60 minutes. A firm believer in customer convenience, RAKBANK added new services on Online and Mobile Banking throughout the year. Even with investments in the Bank’s branch network and information technology, operating costs remained below the total operating income growth of 8.9%, indicating healthy profitability levels and cost income ratio even inched down to 43.8% compared to last year’s ratio of 44.3%

Customer deposits grew by 11% to AED 23.1 billion, of which AED 2 billion are Shari’ah-compliant deposits with AMAL.

Total assets grew by 10.6% to AED 30.1 billion. The major contributor to this increase was loans and advances and the investment portfolio which increased by 8% and 70% respectively. The Bank’s investment portfolio stood at AED 2.7 billion and is entirely denominated in USD or AED. The regulatory liquid asset ratio at the end of the year was 19.8% and advances to stable resources ratio stood comfortably at 88.1%.

The Bank’s Tier 1 ratio as per Basel II after considering the profit for 2013 and the proposed dividend was 29.01% at the year-end as against a requirement of 12% set by the U.A.E. Central Bank. We consider that this level of capital provides the Bank with ample room for growth during 2014.

Ratings

The bank is currently rated by the following leading rating agencies. The following ratings have remained unchanged during the year:

We are pleased to note that all of our ratings carry a stable outlook.

Dividend

The Directors, at the board meeting held on 29th January 2014 have recommended a cash dividend of 50% (subject to approval of Central Bank of UAE). The Directors consider that the Bank is well placed to meet the continuing challenges which will be faced during 2014. The dividend recommendations will result in 41.4% of net profit being retained within the Bank’s shareholders equity thereby increasing capital and reserves to strengthen the Bank’s overall position and provide support for future growth.

The Directors propose to increase the regulatory credit risk reserve by AED 26 million to align it at 1.5% of the Bank’s total credit risk weighted assets. These measures will increase the Bank’s shareholders’ equity to AED 5.7 billion after payment of the proposed cash dividend.

- ENDS -

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks. According to The Banker's Top 100 Bank Rankings for 2013, RAKBANK is the 1st in the Arab World by Return on Assets and 5th in the Arab World by Return on Capital.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

19/01/2014

RAKBANK’s latest bank-made millionaire, Necer Ashraf, is off to a great start not only in the New Year but also with his relationship with the Bank. Ashraf became a RAKBANK credit card holder only two months ago and has since made two small payments with it when his name was chosen in the bank’s semi-annual millionaire draw.

“When I got the call about the win, I thought to myself, there must be a mistake. But seeing is believing!” exclaimed the winner, who was looking at a screen shot of the million dirhams that has been credited to his account. Despite it being an unexpected stroke of luck, the electronic engineer knew exactly what he intends to do with his new fortune.

“After paying off my existing loans, I would like to donate to orphanages in my hometown in Kerala, India, before depositing a big chunk of the prize in a savings account for my 5-month old baby girl,” said Ashraf.

All RAKBANK and AMAL MasterCard credit cardholders are entitled to enter the Bank’s millionaire draw that takes place every six months. RAKBANK offers the Titanium, NMC, Geant La Carte, and Standard MasterCard credit cards, while RAK Islamic Finance extends the AMAL Standard and AMAL Titanium MasterCard credit cards. All the Credit Cards come with excellent rewards of up to 5% Cashback on purchases, no annual fee ever, competitive interest rates, plus lifestyle and discount privileges from over 120 outlets.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of credit cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

22/10/2013

RAKBANK, the leading retail and small business bank in the UAE, reported a net profit of AED 1.14 billion for the nine months ended 30th September 2013, reflecting a 9.6% increase over the same period last year. “RAKBANK’s rise in profit for the first nine months of 2013 from funded and non-funded income streams is a result of the Bank’s prudent underwriting policies and efficient growth strategy,” said Graham Honeybill, RAKBANK Chief Executive Officer.

Net interest income plus net income from Islamic finance grew to AED 1.75 billion during the nine months ended September 30, 2013, a 5.5% increase compared to 30th September 2012. “We are pleased to see the Bank’s Islamic Banking division, AMAL, starting to contribute to the Bank’s bottom line,” said Honeybill. Launched at the beginning of 2013, AMAL recently added Business Finance to its portfolio of products, which include Current and Saving Accounts, Deposits, Personal and Auto finance, Credit and Debit Cards, and Takaful programs.

Non-interest income increased by 20% compared to the same period last year to AED 587.8 million for the nine months of 2013, boosting total operating income to AED 2.33 billion. “The 8.8% growth in total operating income over the same period last year is due to a rise in loans, Islamic financing, and investments, plus strong performances in non-funded income streams including loan origination fees, Bancassurance commission and fees from wealth management products, and income from foreign exchange transactions,” explained Honeybill.

Due to the increasing investment in the Bank’s branch network and information technology, operating costs increased by 6.8% for the year. During the third quarter, RAKBANK launched its first branch in the emirate of Fujairah to complement its existing branch network in the country’s East Coast region, which includes Khorfakkan and a newly refurbished branch in Kalba. The Bank also launched Fast Lane, the first dedicated Islamic Auto Finance Centre in Al Barsha in Dubai to offer AMAL Auto Finance solutions to car buyers in just 60 minutes. Furthermore, RAKBANK added new services on Mobile Banking throughout the year as the Bank continues to add convenience to the customers’ banking experience by expanding web-based solutions and prioritizing customer service. Even with the investments in these developments, operating costs remained below the total operating income growth of 8.8%, indicating healthy profitability levels.

The total impairment charge stood at AED 183.1 million for the nine months ended September 30, 2013 compared to AED 157.4 million at the end of the same period last year. As always, the Bank is well provisioned against loan losses with a conservative loan loss coverage ratio of 60% by the end of third quarter of 2013. Nonperforming loans made up only 2.3% of the loan and Islamic Finance portfolio, which is a testament to the bank’s high underwriting standards and asset quality.

Total assets increased by AED 1.6 billion over 31st December 2012 and stood at AED 28.9 billion as at 30th September 2013, reflecting the increase in the Bank’s investment portfolio which is entirely denominated in AED or USD. The Bank’s advances to deposits ratio and liquidity ratio stood comfortably at 92.2% and 19.2% respectively.

The Bank’s capital adequacy ratio as per Basel II requirement at September 30, 2013 was 26.6% comprising entirely of Tier 1 capital. As a conservative measure the Bank does not take into account the September interim profits of AED 1.14 billion in arriving at the above capital ratio. The current minimum total capital ratio as prescribed by the Central Bank is 12%.

During the year Moody’s, Fitch and Capital Intelligence have affirmed their ratings of RAKBANK and they are as follows:

- ENDS -

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of credit cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

31/08/2013

RAKBANK, the National Bank of Ras Al Khaimah, today announced the appointment of Peter England as the Bank’s new CEO. England will succeed Graham Honeybill who is retiring after 17 years with the Bank.

England joins RAKBANK from CIMB Group where he was responsible for all retail banking activities in Malaysia, Singapore, and Cambodia. His 34 years of experience in the banking industry span other leading financial institutions in various countries including Malaysia and Australia. In his new position as CEO, England will build on the achievements of RAKBANK through continued product innovation and market-leading customer service. He will also oversee the Bank’s Islamic Banking division, AMAL.

- ENDS -

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the UAE's annual Service Quality Bank Benchmarking Study conducted by independent service specialists Ethos Consultancy, from 2005 to 2010, and continued to rank among the top three banks since.

13/07/2013

RAKBANK Announces New Millionaire

Irfan Mohammed has a million reasons to be thankful this Ramadan after he was announced RAKBANK’s latest millionaire. The 25 year-old Indian based in Ras Al Khaimah is the youngest Bank millionaire to date. The eldest of four siblings, Irfan has been working for the past five and a half years to cover the family’s financial needs. Just weeks earlier, Irfan was shopping around for a personal loan to buy his parents a plot of land in India.

“RAKBANK changed my life. I feel so blessed!” exclaimed Irfan. When asked what the new millionaire will do with his new fortune, Irfan said he will hand over the entire amount to his parents after using a small part to pay off his auto loan and accumulated Credit Card bills. “My parents worked very hard to give me a good education, so all I have today I owe to them,” said the modest son.

All RAKBANK and AMAL MasterCard Credit cardholders are entitled to enter the Bank’s millionaire draw that takes place every six months, with chances of winning increasing with higher use of the card for payment. RAKBANK offers the Titanium, NMC, Geant La Carte, and Standard MasterCard Credit Cards in addition to two Sharia compliant MasterCard Credit Cards including AMAL Standard and AMAL Titanium. RAKBANK Credit Cards come with excellent rewards of up to 5% Cashback on purchases, no annual fee ever, competitive interest rates, plus lifestyle and discount privileges from over 120 outlets.

- ENDS -

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the UAE's annual Service Quality Bank Benchmarking Study conducted by independent service specialists Ethos Consultancy, from 2005 to 2010, and continued to rank among the top three banks since.

18/06/2013

RAKBANK was announced the winner of the Gold Summit Creative Award (SCA) for its AMAL Launch Television campaign during the recent 2013 Summit International Award (SIA) held in the United States. RAKBANK’s campaign was chosen from 5000 submissions from around the globe, judged on strength of concept, quality of execution, and ability to persuade.

To promote the introduction of AMAL in early 2013, the Bank’s Islamic Banking division, RAKBANK launched an unprecedented campaign with its advertising agency, Promoseven 360, featuring animated eggs. Dressed in multicultural attire to reflect the UAE’s diverse expatriate and national community, the eggs symbolize the birth of new hope for residents, which is what AMAL aims to bring to the local Islamic Banking industry through the Bank’s innovative financial solutions, web-based solutions, and award-winning customer service.

“RAKBANK has cemented its distinct reputation in banking by choosing to steer clear of the solemn approach to marketing that has been traditionally adopted by most banks,” said Banali Malhotra, RAKBANK Head of Marketing. “Over the years, the Bank has successfully carved out a niche for itself in a crowded banking industry through a bold and lighthearted approach in its advertising and by demonstrating a true understanding of the customer.”

RAKBANK’s marketing strategy relies strongly on humor, striking visuals and unconventional messages to cut through the clutter. Using bold messages, the ads aim to be provocative, cheeky, entertaining and relevant to the current issues that matter to the customer. For these reasons, RAKBANK’s advertising is no stranger to recognition. In 2012, RAKBANK won the Best Marketing Campaign of the Year at the Middle East Prepaid Awards 2012 for the MasterCard Bling campaign, which succeeded in delivering results in both uptake and return on investment.

The SCA has been celebrating creative work by small and mid-size firms from more than 50 countries for the past 19 years. It offers participants the opportunity to showcase their talents alongside similarly positioned agencies, and to have their work judged by experts in the advertising field. This advertising award is widely recognized for its prestige worldwide and serves as the industry benchmark of excellence. In addition to the SCA, the SIA organization conducts two other competitions annually including the Summit Marketing Effectiveness Award (MEA) and the Summit Emerging Media Award (EMA).

- ENDS -

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

23/04/2013

RAKBANK, the leading retail and small business bank in the UAE, reported a net profit of AED 367.98 million for the quarter ended 31st March 2013, reflecting a 13% growth over the same period last year.

“RAKBANK continues to register strong profit year on year owing to its conservative underwriting and a competitive pricing policy for its innovative products and award-winning customer service,” said Graham Honeybill, RAKBANK Chief Executive Officer. “The first quarter of 2013 saw major developments at the Bank including the launch of its Islamic banking division, RAKBANK AMAL, which caters to a wider customer base that prefers Shariah-compliant products.”

Net interest income plus net profit from Islamic financing grew by 6% compared to 31st March 2012 to AED 570.6 million. Non-interest income, which stood at AED 181.8 million by the end of the first quarter of 2013, climbed by 18% compared to the same period last year. This increase is due to several streams of fee income stemming particularly from auto loans, mortgages, Bancassurance, and foreign exchange services. In addition, investment income grew by 50% compared to same period last year as the Bank continued to invest in quoted debt instruments.

Operating costs on the other hand, despite increasing by 5.2% for the year, were well below total income growth of 8.6%, indicating an improving profitability. “In line with its strategy to add customer convenience and cap operating expenses, RAKBANK added new services on Mobile Banking during the first quarter of 2013 as it continues to expand its web-based solutions,” added Honeybill.

The total impairment charge for the quarter stood at AED 61.4 million compared to AED 60.5 million at the end of the same quarter last year. As always, the Bank was well provisioned towards loan losses with a conservatively adequate loan loss coverage ratio of 65% by the end of the first quarter of 2013.

Total assets as of 31st March 2013 were AED 28.3 billion, an increase of AED 1.1 billion over 31st December 2012, which primarily reflects the quarter’s net profit and increase in deposits from banks. The Bank’s advances to deposits ratio and liquidity ratio stands comfortably at 93.6% and 19.3% respectively.

The Bank’s capital adequacy ratio as per Basel II requirement at the end of the quarter is 28.1% comprising entirely of Tier 1 capital. This is against a current minimum total capital ratio of 12% prescribed by the Central Bank in the UAE. Total shareholder’s equity totaled AED 5.5 billion at the end of March.

Finally, during the quarter Moody’s, Fitch and Capital Intelligence have affirmed their ratings of RAKBANK as follows:

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

20/04/2013

Bank’s expanding web-based solutions provide added customer convenience

In its strive for added customer convenience and banking simplicity, RAKBANK, the leading retail and small business bank in the UAE, recently launched Click & Collect. Through this first-of-its-kind service, existing and new customers can now open their RAKBANK Fast Saver, Current, and Savings accounts on www.rakbank.ae through a completely online interface. In just 48 working hours, Click & Collect ensures that customers can visit a UAE branch of their choice anytime within a month to pick up their welcome pack which includes their debit card, PIN, cheque book, and Online and Mobile Banking details all at once.

“With a solid foundation in service excellence, RAKBANK prioritizes convenience in the customer’s banking experience,” said Homi Gandhi, Head of RAKBANK Direct. “Recognizing the surge in online transactions in the UAE over the last few years, the Bank has established itself as a pioneer in web-based solutions to cater to customers’ banking needs while saving their valuable time.”

In fact, RAKBANK was the first bank in the region to provide customers with an online application process for customized insurance products, offered by various leading insurance providers, through RAKBANK Direct on www.rakbank.ae. In addition, the Bank initiated RAKBANK Deals, also on the Bank’s website, as an online destination for all Bank Credit, Debit and Prepaid Cardholders to take advantage of exclusive privileges, loyalty programs, and weekly deals. Once again, RAKBANK was the first bank in the region to have an active Twitter presence to address customer queries via the popular social media website.

Click & Collect offers customers the ability to save their application online and revisit it to complete it at their own time. To simplify the application process, customers need to present their verification documents only during their single visit to the branch when collecting their welcome kit. Customers are invited to visit www.rakbank.ae to learn more about Click & Collect or click on http://bit.ly/13Ftc3u.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

02/04/2013

RAKBANK, the leading retail and small business bank in the UAE, continues to deliver competitive financial solutions to small-to-medium enterprises (SMEs) with the recent launch of its Titanium Business Credit Card. Just like the Titanium for individuals, the free-for-life credit card for SMEs combines convenience and savings to facilitate payments and extend exclusive benefits.

“The RAKBANK Titanium Business Credit Card is ideal for tracking business expenses and making online payments to the government, utility companies, and many others,” explained Pritam Mirchandani, RAKBANK Head of Business Finance. With the new credit card, business customers gain the flexibility of paying the minimum amount due on their card within 25 days from the statement date, and the balance at their convenience. They can also use up to 90% of the credit card limit for cash advances at low interest rates through various channels such as ATMs, RAKBANK branches, and exchange houses. “Titanium Business cardholders can even take advantage of the cash advance facility to meet unexpected business requirements,” pointed Mirchandani.

In addition to the convenience it provides, the Titanium Business Credit Card makes it easy to save through RAKBANK’s flagship Cashback feature. In fact, business card holders are eligible for up to 2% Cashback on all international retail, cash and internet spends made via the card, as well as 1% Cashback on all domestic retail purchases. Furthermore, RAKBANK’s Titanium Business Credit Card gives customers the chance to win a million dirhams every six months whenever the card is used to purchase AED 500 or above.

Customers can also apply for additional business credit cards for key employees who are authorized to carry out financial transactions to help manage day-to-day business expenses. Each card comes with a host of complimentary insurance covers like Purchase Protection and Travel Accident Insurance benefits.

RAKBANK has established its position as one of the leading providers of business finance for SMEs in the UAE. The Bank’s innovative financial products and award-winning customer service provide flexible solutions to SMEs at every stage of their growth. For more information, customers are invited to visit any of the Bank’s 33 branches.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

01/06/2013

RAKBANK, the leading retail and small business bank in the UAE, announced the launch of new services on its Mobile Banking platform that allow customers to conduct a wider range of banking transactions on the go via their handset. By introducing added services on its Mobile Banking Application and Service, customers can now use their mobile phones to order new cheque books, transfer balances, apply for supplementary cards, and even report a lost or stolen credit card. RAKBANK Mobile Banking saves time when seeking investment details and when applying for an advance against salary.

“Because RAKBANK values the modern customer’s time, we are always working to add new services on our digital channels that simplify the customer’s banking experience,” said Homi Gandhi, Head of RAKBANK Direct. “The launch of a collection of new services on Mobile Banking is part of this continuous effort, which ensures that customers can conduct their banking activities anywhere, and anytime.”

Using their handsets, RAKBANK customers can today request to place fixed deposits, postpone a loan installment, and register for e-statements. In addition to opening a F@st S@ver account online, RAKBANK customers can now use their mobile to open a Term Deposit Account plus a RAKBANK AMAL Jood Account, a unique Mudaraba-based savings account that grows customer savings while giving them chances to win AED 500,000 in a quarterly draw.

“RAKBANK recognizes the growing trend among its customers to access their accounts on their mobile phones and has made Mobile Banking available to holders of various devices ranging from Android, iPhone, and Blackberry smartphones. The Bank even offers non-smartphone users a unique USSD-based banking service which can be accessed on any mobile device on the Etisalat network,” added Gandhi.

Going one step further, RAKBANK provides customers with an online application process for customized insurance products, offered by various leading insurance service providers, through RAKBANK Direct on www.rakbank.ae. It also gives customers the added advantage of connecting with the Bank’s social media accounts on Facebook and Twitter.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

02/02/2013

RAKBANK, the leading retail and small business bank in the UAE, announced the launch of the first card in the region that caters to its large Filipino community. The new Bayani card is the latest addition to RAKBANK’s portfolio of Prepaid Cards and aims to better serve Filipino customers in the country. Not only is it an ideal alternative to cash, but the Bayani Prepaid Card also allows customers to instantly send money in US dollars to their family in the Philippines through their computer or mobile phone.

Upon application for a Bayani Card, customers automatically receive an add-on card along with the main reloadable Prepaid Card to send to the customer’s loved ones back in the Philippines. By loading the main Bayani card here in the UAE, the cardholder can send money instantly to those in the Philippines by transferring money to the add-on card in US dollars through Online Banking or SMS. “Because RAKBANK values the large Filipino expatriate community in the UAE, it is extending the Bank’s pioneering products and award-winning customer service to this market segment through the innovative Bayani Prepaid Card,” said Graham Honeybill, RAKBANK Chief Executive Officer.

The Bayani main cardholders and add-on card holders can use their cards to withdraw cash from any ATM in the UAE and worldwide that accepts MasterCard cards, while the add-on card holders have the additional advantage of withdrawing funds in pesos from any ATM in the Philippines for free. Both the main and add-on cards are covered with free travel accident insurance cover and purchase protection insurance.

Additionally, Bayani Prepaid Cards include numerous offers on retail purchases to help customers save through a wide range of over 100 buy-one-get-one-free offers, including 30 exclusive benefits at Filipino outlets in the UAE. For a complete list, and for any other enquiries please click here. Also, customers will be pleased to know that the Bank is giving away 50 Samsung Galaxy SIII phones to Bayani card holders. This promotion, running until 31st May 2013, entitles customers one chance to enter the draw for every AED 250 spent on their main card, and two chances for every AED 250 spent in the Philippines using the add-on card.

In addition to Bayani, RAKBANK offers customers its Bling and Loaded Prepaid Cards. Available to both banking and non-banking customers, RAKBANK Prepaid Cards are superior to cash because they are safer, more convenient and work anywhere, even online, without the hassle of currency conversions. “Prepaid Cards are the easiest way to budget day-to-day expenses because they allow customers to spend only up to the amount loaded on their cards,” explained Anil Chander, RAKBANK Head of Cards. “The Cards are not linked to any current or savings account and therefore are available to everyone. Not only are they an efficient way of storing cash, but they also allow for unlimited cash withdrawals, online payments, and point of sale purchases whether locally or during travel.”

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

29/01/2013

Chandana Nath Thakur could hardly believe her ears when she was announced the winner of RAKBANK’s semi-annual Millionaire draw. After much reassurance that her win is official, Chandana finally broke into smiles as she claimed her million dirham prize from RAKBANK where she has been banking for over 2 years.

Chandana came close to missing out on her prize though because she had changed her contact details and forgot to update the Bank. “I would like to thank RAKBANK for their dedication in contacting me and making me a millionaire!” said Chandana. “I consider this happy surprise as a reward for my benevolent actions,” added the mother of one who prioritizes the sponsorship of an underprivileged child’s education despite her financial struggles. Even after becoming a millionaire, the first thing Chandana said she will do is set aside a budget for the high school education of the child.

RAKBANK MasterCard Credit Cards entitle their holders to entry in a millionaire draw that takes place every six months, with chances of winning increasing with higher use of the card for payment. RAKBANK offers four MasterCard Credit Cards including its Titanium, NMC, Geant La Carte, and Standard Card. RAKBANK Credit Cards come with excellent rewards of up to 5% Cashback on purchases, no annual fee ever, competitive interest rates, and lifestyle privilege offers from over 120 outlets through the RAKfeast dining and discount program.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

26/01/2013

RAKBANK, the leading retail and small business bank in the UAE, announced AED1,402.8 million net profit for 2012, an increase of 16.6% over 2011. The Bank continues to report double digit growth year on year by consistently pursuing the Bank’s successful strategy towards the business and personal finance segments.

“2012 marks a very successful year for RAKBANK,” said Graham Honeybill, RAKBANK’s Chief Executive Officer. “Not only did it see the Bank’s implementation of its revamped core banking system, but 2012 also witnessed the preparations for the launch of RAKBANK’s Islamic Banking window.” With these achievements and many others, it is no surprise that RAKBANK was voted Bank of the Year in 2012 by an independent jury during the Arabian Business Achievement Awards.

In review, the Bank’s net interest income increased in 2012 by 12.5% over 2011 to AED 2,233 million. This was mainly a result of a 10.4% growth in loans and advances, which stood at AED 20.3 billion for the year. Fee income for 2012 exceeded 2011 levels despite the tariff restrictions imposed by the UAE Central Bank in May 2011, with total revenues climbing by 9.7% to AED 2.9 billion.

Meanwhile, credit losses were 30% lower than 2011 as the Bank continued to apply a conservative strategy to loan underwriting and provisioning. Consequently, non-performing loans remained steady, at a rate of 2.5% of gross loans. Deposits grew by 13.3% to AED 20.7 billion which, along with retained profits, was sufficient to support the growth in loans, investments and the repayment of the AED 684 million in debt to the Ministry of Finance.

Operating costs increased by 13% as RAKBANK expanded its branch and ATM network throughout 2012 by adding a branch in Sharjah, another in Abu Dhabi, and over 50 ATMs around the country. The Bank also launched 3 dedicated SME banking centres to ensure a convenient banking presence where small and medium sized companies are located.

In the meantime, the Bank continued to invest in online media channels including Online Banking, Mobile Banking, and RAKBANK Direct and RAKBANK Deals on www.rakbank.ae.

Besides its online innovations, RAKBANK is committed to taking advantage of opportunities in the marketplace that grow its customer base. The Bank recently introduced Islamic Banking services through a separate brand, RAKBANK AMAL, to take advantage of the growing local demand for Islamic finance. “RAKBANK is aligning itself with the country’s efforts to be at the forefront of Islamic Finance by bringing its trendsetting products, online solutions, and award-winning customer service into the local Islamic Banking market.”

Finally, the regulatory liquidity ratio at year end was 20% compared to 19% by end of 2011. RAKBANK is well positioned to comply with the new liquidity rules as and when they become effective. The Bank’s Tier 1 ratio as per Basel II is 28.78% as against the requirement of 12% set by the UAE Central bank and this level of capital provides the Bank ample room for growth during 2013.

RATINGS

The bank is currently rated by the following leading rating agencies. Their recent ratings have remained unchanged as follows:

Dividend

The Directors have recommended a stock dividend of 10% and a cash dividend of 40%. The dividend recommended will result in over 56% of the net profit being retained, thereby increasing capital and reserves to strengthen the Bank’s overall position and provide support for future growth.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

18/01/2013

RAKBANK, the leading retail and small business bank in the UAE, is starting 2013 with the launch of its new Islamic Banking window. The Bank’s Islamic Banking services will be offered through a separate brand, RAKBANK AMAL, to include a wide range of products from Accounts, Loans and Cards to Takaful policies.

“As the fastest growing bank in the region, introducing Islamic Banking is the natural direction for RAKBANK as it strives to better serve existing and potential customers in the country through added choice,” said Graham Honeybill, RAKBANK Chief Executive Officer.

Just like RAKBANK brought innovation into conventional banking through trendsetting products, online solutions, and award-winning customer service, RAKBANK AMAL aims to bring the same foundations into Islamic Banking to enhance the local Islamic Banking market. “The Bank’s solid reputation for success and its commitment to customer service pave the way for a promising foundation for AMAL with the potential to set itself apart in a crowded market,” added Mufaddal Khumri, RAKBANK Head of Islamic Banking.

Available throughout the Bank’s 33 branches, RAKBANK AMAL provides financial solutions to a wide customer base with a preference for Sharia-compliant products and services. “With rising investment flows in Islamic Finance in the UAE and Dubai’s ambitious plans to set up an integrated platform for an Islamic Economy, RAKBANK aims to be at the forefront of Islamic Banking solutions to meet growing local demand,” explained Khumri.

RAKBANK AMAL’s Sharia-compliant products include Jood Account, a unique Mudaraba-based savings account that allows customers to grow their savings while earning chances to win AED 500,000 in its quarterly draw. Also, two lucky winners will pocket AED 5,000 each per month and 100 others will receive AED 500 each.

In addition to its two Debit Cards, RAKBANK AMAL also offers two Credit Cards through RAK Islamic Finance Company, a fully owned subsidiary of RAKBANK. Sharing the trendsetting features of RAKBANK Cards, RAKBANK AMAL does not charge an annual fee on the sharia-compliant cards which are also eligible for up to 5% Cashback. In addition, it brings its cardholders exclusive dining and lifestyle privileges with RAK Islamic Feast and RAK Islamic Lifestyle. Customers are sure to receive continuous rewards and benefits through exclusive weekly deals, including 50% discounts at various Sharia-compliant outlets, through RAKBANK Deals, which is also supported by an interactive mobile application.

Moreover, Amal Auto Finance, based on the Islamic concept of Murabaha, helps customers get the car of their dreams with minimal documentation and quick approvals. No salary transfer is required and finance is available for up to 60 months at competitive profit rates and through flexible repayment periods.

In case of any queries, customers can contact the dedicated toll free number on 800 AMAL (2625) or click here. RAKBANK AMAL services are available on all existing and traditional Bank branches, Online Banking, Mobile banking, RAKBANK Direct, RAKdirect, and ATMs.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

11/01/2013

RAKBANK, the leading retail and small business bank in the UAE, is the official sponsor of the second Al Ain Motor Show, MOTEX 2013. Running from 17 to 20 January in Al Ain Convention Center, the show is under the patronage of His Highness Sheikh Hazza Bin Tahnoon Al Nahyan, General Manager of the Dewan of the Ruler’s Representative in the Eastern region. MOTEX 2013 includes distributors and vendors of cars and car accessories, as well as an exclusive presence by RAKBANK to give visitors the opportunity to avail of the Bank’s competitive car finance scheme on the spot.

“By participating in the second Al Ain Motor Show, RAKBANK aims to facilitate car finance for show visitors through added convenience and a prompt loan approval process,” said Lina Yahya, RAKBANK Head of Auto Loans. “The Bank is also going one step further by offering customers reduced Auto Loan rates and deferring their first installment to ensure that their MOTEX visit is worth their while!”

RAKBANK is extending special interest rates for show visitors from as little as 3.99%. Not only is the Bank offering MOTEX visitors Auto Loan approvals within 60 minutes, but customers can even choose to defer the first installment for 100 days. Along with the approved loans, RAKBANK is also extending finance for motor insurance policies, as well as service contracts, select accessory purchases, and rustproofing.

“RAKBANK is delighted to establish an exclusive banking presence in Al Ain Motor Show 2013,” said Graham Honeybill, RAKBANK Chief Executive Officer. “The Bank’s strong presence in the show complements its continuous efforts to meet the needs of potential and existing customers throughout the emirates.”

MOTEX 2013 gives visitors the chance to test drive all 2013 new cars free of charge and includes special offers on select vehicles. The motor show is open every day from January 17-20 from 03:00 – 11:00 pm in Al Khabisi Hall in Al Ain Convention Centre. Entry is free.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

For more information, please visitwww.rakbank.aeor contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

19/11/2012

RAKBANK was recently chosen as the Bank of the Year by an independent panel of business leaders from the region during the 2012 Arabian Business Achievement Awards. The award celebrates the Bank’s outstanding performance and excellence in retail and small business banking amongst banks operating in the country.

“RAKBANK is proud to have been selected as the leading bank in the UAE,” said Graham Honeybill, RAKBANK Chief Executive Officer. “This recognition is a testament to the Bank’s successful business strategy, which is championed by the diligence and dedication of our valued staff.”

Highlighted by its growing profits, RAKBANK managed to stand out in a crowded banking industry by launching trendsetting products and services within a solid lending approach. In addition to its heavy investments in technology and a range of new products and services over the last 12 months, the judges particularly lauded the Bank’s continuous support for the small business segment in the UAE. “Recognizing the importance of small businesses in the local economy, RAKBANK’s successful strategy ensures flexible financial solutions for businesses in the UAE through innovative products and award-winning customer service,” added Honeybill.

Its unwavering commitment to customer service also saw the Bank widen its portfolio of electronic services to complement its branch network and provide the utmost convenience for customers. “Superior service quality is a cornerstone of the RAKBANK experience and we aim to bolster customer convenience by ensuring a Bank presence wherever our modern customer is,” concluded Honeybill. Customers can visit www.rakbank.ae as a one-stop shop to learn about the bank’s products and services, perform their banking transactions, apply for insurance policies, and connect with the Bank via social media or real-time chat.

The Arabian Business Achievement Awards was held in Emirates Towers in Dubai on Monday 19th November. This year’s independent panel of judges included Mohamed Almulla from Arab Media Group, Osman Sultan from du, Adel Ali from Air Arabia, Osama Hamdan from Drake and Skull, Dr. Saad Al Barak formerly with Zain, Khalid Samawi from Ayyam Gallery, and Walid Akkawi from ITP.

- Ends –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

For more information, please visit www.rakbank.aeor contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.