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03/02/2016

RAKBANK Group today announced AED 1,405.3 million in Net Profit for the year ended 31 December 2015, a marginal decrease of AED 49.3 million over the previous year. Operating income grew by 10.8% year-on-year to AED 3,939.2 million as Net Interest Income and Income from Islamic products net of distribution to depositors were up by 10.6% to AED 3,048.3 million. Non-Interest income grew by 11.7% to AED 890.9 million.
 
With a 1.8% reduction in Operating Expenses in 2015, the Group improved its Cost-to-Income ratio to 37.5% compared to 42.3% in 2014 as it maintained its focus on cost optimization, which saw the Group consolidate some business lines in an effort to enhance synergy and improve efficiency across its operations. As a result, the Operating Profit of the Group before provisions increased by 20.0% to AED 2,460.7 million. 
 
However, provisions for Loan Impairments increased by AED 460.1 million over last year due to higher loan provisioning mainly in the unsecured lending portfolios. Non-Performing Loans and Advances to Gross Loans and Advances ratio closed at 3.2% compared to 2.4% at the end of the previous year. The Bank is well provisioned against loan losses with a conservative Loan Loss Coverage ratio of 81.4% compared to 87.1% at the end of 2014, which does not take into consideration mortgaged properties and other realizable asset collateral available against the loans. 
 
During the year, the Group continued to generate solid and sustainable growth. Year-on-year total Retail Banking loans grew by AED 1,327.8 million, up by 5.4% over the previous year. The major successes of the Retail Banking segment this year were the launch of a new premium banking service (RAKelite), three new MasterCard Credit Cards, and a new retail remittance offering branded RAKMoneyTransfer.  
 
In the fourth quarter of 2015, RAKBANK moved its SME business to the Retail segment and renamed its Business Banking segment to Wholesale Banking in line with the Bank’s strategy to increase penetration into larger businesses and to focus on growing its Commercial and Corporate Banking portfolio, Trade Sales, Financial Institutions Lending, and Asset Based Financing. Year-on-year total Wholesale Banking loans grew by 138.1% to AED 2,429.4 million.
 
Balance Sheet highlights included a 10.6% increase in Gross Loans and Advances to AED 28,542.7 million across the Bank’s Retail and Wholesale portfolios. The Group’s Total Assets grew by 16.4% to AED 40,553.1 million. Customer Deposits were up by 12.9% to AED 27,820 million mainly from an increase of AED 2.5 billion in Demand Deposits and AED 653.2 million in Time Deposits. Within that, Islamic customer deposits grew by AED 899.2 million to AED 3.5 billion compared to the previous year. During the first half of 2015, the Group successfully issued the second tranche of USD 300 million notes under its USD 1 billion medium term note program. 
 
H.E. Mohamed Omran Alshamsi, RAKBANK Chairman, said: “We remain committed to generating solid and sustainable growth across our Retail, Wholesale, Treasury and Insurance segments. We are placing greater emphasis on optimizing synergies within the Group to increase efficiency while supporting the diversification of our revenue streams. By doing so, we aim to better serve our customers by offering them a seamless experience across the Bank’s diverse products and services through industry-leading customer service, innovation, and simplicity. We will also continue to strengthen our capacity to meet any future challenges.” 

Commenting on the Group’s performance, RAKBANK Chief Executive Officer, Peter England, said: “The Bank has faced stronger than expected headwinds in our Retail and Small Business Finance portfolios due to the challenging global and regional environment which is beginning to have an effect on some segments in the UAE. Despite market challenges, Operating Profit before Provisions increased by 20.0% over the previous year, reflecting healthy and sustainable growth in our key business segments. In late 2014, we commenced a concerted effort to diversify the income base and improve the risk profile of the Group by moving into new business lines such as Wholesale Banking, Insurance, and Remittance and we are making considerable progress in these areas. We also took the opportunity in 2015 to remove duplication and inefficiency in our organization structure, which had been built up over many years of very strong growth, and this is reflected in our lower cost base in 2015. With a strong commitment to customer centricity, the Bank remains focused on innovation to better serve customers. In addition to winning several awards for our digital solutions in 2015, RAKBANK became the first bank in the UAE to achieve the ISO 9001:2015 version certificate for its Branches and Inbound Contact Centre.”
 
The Bank’s Tier 1 ratio as per Basel II, after taking into consideration the profit for 2015 and the proposed dividend, was 24.4% at yearend (subject to shareholders and final UAE Central Bank approval), compared to 26.5% at the end of 2014, against a requirement of 12% set by the UAE Central Bank. The regulatory eligible liquid asset ratio at the end of the year was 19.1%, compared to 20.0% at the end of 2014, and advances to stable resources ratio stood comfortably at 83.3% compared to 87.9% at the end of 2014.

At the board meeting held on 02 February 2016, the Directors recommended a cash dividend of 50% subject to shareholders’ and final UAE Central Bank approval. The Directors consider that the Bank is well placed to meet any challenges faced in 2016. The dividend recommendations will result in 40% 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. 

20/01/2016

RAKBANK is moving forward with a plan to revisit its headcount where necessary to better reflect business volumes and improve efficiency across its operations. Regrettably, the plan involves parting ways with up to 250 expatriate employees from the Bank and its partners. However, no change has been made to the Bank’s business strategy and the Bank continues to offer its existing products and services to all its customer segments. In fact the Bank has recently re-entered the Wholesale banking space and has been significantly increasing its product offerings and headcount in this segment, which is set to continue throughout 2016.

“The Bank’s headcount had grown by around 600 in the last three years on the back of a significant increase in new business volume, which has now settled at more sustainable levels,” said Peter England, RAKBANK Chief Executive Officer. Additionally there was significant duplication in the past with the Bank having two completely separate teams servicing SME clients, which led to inefficiency and customer confusion. The merging of these teams under a new SME unit as part of Retail Banking will enhance service to our customers as well as improve our cost efficiency.

06/01/2016

United Arab Emirates, 06 January 2016: RAKBANK recently launched the RAKBANK RED MasterCard Credit Card, the Bank’s first contactless payment card. Through Tap & Go^TM contactless payment solution, holders of the RED MasterCard^® Credit Card can make a payment simply by tapping the Card at enabled POS terminals to process the transaction in just a few seconds. This means fewer queues and less time spent making a payment.
 
The RAKBANK RED MasterCard^® Credit Card, which is accepted globally, has no annual fee, offers unique discount rates of up to 2% on both local and international transactions, and extends one free remittance to India through RAKMoneyTransfer. In addition, cardholders benefit from dining offers at over 220 restaurants and outlets across UAE, various insurance covers such as credit shield, purchase protection and travel accident, and being part of the Bank's "Dream It. Live It.” rewards programme.
 
“RAKBANK is committed to empowering customers with technology-based solutions that save their valuable time and money,” said Ian Hodges, Managing Director of Retail Banking at RAKBANK. “We always strive to offer our customers a convenient and hassle-free banking experience whether through our award-winning Mobile Banking, MobileCash, and web chat solutions, or with our recently launched MasterCard^® contactless Tap & Go^TM facility via the RAKBANK RED MasterCard® Credit Card.”
 
The RAKBANK RED MasterCard^® Credit Card is the third credit card launched by the Bank in less than 12 months. The Bank previously launched the RAKBANK World MasterCard^® Credit Card, which offers up to 10% cashback on travel, hotel dining, and supermarket spends, and a co-branded KALYAN JEWELLERS MasterCard^® Credit Card, which offers loyalty points that can be redeemed against jewellery purchases at any Kalyan Jewellers showrooms in the UAE.  

04/01/2016

United Arab Emirates, 04 January 2016: RAKBANK is pleased to announce that it is the first bank in the UAE to achieve the ISO 9001:2015 version certificate for its Branches and Inbound Contact Centre, certified by QCS Management Pvt Ltd and accredited by Joint Accreditation Systems – Australia New Zealand (JAS-ANZ). ISO 9001 certification benchmarks the standard of Quality Management System (QMS) of institutions based on the highest international standards and focuses on customer satisfaction. 
 
Peter England, RAKBANK Chief Executive Officer, said: “The certification is just one element of a continuous commitment to quality management and to achieving maximum stakeholder satisfaction. It also reflects a strong bank culture for Service Quality and employee dedication. I am pleased that the Bank’s effort and commitment to Service Quality are now officially recognized through this international certification.” 

RAKBANK’s QMS is a collection of business processes focused on achieving the Bank’s quality policy and quality objectives across its 35 branches and its Inbound Contact Centre. The Bank’s strategy ensures the very best level of service is provided to customers by identifying new tools and systems that maximise engagement with customers at all touch-points.
 
The certification process included an extensive review and onsite audit of business processes and departments against global best practices in quality based on the requirements of ISO 9001:2015 (latest version).

10/12/2015

Bank is recognized for Best Service Innovation and Best Mobile App

RAKBANK is pleased to announce that it has received two Service Olympian Awards by Ethos Integrated Solutions, an independent evaluation body. RAKBANK was recognized for its commitment to service excellence with the Best Service Innovation award for its Web Chat and Mobile Cash solutions and Best Mobile App award for its Mobile Banking platform.

RAKBANK’s authenticated web chat service gives customers the opportunity to use banking services via web chat safely by authenticating them on the public website and to chat whilst on the online banking platform without additional authentication. This allows chat agents to seamlessly assist customers and avoid unnecessary delays.

MobileCash is another convenient digital banking solution that gives customers the ability to withdraw cash and send money to friends, family or anyone in the UAE instantly using nothing but their mobile phone. This service is widely used feature of the RAKBANK Mobile Banking App service, which has been recognized by Ethos Integrated Solutions for the convenience it extends to customers by helping them manage their accounts, deposits, cards, investments and loans. It is also used to transfer funds, pay utility bills, download statements, place various banking requests, and much more without visiting a branch.

“Service excellence has always been central to RAKBANK’s overall strategy and we recently saw a renewed focus on customer service and on simple and convenient banking solutions,” said Peter England, RAKBANK Chief Executive Officer. “To be recognized for innovation and supremacy in digital solutions is a testament that not only are we constantly looking for ways to make use of technological advancements, but we regularly re-evaluate our digital offering and launch new or improved services that ensure a simple and hassle-free banking experience for customers.”

According to Ethos, two to three applicants were shortlisted for each award category, with the exception of the People’s Choice Award, and presented to the expert judging panel which included Robert Keay from Ethos, Philip Forrest from the European Business Awards and The International Customer Service Institute, Dr. Alaa Garad from the Advisory Board of the University of Salford UAE and Investors in People, UAE and Professor Adré Schreuder from The South African Customer Satisfaction Index.

The awards’ benchmarks are based on key criteria from The Customer Experience Management Model of The International Customer Service Institute (TICSI).

09/12/2015

RAKBANK enhances its “Dream It. Live It.” MasterCard^® Credit Card programme
 
RAKBANK continues to turn dreams into a reality by revamping its “Dream It. Live It.” programme for its conventional and AMAL MasterCard^® credit cards. The rewards available to cardholders range from some of life's basic necessities to the most indulgent luxuries.
 
The new rewards give cardholders the chance to live a year either rent-free, without paying any utility bills, or are spared their children’s annual school fees. Other lucky winners will drive off with a brand new car or win free fuel or grocery supplies for an entire year. The programme prizes also include free weekend getaways, free airline tickets to the customer's hometown, dining vouchers, the latest gadgets, 100 grams of gold, and a free shopping spree. 
 
Cardholders automatically enter the draw for the “Dream It. Live It.” rewards when they use their RAKBANK and AMAL MasterCard credit cards. With every AED 200 spent on the credit cards, cardholders earn two chances to enter the draw, and every AED 200 spent overseas gives cardholders four chances. The draw is held every 2 months and 21 winners are announced in every draw, with a chance to win any of the 12 mentioned prizes.  
 
“We always listen to our customers to ensure that we regularly meet their needs,” said Mufaddal Idris Khumri, Head of Cards at RAKBANK. “The enhanced “Dream It. Live It.” programme reflects the Bank’s endeavour to provide customers with unique rewards that add the most value to their lives.”   
 
“Dream It. Live It.” reward programme is available on 7 of the Bank’s conventional and AMAL MasterCard^® credit cards including RAKBANK Titanium MasterCard^® Credit Card, RAKBANK KALYAN JEWELLERS MasterCard^® Credit Card, and others. 

01/12/2015

RAKBANK celebrated the 44th UAE National Day in its Ras Al Khaimah headquarters and across the Bank's 35 branches whereby Bank staff recited Arabic poetry and enjoyed Emirati food and a performance of traditional dance.

10/11/2015

RAKBANK recently supported the UAE's only cross-country charity run, “7Emirates Run,” organized by Al Jalila Foundation on the occasion of the UAE National Sports Day on 25th November and to celebrate the UAE 44th National Day on 2nd December. The 575 kilometre, 12-day charity run managed to raise the targeted amount of AED 777,000 to pay for life-transforming surgeries and post-operative medical support for UAE-based children that are unable to walk in order to ‘get children back on their feet’.  The run began at the Khalidiya Palace Rayhaan Hotel by Rotana in Abu Dhabi, which organized a number of community fundraising activities leading up to the start of the cross-country event. RAKBANK staff participated in the Dubai 7 kilometre social run to support this philanthropic cause. 

12/11/2015

RAKBANK recently won the ‘Best Segment Solution’ award for RAKBANK World MasterCard^® Credit Card at the MasterCard Innovation Forum 2015, held in Kuala Lumpur. RAKBANK was recognized for its continuous efforts in offering innovative products that understand consumer needs and in delivering highly effective payment solutions. 

Holders of the World MasterCard^® Credit Card enjoy up to 10% on domestic and international spends, 0% easy payment plans for 3, 6, 9 or 12 months at a wide range of participating merchants, and 0% interest on balance transfers for 3 months. The Card also extends up to 55 days interest free credit in addition to exclusive discounts on health insurance. 

The award ceremony was attended by two members of the RAKBANK Cards’ team, Rijesh Rajendran, Head of Card Products, and Pradeep Kamath, Business Intelligence Manager, who accepted the award on behalf of the Bank.

09/11/2015

03/11/2015

Bank Offers Financing Options for Off-Plan and Completed Properties

RAKBANK is pleased to announce its partnership with Dubai Properties to provide convenient home finance solutions for a selection of complete and off-plan properties in Dubai Properties’ portfolio of projects. Under the partnership, the Bank extends home finance for off-plan properties such as Mudon and completed projects including JBR, Executive Towers, Bay Square, The Villa and Remraam. 

RAKBANK offers affordable and flexible conventional as well as Sharia-compliant home finance solutions through AMAL at competitive rates to UAE nationals and expatriates, non-residents, and GCC nationals. To ensure utmost convenience, the Bank does not require a salary transfer from customers and is committed to minimum formalities and a fast approval process. It also has a team of specialist Home Finance advisors who are always available to provide knowledge, tools, and dedicated service to guide customers and ease the entire home buying process.

Ian Hodges, Head of Retail Banking at RAKBANK, said: “As a prominent bank in the retail space, we are always looking to bring our valued customers added choice and convenience to their banking relationship. Our partnership with Dubai Properties Group gives us the opportunity to support our customers who wish to finance property in prime locations in the UAE.”

Abdulla Abushabieb, Senior Executive Director, Customer Care and Government Relations, Dubai Properties said: "Our partnership with RAKBANK reflects Dubai Properties’ commitment to meeting the needs of the customers interested in home ownership in Dubai. Judging by the significant response to the launches of our new communities, we expect the high demand for high-quality and affordable homes in well located residential communities to continue. This partnership with RAKBANK will enable us to offer our customers a flexible range of home financing solutions that suit their individual needs and help them invest in their own future."

RAKBANK’s Home finance solutions extend up to 25 years with finance to value ratios of up to 80% for UAE nationals and 75% for expatriates for completed projects, and 50% for off-plan projects. They are also available to salaried and self-employed business customers, as well commission-based employees. In addition, RAKBANK facilitates the transfer of any existing finances that customers have with other banks to enable them to avail the attractive rates on offer. 

RAKBANK was one of the first banks to provide mortgage finance for freehold properties in 2004. As a result, it has the advantage of gaining extensive experience in the market by being an early player and employing a system of detailed credit appraisal.

*Disclaimer:  All loans are granted at sole discretion of RAKBANK. Standard Terms & Conditions apply. 

02/11/2015

RAKBANK today marked the UAE Flag Day with a flag raising ceremony at its headquarters in Ras Al Khaimah in the presence of senior management and Bank employees. As a long standing player in the UAE community, the ceremony was part of RAKBANK’s commitment to commemorate the UAE’s national Flag Day.

27/10/2015

Offering a customized banking experience and enhanced benefits to new and existing High Net Worth customers

RAKBANK recently introduced RAKelite Premium Banking, offering new and existing High Net Worth customers a more customized banking experience with enhanced lifestyle benefits and multiple privileges. RAKelite is the Bank’s latest Wealth Management offering and brings together all of the Bank’s premium solutions together under one umbrella.

Through RAKelite, RAKBANK ensures high net worth customers receive privileged treatment that enables them to get what they want out of their finances and their day-to-day lives. This includes a dedicated relationship manager, an exclusive RAKelite service centre in Burjuman Business Centre, private RAKelite teller counters across most RAKBANK branches, preferential exchange rates on US Dollar, Euro and GBP currencies, exclusive online and mobile banking services, and multiple lifestyle privileges.

“We recognize that the wealth management client base is always on the lookout for that ‘extra something,’ and customization of the banking experience is the roadmap to exceeding client expectations,” commented Peter England, RAKBANK’s CEO. “We also understand that each customer is unique and requires a personalized approach to meet their needs and aspirations based on their profile, objectives, and lifestyle”, he added.

RAKelite customers enjoy fast-track processing of all their banking requests within 2 hours of receipt. In addition, they are eligible for the Premium RAKBANK World MasterCard® Credit Card and the many benefits that accompany it, plus the RAKelite World MasterCard® Debit Card through which they can avail up to two complimentary valet services per month with Valtrans at select locations. They also get access to over 150 golf courses worldwide, 12 complimentary golf-coaching sessions a year, and a dedicated toll free number via 8004048.

RAKBANK’s Wealth Management model is centred on excellent customer service delivered by trusted and knowledgeable Relationship Managers who have earned the trust of clients.

25/10/2015

The National Bank of Ras al Khaimah (RAKBANK) today announced a consolidated net profit of AED 1,089.4 million for the first nine months of 2015, a modest increase of 1.5% over the corresponding period in 2014. The Group’s total income grew by 12.0% to AED 2,940.8 million during the nine months compared to the same period last year. This was a result of a year-on-year increase in net interest income and income from Islamic products net of distribution to depositors by 12.4% and non-interest income by 10.7%.
 
Operating expenses were up by 1.9% during the nine months compared to the previous year. As the Bank continues to grow its income base and focus on cost optimisation, the cost-to-income ratio dropped to 39.1% from 42.9% during the nine-month period last year. Consolidated operating profit before provision for impairment grew by 19.5% year-on-year to AED 1,791.3 million by 30 September 2015.
 
“The Bank continues to see growth momentum in business each quarter despite testing global and regional economic conditions,” commented Peter England, RAKBANK Chief Executive Officer. Net profit was up by AED 15.9 million compared to the corresponding period last year as total impairment charge for the first nine months of 2015 grew to AED 701.9 million.
 
“In addition to the more normalised levels of provisioning we have seen in the last 18 months, we have seen stress in some segments of our SME and Commercial lending activities which has pushed our provisioning higher. However the Bank’s focus on growing revenue, maintaining industry-leading net interest margins, and containing cost have allowed us to improve our net profit,” explained England.
 
Gross loans and advances increased by 15.5% year-on-year to AED 28.8 billion by the end of the first nine months of the year. Trade Finance volumes grew by 23.2% year-on-year and the Bank began its re-entry into the mid-corporate banking sector. Meanwhile, customer deposits were up by AED 2.1 billion to AED 26.7 billion during the first nine months of 2015 compared to 31 December 2014, of which Islamic deposits increased by AED 489.4 million.
 
“The Bank will continue to take advantage of market opportunities as we begin to enter into the second year of the Bank’s three-year strategic plan. We launched our second new credit card offering this year, the RAKBANK World MasterCard, in line with our commitment to offering convenient and rewarding banking solutions. Our focus remains on enhancing innovation in our existing businesses to deliver superior service and competitive financial products to customers, while maximizing value to shareholders,” said England.
 
“In the fourth quarter of this year, the Bank will unveil an improved premium offering under the RAKelite brand, a new market-leading Retail remittance offering, and various insurance products developed by the Bank’s latest subsidiary – RAK Insurance. In addition, the Bank will continue to invest in a growing its branch network alongside simple and convenient digital solutions,” continued England.
 
During 2015, total assets have grown by AED 4.1 billion to AED 39.0 billion as at 30 September 2015, mainly as a result of strong growth in Gross Loans and Advances.
 
The Bank’s capital adequacy ratio as per Basel II requirement at the end of the quarter is 23.15%, comprising entirely of Tier 1 capital. This is against a current minimum total capital ratio of 12.0% prescribed by the Central Bank in the UAE. At the end of the quarter, the regulatory Eligible Liquid Assets Ratio stood at a healthy rate of 18.5% and Lending to Stable Resources Ratio was 87.3%.Total equity attributable to shareholders totalled AED 7.4 billion including the nine months’ profit.
 work with nearby schools and disadvantaged children to create a fun and educational environment where they can learn about everything from cookery and local wildlife to falconary and conservation.”

"With a firm commitment to inclusion in the workforce,” said Lamis Daoud, Head of Corporate Communications at RAKBANK, “initiatives like these are in line with our social responsibility strategy that supports people and centers for special needs and encourages financial independence across different segments of society. As the only centre for autistic students in the northern emirates, we’ve been strong supporters of the RAK Autism Centre since its inception in 2009, in various capacities, as part of our commitment to our home emirate of Ras al Khaimah and its people.” 

The Bank previously sponsored the 2014 RAK “Startup Weekend” facilitated by Young Arab Leaders to encourage entrepreneurial spirit among undergraduate students in Ras Al Khaimah. It also offers work-training positions for people with special needs. 

28/09/2015

RAKBANK aims to foster entrepreneurial spirit and financial independence among students at RAK Autism Centre.

With a diversified economy and a growing SME sector, the UAE has become an oasis of entrepreneurships and small businesses. Recognizing the importance of instilling entrepreneurship spirit from a young age and across all segments of society, RAKBANK held an event for RAK Autism Centre at Banyan Tree Al Wadi to promote basic financial literacy and independence through simple retail transactions.

Banyan Tree Al Wadi in Ras Al Khaimah hosted nine autistic students between the ages of nine and fifteen for a fun and interactive morning of preparing and decorating cookies and muffins. The Executive Chef of Banyan Tree Al Wadi and Banyan Tree Ras Al Khaimah Beach, Nugraha Wardhana, led the class along with four trainee Emirati chefs and the CSR committee. The students then headed to RAK Mall where they set up a kiosk and sold their baked goods, with proceeds going towards the RAK Autism Centre.

According to Aisha Al Shamsi, Headmaster at RAK Autism Centre, “extracurricular activities are crucial in helping improve the skills and behavior of students with special needs, and give students real-life experiences that teach them how good it feels to earn from the fruit of their labor.”

Axel Jarosch, General Manager of Banyan Tree Al Wadi & Banyan Tree Ras Al Khaimah Beach said; “Social and environmental responsibility has been close to Banyan Tree’s heart since the very beginning. We are committed to sustainability, not only in terms of the surrounding environment but also by helping to build a better society through a series of programmes and initivatives that engagage with the local community. We work with nearby schools and disadvantaged children to create a fun and educational environment where they can learn about everything from cookery and local wildlife to falconary and conservation."

"With a firm commitment to inclusion in the workforce,” said Lamis Daoud, Head of Corporate Communications at RAKBANK, “initiatives like these are in line with our social responsibility strategy that supports people and centers for special needs and encourages financial independence across different segments of society. As the only centre for autistic students in the northern emirates, we’ve been strong supporters of the RAK Autism Centre since its inception in 2009, in various capacities, as part of our commitment to our home emirate of Ras al Khaimah and its people.”

The Bank previously sponsored the 2014 RAK “Startup Weekend” facilitated by Young Arab Leaders to encourage entrepreneurial spirit among undergraduate students in Ras Al Khaimah. It also offers work-training positions for people with special needs.

11/09/2015

26/08/2015

RAKBANK celebrated today the many achievements of its female Emirati staff across all its branches and business functions ahead of Emirati Women’s Day on August 28. Earlier this year, August 28 was declared Emirati Women’s Day to mark the creation of the General Women’s Union (GWU) in 1975, and is considered a chance to celebrate Emirati women’s achievements since the group was founded.

Recognizing that a successful business must be run by a team of both men and women, RAKBANK promotes an inclusive environment whereby employees of both genders have equal opportunities to achieve personal success and contribute to the growth of the business. In fact, 48% of the Bank’s employees are women, of which 60% are Emirati women. 

According to Enas Hassan, District Branch Manager at RAKBANK, "the perception of women’s roles in finance has been moving away from the notion that finance is a male-dominated industry due in part to the strong support from the Central Bank and other authorities." According to a poll by YouGov commissioned by RAKBANK in December 2014, 12% of Emirati woman choose banking as their dream job. 
  
"Personally, I feel that we as women have a responsibility to support other women in the workforce by taking the time to train and mentor them and by highlighting gender diversity as an asset and a requirement for a more dynamic team culture," added Enas.  

Aysha Al Ali, a RAKBANK Phone Banking Manager based in Ras al Khaimah, leads a team of 108 female Emirati phone bankers in the Bank’s headquarters in Ras al Khaimah. Over 60% of her team members are part-timers who take advantage of flexible working hours. The team handles 40% of the call volumes for RAKBANK and is an integral part of the service infrastructure.

According to Aysha Al Ali, Phone Banking Manager at RAKBANK, “the key element to our success is to choose the right employee for each task, work hard to meet and exceed customer expectations, and make the work environment pleasant to all. With this attitude and work ethic, we’ve managed to set an example of successful teamwork at the Bank.”

This year, RAKBANK nominated both Enas Hassan and Aysha Yousef Al Ali for the 2015 Emirates Institute for Banking and Financial Studies (EIBFS) Leadership Development Program at Darden Business School in Virginia, USA. The program was held over the course of three weeks and enables the participants to broaden their perception of bank management, improve their ability to take decisions and think strategically.

In addition, the Bank sponsored Ameera Mohammed Al Haranki, a national student from Ras Al Khaimah, to take part in the ‘2041 International Antarctic Expedition 2015’ (IAE 2015) as part of the Bank’s CSR initiatives. The life-changing expedition consisted of a two-week journey in the island continent involving team-building exercises, talks on climate change and global warming. The delegation of young environmental leaders learned how they can prevent global warming in their respective regions and how they can better incorporate these strategies into their work environments and communities.

10/08/2015

Credit Card reward programme includes an all-inclusive family holiday package to Paris, trips to motor racing in Singapore and international tennis in New York

Dubai, United Arab Emirates, 11 August 2015: Have you ever seen the Eiffel Tower in Paris? What about motor racing in Singapore that happens every year? Or the International tennis in New York? It all seems like a dream away but with RAKBANK MasterCard Credit Card, these dreams can become a reality. When making a purchase on the card, customers are given the opportunity to select the reward experience of their choice on the Bank’s microsite: https://rakbank.ae/wps/portal/campaign/home. Customers can win several prizes to travel across the world, enjoying some of the most remarkable sporting events, concerts and family holidays in popular destinations.

Eleven winners have recently been announced for the second draw of the ‘Dream it. Live it.’ Programme, where three customers and their families have won an all-expense paid trip to Paris, five customers won a trip to experience the Singapore motor race, and three customers will enjoy the upcoming international tennis Event in New York.

One of the winners, Carolyn Deed, commented: “I never thought I could win an all-expense paid trip to watch the tennis live in New York City. I don’t usually win prizes, so I’m still in complete shock! I’m a huge tennis fan, so I can’t wait for September.”

Roshin Bhaskar, another Dream It. Live It winner, said: “When I first heard I won an all-expenses paid trip to Paris, I could not be happier! I am so delighted that I can share this experience with my family.”

“‘Dream it. Live it’ is a unique reward programme we’ve created for our customers to enjoy a once in a lifetime memorable experience with their friends and family. Cardholders enter the draw in October to win tickets to attend the upcoming International Film Festival and experience New Years in New York” said Banali Malhotra, Head of Marketing.

RAKBANK “Dream It and Live It” offers a chance for credit card holders spending more than AED 500 to enter the quarterly draws. Through the dedicated Bank’s website (www.rakbank.ae), cardholders can choose to put all their chances in the draw with rewards which include flights and hotel stays to attend international events such as ODI Cricket Finals in Melbourne, The BRIT Awards 2015 in London, The UEFA Champions League Final 2015 in Berlin, T20 Cricket in India, Motor Racing in Singapore, a New Year Experience in New York, a family holiday in Paris or the Jazz Festival in Dubai.

28/07/2015

58% of the UAE values cashback most as a credit card reward

The most appealing credit card rewards: 58% cashback, 16% easy payment plans, 14% travel miles
76% prefer cashback over 24% opting for travel miles
62% of 35-39 year olds are more inclined to sign up for credit cards for the rewards offered
While travelling, 50% use credit cards, 31% cash and 14% debit card
Over a third of respondents have one credit card and 26% have two
78% would consider consolidating their debt onto one credit card with 10% cashback

RAKBANK announced the launch of its World MasterCard^® Credit Card, its latest credit card which offers up to 10%* cashback on travel, hotel dining, and supermarket spends plus a host of dining and lifestyle privileges, travel and insurance benefits, and convenient easy payment plans.

Prior to the launch, RAKBANK asked over 1,000 participants in conjunction with YouGov what they find most appealing as credit cardholders and cashback came out on top for both genders and all ages, while 16% chose easy payment plans followed by air miles, discounts on movie tickets and retailer tie-ups with 14%, 8%, and 5% respectively. Dubai has the world's busiest airport and its residents have a penchant for travelling, yet 76% prefer cashback to air miles when given a choice between the two because of the flexibility of using cashback for flight purchase even during high season

“RAKBANK was the first in the country to offer a permanent ‘cashback’ feature back in 2006 on its credit and debit cards,” said Ian Hodges, Head of Retail Banking at RAKBANK. “Following its success and the positive customer feedback, we launched a suite of conventional and Sharia-compliant credit cards since then that continue to offer cashback, the latest of which is the Bank’s first premium Credit Card - the RAKBANK World MasterCard^® Credit Card.”

The survey also found that higher earners are more interested in added perks and rewards, with 60% of the higher income brackets** indicating interest in added extras. In addition to up to 10% cashback on travel spends such as flights and hotels, World Credit cardholders enjoy 50% cashback on movie tickets at cinemas worldwide, global airport lounge access, hotel privileges, car rental offers and more. The card also extends 0% easy payment plans for 3, 6, 9 or 12 months at a wide range of participating merchants, as well as 0% interest on balance transfer for 3 months.

Over a third of survey respondents have one credit card with a reward program, and 26% have two. Men tend to have more credit cards than women and the older demographic boasts the most in their wallet, with 10% of people over 40 years of age having four or more credit cards. As people hold more credit cards, 78% of respondents would consider consolidating their debt onto one card that has the added benefit of 10% cashback.

The World MasterCard^® Credit Card is the second credit card launched by RAKBANK this year following the co-branded KALYAN JEWELLERS MasterCard Credit Card, which is the first credit card to offer ‘Goldback’ or loyalty points that are earned at a rate of up to 7% and can be redeemed at any Kalyan Jewellers showrooms in the UAE in the form of jewellery.

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**average NET household income

26/07/2015

The National Bank of Ras al Khaimah (RAKBANK) today announced a consolidated net profit of AED 716.2 million for the half-year ended 30 June 2015. The Group’s total income grew by 12.2% to AED 1.9 billion during the half-year compared to the same period last year as a result of an increase of 12.9% in net interest income and 9.8% in non-interest income.

Operating expenses inched up by 3.0% during the first six months of the year compared to the previous year. However cost-to-income ratio dropped to 40.0% from 43.6% as the Bank continues to grow its income base and focus on cost optimisation. The consolidated operating profit before provision for impairment jumped by 19.2% to AED 1.1 billion while the total impairment charge for the half year stood at AED 426.9 million compared to AED 258.4 million in the first half of 2014.

“Despite rising competition in the UAE banking market, the Group continues to record further improvement in year-on-year operating income and expense ratios,” said Peter England, RAKBANK Chief Executive Officer. “Gross loans and advances increased by 16.0% year-on-year to AED 27.7 billion by the end of the first half of 2015 across most of the Bank’s Retail and Business Banking portfolios. SME and Commercial lending under our Business Banking segment, which has been a focus for the Bank since early 2014, recorded a jump of 115.0% in gross loans and advances year-on-year. As a result of this growth in overall lending volumes, our impairment charge was higher than what we saw in the previous year however our non-performing loans remained steady at 2.7%,” explained England.

Towards the end of May 2015, RAKBANK acquired 79.23% of Ras Al Khaimah National Insurance Company P.S.C. (RAK Insurance) to become the largest shareholder in the insurance provider. “With a controlling stake in RAK Insurance, we look forward to collaborate on developing and providing insurance products to enhance revenue and market share and ensure that customers enjoy a more wholesome experience,” said England.

Total assets grew by AED 3.2 billion compared to 31 December 2014 mainly as a result of strong growth in gross loans and advances which were up by AED 1.9 billion to AED 27.7 billion and the consolidation of RAK Insurance amounting to AED 615.8 million. Total assets stood at AED 38.1 billion on 30 June 2015. Customer deposits grew by AED 1.4 billion to AED 26.1 billion during the first half of 2015 compared to 31 December 2014.

The Bank’s capital adequacy ratio as per Basel II requirement at the end of the quarter is 23.7%, comprising entirely of Tier 1 capital. This is against a current minimum total capital ratio of 12.0% prescribed by the Central Bank in the UAE. At the end of the quarter, the regulatory liquid assets ratio was 18.6% and advances to stable resources ratio was 87.7%. Total shareholder’s equity totalled AED 7 billion including six months’ profit.

“Looking ahead, we will continue to aggressively grow the bank’s top line in the second half of the year while strengthening our branch and ATM network across the country and launching additional digital banking solutions,” added England. The Bank is constantly working to find new ways to improve the customer experience through innovation, service excellence, and customer convenience. During the quarter, RAKBANK was recognized by The Asian Banker as Best Mobile Banking Initiative in the Middle East for 2014 for MobileCash card-less cash withdrawal solution and Best SME Bank in the Middle East.