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04/01/2021

United Arab Emirates: The National Bank of Ras Al Khaimah (RAKBANK) has announced the renewal of its partnership with the Fintech platform Invoice Bazaar. The renewed partnership is in line with the Bank’s strategy of creating an efficient ecosystem and environment for SMEs by offering unique financial solutions to e-commerce traders that include a comprehensive suite of banking services, short term working capital loans, cloud based accounting solutions, and instant access to RAKBANK SMEsouk portal.

The e-commerce solution is available to SMEs and retailers of all sizes, including Start-ups with RAKstarter Zero Balance Account. Additionally, the solution covers businesses’ preferential terms on Point of Sale (POS) terminals, mPOS and all other payment gateways. The financial solutions offered by RAKBANK through Invoice Bazaar platform are short term loans to the small and medium businesses that supply bigger e-commerce players against receivables generated on the e-commerce portal.

Commenting on this strategic partnership, the Managing Director of Business Banking at RAKBANK, Dhiraj Kunwar, said:

“We at RAKBANK have always looked towards providing all-encompassing banking solutions to our business customers of all sizes. This past year has seen a surge in e-commerce trends, which has definitely been fuelled by the recent pandemic, and this resulted in a shift in the way businesses are operating and what the new normal means for them. It is key that we renew our partnership with the distinctive fintech solutions offered by Invoice Bazaar to create a seamless financing experience for all our business customers. We actively encourage our customers to create an online presence and bank digitally.”

Anand Nagaraj, the Co-founder and CEO of Invoice Bazaar, said:

“RAKBANK has been our first partner Bank on the Supply Chain Financing platform, and we are once again extremely pleased that RAKBANK is the first Bank to partner with us on the e-commerce proposition. The scope is wide in that domain and while we, at Invoice Bazaar, have made significant progress in our e-commerce offering and we will continue to focus our efforts to better understand the various facets of this specific area. RAKBANK is the biggest SME bank in UAE and this partnership will help us reach the SMEs who derive a large amount of revenue from online orders, and who would otherwise face challenges finding the appropriate financing solutions for their business model and scale of operations.”

14/12/2020

MetLife, one of the largest global providers of insurance, annuities, and employee benefit programs, has announced a 10-year strategic preferred partnership with The National Bank of Ras Al Khaimah (RAKBANK) to provide comprehensive life insurance solutions to the Bank's customers across the United Arab Emirates. The partnership offers a versatile and highly competitive life insurance solution for the Bank’s customers with the highest non-medical underwriting limit of USD 1.25 million, exceptional maturity value, and an intuitive digital-first sales and service platform, Mpower. 

Commenting on the partnership, Dimitris Mazarakis, General Manager – MetLife Gulf, said: “We are delighted to have a partner that shares our vision of putting customers first. Beyond helping people build their financial future, we have a responsibility to show them how to protect it. Through this partnership, we will ensure that we offer products that deliver more features that reassure our policy holders that they’ll be covered, no matter what.”

Frederic de Melker, Managing Director of Personal Banking at RAKBANK said: “By signing this 10-year agreement, MetLife joins RAKBANK’s effort to build transparency and customer benefit into the market of life-bancassurance.  The digital and price efficiencies that result from our partnership will integrally translate into customer value through efficient product propositions. Leveraging state of the art digital capabilities, as well as the introduction of ‘Mpower’, supports the selection of products and services that meet the individual insurance needs of any RAKBANK customer.”

He further added: “Bancassurance is a key focus for RAKBANK and an important part of our overall customer value proposition. MetLife’s strong customer focus and deep commitment to the region are aligned with our own vision. We look forward to collaborating further with MetLife across our network in the UAE.”

The long-term preferred partnership was signed at a ceremony that took place at RAKBANK’s head office, by Frederic de Melker, Managing Director of Personal Banking at RAKBANK and Dimitris Mazarakis, General Manager of MetLife Gulf. 

24/11/2020

National Bank of Ras Al Khaimah (RAKBANK) today held a virtual conference explaining how sweeping changes to UAE legislation governing the selling of Life Insurance and Family Takaful products would have a positive effect on the life insurance sector in the United Arab Emirates. The live conference, Life Insurance Comes of Age in the UAE, was hosted by Peter England, CEO, RAKBANK and Frederic De Melker, MD of Personal Banking, RAKBANK in partnership with Dimitris Mazarakis, MetLife Gulf General Manager.

During the event, RAKBANK and MetLife explored the impact of the evolving regulatory landscape within the UAE, and how it is helping increase consumer confidence in the new products on offer. 

The new regulations, known as UAE Insurance Authorities’ Board of Directors Decision 49 (BOD 49) of 2019, will make the new life insurance policies more transparent and customer-focused, while making insurance companies as well as distributors’ more accountable and responsible to the customers.

The hosts also examined the potential costs of being uninsured as well as risk of being under-insured, particularly during a global pandemic. With a current penetration rate of less than 1%, the panelists agreed that COVID-19 may prove to be a catalyst for changing attitudes toward life insurance among expats and nationals in the UAE. Over half of those with insurance are underinsured, according to LIMRA. 

Peter England, CEO, RAKBANK said: “Regulatory progress in the insurance industry as a whole is serving to boost customer appetite for insurance products, however the life insurance segment remains underpenetrated, however that is changing. The impact of the COVID-19 pandemic is causing increased interest in life insurance products in the UAE as expats and nationals are feeling a sense of urgency to ensure adequate financial planning to mitigate the impact of life’s unforeseen events. With customers focused on managing their portfolio and investing in the products they need to provide genuine security and peace of mind for themselves and their families, we chose to partner with MetLife to offer customers a new and simple value proposition that is transparent and accessible through a digital platform, M Power.”

Dimitris Mazarakis, General Manager, MetLife Gulf, said: “At MetLife, we are pleased to partner with a leading bank such as RAKBANK in order to provide increased accessibility to our products. Although people recognize the need to protect themselves and their families, life cover penetration remains low due to a disconnect between what they know they should be doing and taking steps to put cover in place. It is important for people to take suitable financial advice to ensure they have a sufficient level of cover in place, especially if they intend to stay in the country long term.”

Frederic de Melker, Managing Director of Personal Banking, RAKBANK said: “At RAKBANK, we are committed to transparency and to providing customers with products that truly meet their needs in order to not only build their wealth but protect it. This is why we have leveraged state of the art digital capabilities, in order to support the selection of products and services that meet RAKBANK customer’s individual insurance needs. ‘M Power’, MetLife’s digital platform, will benefit our customers through cost efficiency, convenience and accessibility. Partnering with MetLife was a natural choice given their extensive knowledge of the region as well as our aligned visions.”

The conference follows the news of the 10-year strategic preferred partnership between RAKBANK and MetLife to provide comprehensive life insurance solutions to the Bank's customers across the UAE.

25/10/2020

The National Bank of Ras Al Khaimah (RAKBANK) and the Ministry of Finance are proud to present the third generation of eDirham, cashless payment platform that empowers users to make transactions easily as it is a seamless, convenient and secure medium that focuses on immersing digital transactions across the country for the government sector. 

RAKBANK is one of the partnering banks of the eDirham payment scheme as an eDirham acquiring bank that will be made readily available in the coming weeks to several government entities across the country starting with the respectable Ministry of Energy and Industry. Similarly, number of federal Ministries and Authority will follow suit including several Ras Al Khaimah government entities. 

As an early adopter of the eDirham, this initiative also encompasses an integrated ability by the Bank to issue eDirhams through the RAKBANK digital banking platforms for individual and business customers to make payments seamlessly. Additionally, the Bank’s customers can use the eDirham mobile app itself to make payments by simply linking it to their RAKBANK account. This easy and safe method of electronic payment and collection of revenue for both government and non-government fees are in line with Abu Dhabi’s 2030 vision on effective economic transformation across all sectors.   

H.E Engineer Sharif Salim Al Olama, Under-Secretary of the Ministry of Energy and Infrastructure said: 
“The eDirham highlights the UAE’s outlook that is based on a green economy and supported by knowledge and sustainable development. The eDirham offers users a more innovative, convenient, safe and effective system that contributes to the completion of transactions in a smooth, safe and efficient manner.”

H.E. Saeed Rashid Al Yateem, Assistant Undersecretary of Resource and Budget Sector at MoF said: 
“The Ministry of Finance is keen to cooperate with various banks and financial institutions to expand the adoption and development of the eDirham system, and enable local and federal government entities, and private sector institutions in the country to efficiently and effectively collect fees. This falls in line with the objectives of the National Agenda of the UAE Vision 2021 that is aimed at improving the quality of services provided to individuals and companies.”

HE added: “MoF continues to bolster the eDirham system, and keep pace with the digital transformation in the financial services it provides, in order to meet the current and future requirements of government services fees’ payments, and contribute to achieving the vision of our wise leadership in spearheading the future.”

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said:
“RAKBANK is honoured to play an integral role in the enhanced third generation eDirham. The increased use in smartphones and smartwatches relative to the internet and mobile data penetration in the country has resulted in the significant growth and constant development of the digital payment landscape in all sectors and industries, especially government. Whether you are using eDirham as an individual or an organization, you will fully enjoy the convenience of cashless payments that are fast, simple and secure. What’s more, eDirham’s transactional rates are highly competitive”

Peter England, Chief Executive Officer at RAKBANK, said:
“The third generation of eDirham is an innovation of the Ministry of Finance that aims to transform the market of cashless transactions and contribute to a more technologically advanced society. The world of financial innovation is constantly evolving and the Bank’s main commitment is to support the burgeoning digital payments environment as it is imperative and in line with RAKBANK’s ultimate objective of being part of the change and playing a prominent role in its constant development.” 

eDirham proudly embraces the UAE’s national identity and vision of a knowledge-based economy, it will be an elevator that contributes to a more efficient, transparent, knowledge-driven and future-focused society. Recognizing that innovation must be an ongoing process, eDirham will be an innovator that continuously crosses new frontiers of financial evolution to keep its audience in sync with global disruptions and will deliver diverse benefits to its users, as an accelerator that speeds up a new generation of convenience, security, efficiency and overall customer happiness in cashless transactions.

22/10/2020

The National Bank of Ras Al-Khaimah (“RAKBANK”) announced a consolidated net profit of AED 438.6 million for the nine-month period ended 30 September 2020. Third quarter earnings were lower due to reduced income resulting from a subdued loan demand and higher IFRS 9 provisions that are set aside as precautionary measures to combat the economic impact of COVID-19.

For the nine months ended September 30, 2020, the Bank's Total Income of AED 2.8 billion was down by AED 241.9 million on a year-on-year basis due to a decline in Net Interest Income and Net Income from Islamic Financing as well as a lower Non-Interest Income. Moreover, Total Assets stood at AED 52.3 billion as at 30 September 2020, decreasing by 7.0% year-on-year and by 8.4% year-to-date.

RAKBANK CEO, Peter England, commented: "Since the gradual reopening of the business, we are seeing signs of improvement in the UAE economy. However customer demand for loans has declined considerably as many SMEs and individuals continue to take a cautious stand. This combined with a low interest rate environment is providing challenges for the Bank’s top line income. To help cushion some of this impact, RAKBANK has taken a very proactive approach to cost optimisation and this is evident with the Bank’s Operating Expenditures reducing by 12.2% year-on-year, which has resulted in an improvement in Cost to Income ratio of 37.4%. Other than the continued precautionary loan loss provisions being taken under IFRS 9, the underlying asset quality of our book remains in decent shape, which of course has been supported by the Central Bank of the UAE’s very proactive approach in providing the Targeted Economic Support Scheme (TESS) for borrowers who are challenged in this time.ʺ

Performance review YTD 2020
Total Income decreased by 8.1% to AED 2,756.4 million, as compared to the same period of the previous year, mainly due to a decrease in Non-Interest Income by AED 114.0 million on account of the lower business activity and the decline of AED 127.9 million in Net Interest Income and Net Income from Islamic Products because of a declining balance sheet and lower margins. In addition, Net Interest Income and Net Income from Shariah-Compliant Islamic Financing weakened by 6.1% year-on-year to AED 1,963.8 million and the Non-Interest Income reduced by 12.6% to AED 792.7 million, as a result of the year-on-year decrease of AED 103.2 million in Net Fee & Commission Income and AED 32.4 million in Forex & Derivative Income.

Asset
Total Assets decreased by AED 4.8 billion or 8.4% year-to-date and by AED 3.9 billion year-on-year, mainly due to the reduction in customer Loans & Advances and Cash & Balances with Central Bank of the UAE offset by higher balances with banks.

Asset quality
Provisions for Credit Loss increased by AED 302.3 million year-on-year and this stemmed from the additional precautionary provisions adopted to combat the expected economic and operating slowdown in the environment resulting from the pandemic. The Non-Performing Loans & Advances to Gross Loans & Advances ratio closed at 5.1% compared to 4.0% as at 31 December 2019 as a repercussion of the decline in Loans & Advances. Additionally, the annualised Net Credit Losses to Average Loans & Advances ratio closed at 4.9% compared to 3.7% in YTD September 2019 due to the higher provisions under IFRS 9 and a declining loan book.

Capitalization and liquidity
The Bank’s total Capital Ratio as per Basel III, after the application of the prudential filter, improved to 19.4% compared to 16.8% at the end of the previous year. The regulatory eligible liquid asset ratio at the end of the period was 9.7%, compared to 12.9% as at 31 December 2019. Similarly, the advances to stable resources ratio stood comfortably at 86.0% compared to 89.1% at the end of 2019.

2020 outlook
"The third quarter has remained challenging for RAKBANK, and we have to expect this trend to continue for next few quarters at least as it takes time for the gradual recovery to flow through the economy and begin to translate into improved performance at RAKBANK. In the meantime however, we have used this time to make significant progress in our Digital Transformation including launching our new Mobile Application and a host of digital initiatives in the SME space in the third quarter. The rollout plan for a large number of other new digital initiatives in the next few quarters with a number of exciting new market-firsts is gaining significant momentum and we look forward to adding substantial value for our clients with these offerings.ʺ Peter England concluded.

Financial highlights:

Income statement highlights

05/10/2020

RAKBANK is proud to announce the second edition of its annual SMEsouk Business Conclave in partnership with Abu Dhabi Global Market (ADGM) and ARN’s Dubai Eye. The event was hosted virtually due to the current Covid-19. The Bank recognizes the importance of creating a supportive ecosystem during this pandemic for SMEs by equipping them with useful information, tools and solutions that assist them in running their operations efficiently, effectively and sustainably.

The event’s keynote speaker, Mr Khalid Banizama – Director of Industrial Development at the Abu Dhabi Department of Economic Development (ADDED), kick started this year’s Business Conclave with top level information on how ADDED supported SMEs and will continue to do so throughout the year. The panellists were made up of a team of experts from across industries that focused on delivering guidance and advice to small businesses on how to readjust their operating model. Highlighting how SMEs are coping in the current health crisis and covered the inevitable change in business models that’s happening as means to adapt and transform into the ‘new normal’. 
 
Business Conclave culminated with an interesting panel discussion and a Q&A session, which revolved around information relevant to SMEs, Covid-19 and the broader economy. Panellists this year were made up of experts from various sectors and industries: Steve Barnett – Executive Director of Business Development at ADGM, Anouar Idrissi – Chief Executive Officer of Edenred, Meher Mirchandani – Managing Director of Palmon Group, Sudhir Kumar – Partner and Head of Corporate Communications of Kreston Menon Group, and lastly Dhiraj Kunwar – Managing Director of Business Banking at RAKBANK. 

The Bank aims to address SME needs and requirements by offering them access to information, digital solutions and continued support that would assist SMEs to navigate through the current climate and beyond.

Peter England, RAKBANK CEO, said: 
“We are the leading SME bank in the country, and this is because SME needs and requirements are placed at the core of our strategy. Our aim at this juncture is to play an integral role in assisting SMEs during this health crisis by providing the right solutions and information that help them run their operations efficiently and sustainably. At RAKBANK, we believe in supporting SMEs and the second edition of the SMEsouk Business Conclave further reinforces our objectives of continuously offering a wide range of services and solutions that helps small businesses reach their full potential, especially during these trying times.”

10/08/2020

The National Bank of Ras Al-Khaimah (“RAKBANK”) has announced a consolidated Net Profit of AED 306.6 million for H1 2020, a decrease of 44.7% compared to the first half of 2019 due to higher IFRS 9 provisions that are set aside as precautionary measures to combat the possible economic impact of COVID-19. Total Income of AED 1.9 billion for H1 2020 was down by 4.5% on a year-on-year basis. As at 30 June 2020, Total Assets stood at AED 54.3 billion, decreasing by 5.1% year-on-year and by 4.9% year-to-date. 

RAKBANK CEO, Peter England, commented: “While the increased IFRS 9 provisions at RAKBANK have weighed down on our net profit, our overall performance for the 1st half was solid. In fact, if we exclude the IFRS overlay set aside for potential future bad debts our operating profit including ordinary provisions was very similar to the 1st half of 2019. Spending habits of consumers and businesses overall have been subdued which is reflected in the Bank’s Gross Loans and Advances, which contracted by 2.2% year-on-year. That said, RAKBANK witnessed an increase in CASA deposits by AED 1.0 billion compared to 31 December 2019 which is indication of changing behaviour of clients, as well as the Bank’s operational resilience during this crisis.”

Performance highlights: H1 2020

• 6-month Net Profit of AED 306.6 million decreased by 44.7% year-on-year
• Total Income declined by 4.5% compared to H1 2019
• Operating expenditures reduced by 9.5% year-on-year which resulted in an improvement in cost income ratio to 37.1%
• Gross Loans & Advances dipped by 2.2% year-on-year; down 4.7% year-to-date
• Total Deposits at AED 35.1 billion, down by 4.8% year-to-date as the Bank required less funding for its lending activities
• Annualised Return on Assets stood at 1.1% and Return on Average Equity at 7.9% respectively 

Performance review H1
Total Operating Income decreased by 4.5% to AED 1,903.9 million as compared to the same period of the previous year.Total Income was down by AED 89.8 million compared to the first half of 2019, mainly due to decrease in non-interest income by AED 72.9 million and the decline of AED 16.9 million in Net Interest Income and Net Income from Islamic products. Likewise, the Net Interest Income and Net Income from Shariah-compliant Islamic financing weakened by 1.2% year-on-year to AED 1,362.7 million and the non-interest income reduced by 11.9%  to AED 541.3 million, mainly due to the year-on-year decrease of AED 65.2 million in net fees and commission income and AED 22.9 million in forex and derivative income respectively.

Assets 
Total Assets decreased by AED 2.8 billion or 4.9% year-to-date and by AED 2.9 billion year-on-year mainly due to the reduction in customer Loans & Advances and Cash & Balances with Central Bank. 

Asset quality
Provisions for credit loss increased by AED 232.9 million year-on-year and this was mainly due to additional precautionary provisions taken in view of the expected deterioration of the current economic and operating environment. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed at 4.5% compared to 4% as at 31 December 2019. Additionally, the annualised Net Credit Losses to Average Loans and Advances ratio closed at 5.0% compared to 3.8% in H1 2019 due to the higher provisions under IFRS 9.

Capitalization and liquidity
The Bank’s total Capital Ratio as per Basel III, after the application of the prudential filter, was 18.3% compared to 16.8% at the end of the previous year. The regulatory eligible liquid asset ratio at the end of the period was 9.8%, compared to 12.9% as at 31 December 2019. Similarly, the advances to stable resources ratio stood comfortably at 89.6% compared to 89.1% at the end of 2019.

H2 2020 outlook
“We entered this crisis from a position of strength through the early adoption of several actions aimed at ensuring the safety and security of all our stakeholders, as well as supporting their financial well-being. I’d like to highlight that our credit quality at RAKBANK has been stable throughout the first half of 2020 and the current increase in the impairment provisions is largely a precautionary measure taken to protect the Bank from the potential deterioration in credit quality for the impending quarters. As a proactive step, the Bank reserved additional ECL provision amounting to AED 232 million. RAKBANK is constantly taking the necessary steps to optimise operating costs as much as possible without impacting our operations or business, with the ultimate aim of increasing efficiency and utilizing appropriate technologies.”  Peter England concluded. 

Financial highlights:

Income statement highlights

22/06/2020

In line with the strategies of the UAE Government and the World Health Organization on flattening the curve of the novel coronavirus (COVID-19), RAKislamic, the Islamic Banking window of RAKBANK, is playing an active role in containing the spread of the virus by partnering with Thumbay University Hospital, in an initiative to sponsor the swab tests and medical screenings of blue collar workers based in Dubai and Ras Al Khaimah. 

The initiative will prioritize blue collar workers who are showing evident symptoms of the virus and the COVID-19 test results will be delivered within 24 hours of the swab test. Laborers in Ras Al Khaimah are to visit the Thumbay University Hospital, Al Jerf in Ajman, while the ones in Dubai will be visiting the OPD Complex, Thumbay Hospital in Dubai.

Abdul Karim Juma, Director of RAKislamic, said: “RAKislamic is proud to sponsor the medical screening and swab tests of blue collar workers that are employed by small and medium Contracting and Construction companies based in Ras Al Khaimah and Dubai. This initiative focuses on helping companies mitigate the effects of the Pandemic, which is in line with the support and guidance offered by the Higher Sharia Authority. We believe that stopping the spread of the virus is a collective effort and the Bank aims to support the UAE government’s objective of containing the disease through increasing the number of tests and medical screening to those that can’t afford it. Working with Thumbay University Hospital has been an absolute honor, the medical industry in its entirety are the unsung heroes of this health crisis.”

Peter England, CEO at RAKBANK, Added: “RAKBANK understands the importance of everyone’s role in serving the community, and in this case, I am delighted to see blue collar workers get access to the medical attention and services they so need during this difficult time. With Thumbay University Hospital taking the lead, this initiative will contribute to contain the virus and stop it from further spreading across the country.”

Mr. Akbar Moideen Thumbay, Vice President of the Healthcare Division of Thumbay Group, said: “Right from the onset of this pandemic, Thumbay Group's healthcare division, with its networks of academic hospitals and clinics, have been on the frontlines of response and care. We have always considered it our responsibility to help our communities stay healthy and safe, and hence, we are glad to join hands with corporate organizations, to extend our resources and facilities for the benefit of the needy. This is also in line with our commitment to actively support the efforts of the UAE government in the fight against COVID-19.”

10/05/2020

RAKBANK announced today the expansion of its RAKMoneyTransfer (RMT) services into the Bangladeshi corridor by partnering with Bank Asia, a third generation Private commercial bank. The Bank’s RMT service now facilitates transfers to Bank Asia accounts within minutes and to any other bank account in Bangladesh within 24 hours, and will be offered free to customers until June 30th.

Leveraging RippleNet blockchain technology, this new instant remittance solution to Bangladesh will be free during these difficult times, and customers can send money to their families back home quickly, providing them with the support they most definitely need throughout this health crisis.

The secure RMT service uses Ripple’s blockchain platform and enables instant transfers at competitive rates with no hidden fees or deductions made by the beneficiary bank. The transactions can be done selecting the RMT service via RAKBANK’s award winning Digital Banking platform. The comprehensive digital service is available 24X7 and can be accessed at your convenience, wherever you are.

RAKBANK’s CEO, Peter England said: “We want to bring peace of mind to the Bangladeshi expat community in these challenging times by offering them a unique and comprehensive remittance solution via the Bank’s RMT services. In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi expats to instantly and securely send money back home to Bangladesh in just a few simple clicks through our award-winning digital banking app, with no hidden fees and at competitive rates.”

Bank Asia’s President and Managing Director, Md. Arfan Ali said: “We are happy to partner with RAKBANK to offer this new instant remittance solution to our expats. This solution is going to mark a new chapter in the history of remittance payment in our country. Considering the current COVID-19 pandemic situation, we have jointly waived remittance charges to help our expats send money easily to their beloved families back home.”

03/05/2020

• Q1 2020 Operating Profit up by AED 17.4 million (2.8%) year-on-year
• Q1 2020 Total income up by AED 20.6 million (2.1%) compared to Q4 2019
• Total Assets increased by 11.7% year-on-year
• Gross Loans and Advances at AED 36.2 billion as of 31st March 2020, up 4.5% year-on-year 

The National Bank of Ras Al-Khaimah (“RAKBANK”) has announced a consolidated Net Profit of AED 153.5 million for Q1 2020, a decrease of 43.2% compared to the first quarter of 2019 due to higher IFRS 9 provisions that are set as precautionary measures to combat the economic impact of the novel coronavirus. Total Income of AED 1.0 billion remained flat on a year-on-year basis and increased by 2.1% compared to the fourth quarter of 2019. As at 31 March 2020, Total Assets stood at AED 59.8 billion, increased by 11.7% year-on-year and by 4.6% year-to-date. 

RAKBANK CEO, Peter England, commented: “RAKBANK had an exceptional January and February and we were on track for one of our best quarters on record until the events around COVID-19 began to unfold. Despite this, our operating performance for the first quarter remained strong. However, like most banks globally we have taken the pre-emptive judgemental overlays in our IFRS 9 provisions to factor in the challenges that lie ahead, which has led to additional provisions of just over AED 130 million for the quarter. RAKBANK is very well positioned to weather the current challenges with very high levels of capital, liquidity and precautionary provisions, leaving us in a very strong position to help our clients through these very challenging times.”

Q1 2020 highlights:

•    Operating Profit increased by AED 17.4 million year-on-year
•    Total Income increased by AED 20.6 million quarter-on-quarter 
•    Total Assets increased by 11.7% year-on-year
•    Annualised Return on Assets stood at 1.1% and Return on Average Equity at 7.7%

Performance review:
On a year-on-year basis, Total Operating Income improved marginally to AED 1.0 billion. Total Income was up by AED 20.6 million compared to the fourth quarter of 2019, mainly due to an increase in non-interest income by AED 34.9 million on higher investment gains, which was partly offset by a decrease of AED 14.3 million in Net Interest Income and Net Income from Islamic products due to the shorter quarter. 

Furthermore, the Net Interest Income and Net Income from Shariah-compliant Islamic financing increased by 1.8% year-on-year and the non-interest income declined by AED 12.2 million to AED 305.0 million, mainly due to the year-on-year decrease of AED 10.4 million in net fees and commission income and AED 6.0 million in forex and derivative income.

Asset growth:
Total Assets increased by AED 2.6 billion or 4.6% year-to-date and by AED 6.2 billion year-on-year. The major contributions for the year-on-year growth came from the Gross Loans and Advances that increased by AED 1.6 billion and the Bank placements, which grew by AED 3.6 billion. In addition, the Cash and Central Bank balances increased by AED 882.8 million. 

Asset quality:
Provisions for credit loss increased by AED 134.1 million year-on-year and this is was mainly due to additional provisions taken in view of the expected deterioration in the current economic and operating environment. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed the quarter at 4.0% flat compared to 31 December 2019, and the annualised Net Credit Losses to Average Loans and Advances ratio closed at 5.3% compared to 4.0% in Q1 2019 due to higher provisions under IFRS 9.

Capitalization and liquidity:
The Bank’s total Capital Adequacy Ratio as per Basel III, was 16.1% compared to 16.8% at the end of the previous year. After the application of the prudential filter the Capital Adequacy Ratio as at March 31, 2020 improves to 16.4%. The regulatory eligible liquid asset ratio at the end of the quarter stood at 12.8% compared to 12.9% as at 31 December 2019, and the advances to stable resources ratio stood comfortably at 88.2% compared to 89.1% at the end of 2019.

Q2 2020 Outlook:
“We are continuously monitoring the developments of COVID-19 and are always prepared to support our customers facing financial hardship or loss of income due to its economic impact on individuals, SMEs and corporates, including elimination or reduction of many fees and rates. These measures were made possible with the support of the Central Bank of the UAE’s financial stimulus packages that directly benefited customers by relieving them of their financial burdens during the health crisis. This important step underscores the resilience of UAE's financial system and the strength of our regulators. RAKBANK will monitor evolving conditions and consider more actions as necessary with the ultimate aim of further supporting our customers.” Peter England concluded.
 

Financial highlights:

06/04/2020

RAKBANK has urged schools and parents to make use of the Skiply App, which is a highly safe and secure platform developed in collaboration with Mastercard, to make and track all school-related payments digitally. The Bank made a commitment to work with schools and parents to provide flexible solutions that will help them manage through challenges faced during this pandemic. 

The Skiply App is a highly safe and secure platform that offers real-time updates and integrates with school systems to make all school-related payments digitally. Skiply provides schools with faster and simpler ways to receive school fees and attain digital signatures, as well as providing easier payment management solutions, increased operational efficiency, enhanced experience and detailed customized reporting. 

Likewise, the Skiply app offers parents the flexibility to completely manage and track their children’s school fees and any other school payments through one platform, sign forms digitally, and more in just a few simple clicks.

Effective immediately, the Bank will be extending an excess of relief solutions to schools by waiving off Skiply setup fees for all new schools availing Skiply in the next 3 months along with a zero annual maintenance fees for the first two years. In addition, the Bank will assist schools by seamlessly activating their school account with Skiply within 48 hours upon registration and confirmation. Lastly, the Bank will also forgo the ‘per transaction fixed fee’ for using Skiply platform to support schools during these inconvenient times.

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said: 
“I am pleased to report that we managed to tie up with over 70 schools across UAE with an approximate student base of over 120,000 in a short span of time, which has supported parents in managing school payments as well as aiding schools in the swift digital transformation required for their operations to run smoothly and efficiently in these testing times.

“Digitalizing school payments can make operations easier and more efficient for both parties. This would greatly assist the schools to accept and manage all payments via a digital and systematic solution. Similarly, parents can now conveniently make school-related payments whenever and wherever they may be. Additionally, this secure payment method will help them save time, avoid any stress that can be caused by traditional payment methods, and lastly manage their children’s school expenses.” 

Skiply is available to download through the Playstore for Android users or the Apple store for iPhone and iOS users, where you can sign up and easily navigate to make a student profile in a few easy steps. Skiply also features TouchID and FaceID for Smart devices that support biometric logins to ultimately be the most convenient method for parents to make school payments using any bank card, Apple Pay and Google Pay wallets.

Schools wanting to offer the Skiply mobile app-based payment options to their esteemed parents can get in touch with the Bank by writing to contactus@skiply.ae. For more details please click here or watch the Skiply video and see how to download the app, activate an account and take advantage of the features.

30/03/2020

RAKBANK successfully concluded its Annual General Meeting (AGM) today through electronic participation, where the shareholders approved the cash dividend of 30% of the Bank’s paid-up capital amounting to 30 fils per share, for the financial year ended 31 December 2019. The dividend distribution will result in approximately 46% of Group’s net profit being paid out.   

Participating shareholders approved all agenda items including the Bank’s consolidated balance sheet and profit and loss statements for the financial year ended 31 December 2019. 

RAKBANK Chairman, H.E. Mohamed Omran Alshamsi, commented on the Bank’s performance for the financial year ended 31^st December 2019:
“We are proud to have delivered an increase in Net Profit of AED 177.7 million or 19.4% to reach AED 1,095.3 million. The Bank was successful in reducing provisions for credit losses by AED 107.9 million or 7.6%, with Total Income reaching close to AED 4 billion. Total Assets grew by 8.4% to AED 57.1 billion and Customer Deposits increased by 7.9% to AED 36.8 billion. In the course of the year, we have implemented a range of cost optimization initiatives, and we have reported a Cost-to-Income ratio of 39.5%.

2019 was a very successful year for RAKBANK, however we acknowledge the extremely challenging times that we currently face globally in the light of the Covid-19 issue. At RAKBANK, we firmly support the range of initiatives undertaken by the various government entities to assist contain the spread of the virus and we will take every step possible to assist our clients in these times of need. RAKBANK remains a strong, well-capitalized institution with our capital ratios at the end of 2019 being 16.83% and CET 1 of 15.

24/03/2020

United Arab Emirates, 24 March 2020: The National Bank of Ras Al Khaimah (RAKBANK) today announced further plans to provide financial relief to individuals, SMEs, and corporates impacted by the economic consequences of the coronavirus, also known as the COVID-19. 

Effective immediately, RAKBANK made a commitment to work with individual customers, SMEs and large corporates on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19 or those customers facing illness from the virus.

For individual customers the Bank will provide payment deferrals of up to 3 months on auto loans and personal loans for COVID-19 impacted salaried and self-employed individuals without any charges. In addition, credit cardholders will be given a choice to defer card payments for one month without any deferral charges. 

Also, the Bank will provide Customers with an option to convert education and electronic spends on their conventional credit cards into an Easy Payment Plan (EPP) option at 0% interest rate and zero processing fee for up to 24 months. The EPP solution provides parents with the technological tools to meet their children’s e-learning needs throughout their educational journey and helps individuals to work from home, allowing them to purchase laptops and tablets, and better manage their cash flow in uncertain times. With schools being hard to reach at the moment, we advise parents to conduct all school-related payments digitally through RAKBANK’s Skiply App for those school that use this platform. 

Small to medium sized business owners facing hardship due to the public’s precautionary spending and reduced economic activities and aftermath of the coronavirus outbreak are encouraged to contact the Bank and discuss options for financial relief that could be available for them. This includes reducing RAKBANK’s SME Prime lending rate and offering payment relief to customers availing business loans or asset backed loans up to a period of 6 months for businesses that are impacted by the COVID-19 without any additional fees incurred or penalty interest charged. 

RAKBANK established a direct helpline to assist its Business Banking customers in these challenging times or urge them to directly contact their Relationship Manager for further assistance. It is important to note that Trade Finance solutions and Real Estate financing for the Bank’s Business Banking customers will be dealt with on a case-by-case basis and necessary assistance will be provided.

The Bank will be waiving off local transfer charges conducted via the Digital Banking app or the ATMs and Electronic Deposit Machines (EDMs). RAKBANK is also offering a onetime discount of up to 50% on overdue transaction fees as well as discounts on Trade Finance services done via the Bank’s Digital Banking. Lastly, RAKBANK is offering RAKstarter zero balance current account to start-ups and new entrepreneurs. 

RAKBANK is urging all customers, especially SMEs, to take their business online with several options to efficiently run their operations successfully and not have any health implications on the surrounding environment. RAKBANK Simplify instantly transforms businesses onto a web platform. The Simplify platform’s monthly fee will be waived off for the next 3 months to businesses that offer essential services like delivery of medicines, groceries and other related services. The RAKBANK Simplify Commerce service allows merchants to generate and send secure payment links to customers to collect payments online, thereby encouraging social distancing.

Wholesale Banking customers that are directly impacted due to COVID-19 are encouraged to contact their Relationship Managers at RAKBANK to discuss any concerns they might have, and potential options and solutions that will help them overcome the current circumstances. 

Peter England, Chief Executive Officer at RAKBANK, said:
“We are continuously monitoring the developments of the coronavirus and are always prepared to support our customers facing financial hardship or loss of income due to the COVID-19’s economic impact on individuals, SMEs and corporates, including elimination or reduction of many fees. These measures are an important first step and underscore the resilience of UAE's financial system and the strength of our regulators. RAKBANK will monitor evolving conditions and consider more actions as necessary. The public’s safety is a top priority at RAKBANK.”

For customers, we recommend replacing visits to RAKBANK branches with alternative channels available to use remotely at their convenience. Alternative channels include ATMs and EDMs and RAKBANK’s Digital Banking app. In addition, customers can contact Bank representatives through the web chat services available via the website and Digital Banking app or directly call the Bank’s contact centre.

With RAKBANK’s Digital Banking platforms, customers can access a variety of banking services that can be completed in just a few simple clicks. In case customers still need to visit the Bank’s branches or use ATMs / EDMs, they are being sanitized regularly and hand sanitizers are available.

RAKBANK is taking necessary measures internally to protect its staff against the virus. Regular communications are being circulated to employees at all levels regarding tips and precautions that can be taken as preventative measures against the coronavirus outbreak and have installed Thermal Scanners at the Bank’s headquarters. 

Furthermore, the Bank has adopted a social distancing method through which front-facing staff at all branches, centres as well as headquarters are not to leave their place of work for meetings, whether it is internal or with external vendors. Currently, RAKBANK started setting up arrangements for a large number of staff (depending on the need) to work from home. 

RAKBANK continues to monitor and adapt its approach with the ultimate aim to better protect all stakeholders dealing with the Bank on a regular basis. 

25/02/2020

• All 36 RAKBANK branches will offer digital registration facilities to customers through a secure device

United Arab Emirates, 25 February 2020: The National Bank of Ras Al Khaimah (RAKBANK) announced today that it has implemented UAE Pass registration, a National Digital Identity and Digital Signature solution for the UAE, across all 36 branches. The UAE Pass solution enables the Bank’s customers and potential customers to complete their registration seamlessly and securely in just a few simple clicks of a device with the help of the Bank’s staff at any of the branches. 

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said:

“RAKBANK is honoured to play an integral role in this nationwide initiative and become the first bank in the country to offer a UAE Pass registration facility across our branches. The digital identity and signature solutions will particularly resonate with today’s smart customers who always prefer access to services and solutions through convenient and secure digital means.” 

Geoff Stecyk, Chief Operating Officer at RAKBANK, said: 

“The Bank’s commitment to support UAE Pass registration across its Branches will help our customers easily set up their digital identity and will significantly smoothen their interactions with government bodies and financial institutions. Essentially, this nationwide adoption offers a seamless authentication process with a high level of security whereby we will continuously focus on integrating its ample features within our portfolio of digital services. Currently, the Bank is working on plans to accept digital on-boarding facilities, logins and digital signatures that ultimately benefits our customers and simplifies their banking journey with us.” 

During the last quarter of 2019, the Bank announced that it was one of the pioneering banks to sign a service agreement for UAE Pass with Telecommunications Regulatory Authority (TRA), Abu Dhabi Digital Authority and Smart Dubai. RAKBANK is quick to see the benefits offered by this extraordinary initiative. In essence, it is a composition of brilliant features that allows for UAE residents to securely store and access their personal information digitally. With boundless potential, the UAE Pass is currently working to implement features such as facilitating transactions, a seamless authentication and on-boarding process for the Bank, the ability to scan Emirates ID, digitally sign forms, and more.

Furthermore, UAE Pass is in line with RAKBANK’s commitment to placing its customers’ needs first and providing them with highly convenient, secure, and simple digital on-boarding facilities to help simplify their banking requirements. This nationwide initiative aims to provide a single trusted digital identity solution for service providers in the UAE, while maintaining a high level of security assurance and seamless user experience. UAE PASS is a fundamental enabler for digital transformation initiatives, and a contributor towards achieving the goals of UAE Vision 2021, UAE Centennial 2071, and sustainable development.

23/02/2020

RAKBANK recently enhanced its current remittance footprint in the Philippines by partnering with BDO Unibank, a full-service universal bank in the Philippines. The Bank’s RAKMoneyTransfer (RMT) services will now enable customers to make instant, frictionless, and secure money transfer services to any bank account in the Philippines through RippleNet. This RMT service is free of charge until February 29, 2020. 

Peter England, RAKBANK CEO, said, “We, at RAKBANK, are committed to increasing our international remittance footprint and are delighted to enhance our RMT services into the Philippines, thanks to our partnership with BDO. This partnership aims to offer the Filipino expat community here in the UAE the ability to safely and instantly remit money back home at competitive rates with zero back-end charges and no hidden fees.”

BDO Unibank for its part says its connection to RippleNet has broadened its worldwide reach to financial institutions and clients. Through RippleNet, BDO Unibank is now connected to RAKBANK, which has become Philippine’s bridge to offering banking and financial services to the Filipino expat community in the UAE.

RippleNet’s global network of banks and financial institutions enables secure, faster, and lower-cost payments around the world. The transactions can be done using the RMT service via RAKBANK’s award winning digital banking platform. The comprehensive digital service is available 24X7 all year round. 

05/02/2020

• Bank’s Full-Year 2019 Net Profit increased by AED 177.7 million (19.4%)
• RAKBANK’s Total Assets grew by 8.4% during 2019
• Gross Loans and Advances is at AED 36.3 billion as of 31st December 2019, up 4.1% from the previous year

The National Bank of Ras Al-Khaimah (“RAKBANK”) has announced a consolidated Net Profit of AED 1,095.3 million for the Full-Year of 2019, increasing by AED 177.7 million over the previous year. The Growth in the Bank’s Net Profit was driven by the improved net interest income, an increase in the net income from Islamic financing and the non-interest income as well as a reduction in the provisions for credit loss for the year. As at 31 December 2019, the Total Assets stood at AED 57.1 billion, a rise of 8.4% compared to the 31 December 2018. 

The Board of Directors recommended a distribution of cash dividend of 30 fils per share for the shareholders’ consideration and approval at the Annual General Meeting (AGM).

RAKBANK CEO, Peter England, commented: “2019 represented a milestone for RAKBANK with total income reaching close to AED 4 billion for the first time in the Bank’s history. We also saw a significant boost in our fee income line to reach an all-time high of AED 1.18 billion. The results of our significant shift in strategy that we set out on in 2015 to diversify the Bank’s earnings base continue to deliver market leading results. The growth in RAKBANK’s net profit for 2019 was supported by a year-on-year drop in the Bank’s provision for credit loss by AED 107.9 million which again demonstrates the effectiveness of our diversification strategy and continual focus on asset quality. Gross Loans and Advances grew year-on-year and Customer Deposits climbed to a record high, increasing by 4.1% and 7.9% respectively compared to the previous year. Loan growth was largely driven by our Wholesale Banking and Financial Institutions businesses whilst the Bank retained its market leading position in the small business sector and continued to roll out innovative offerings in the Personal Banking space.”

FY 2019 highlights:

• Net Profit increased by 19.4% year-on-year
• Total Income increased by 4.0% year-on-year
• Total Assets increased by 8.4% year-on-year
• Improved asset quality resulted in a decline in provisions 
• Annualized Return on Assets stood at 2.0% and Return on Equity at 14.9%

Performance review:

Total Income was AED 3.98 billion for the financial year ended 31 December 2019, which increased by 4.0% as compared to the same period of the previous year. Net Interest Income and Net Income from Islamic Finance for the year 2019 was AED 2.8 billion, growing by 1.2% year-on-year. Non-Interest Income improved by AED 118.6 million year-on-year to AED 1.2 billion, mainly due to an increase of AED 84.2 million in Forex & Derivative income and AED 43.1 million in Fee & Commission income. Operating expenses increased 5.5% year-on-year and the cost to income ratio closed at 39.5% for the year. 

Gross Loans & Advances increased by AED 1.4 billion to AED 36.3 billion, which is a rise of 4.1% year-on-year resulting in the direct contribution towards the Bank’s total assets and increasing it by 8.4% to AED 57.1 billion compared to the end of 2018. The Total Assets at RAKBANK also increased because of an increase in bank loans of AED 1.8 billion and a growth in the Investments portfolio of AED 1.0 billion. Additionally, Customer deposits grew by AED 2.7 billion to AED 36.8 billion, a 7.9% increase compared to the end of 2018. 

Asset quality
Provision charge for credit loss continued its downward trajectory during 2019, decreasing by AED 107.9 million (FY 2019 Vs FY 2018) which is a 7.6% decline year-on-year. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed at 4.0% compared to 4.2% as at 31 December 2018. RAKBANK is well provisioned against loan losses with a loan loss coverage ratio of 118.4%, excluding mortgaged properties and other realizable asset collateral available against loans. 

Capitalization and liquidity
The Bank’s Total capital adequacy ratio as per UAE Central Bank regulations stood at 16.8% at the end of December 2019. The Common Equity Tier 1 ratio of the Bank stood at 15.7%. The regulatory eligible liquid asset ratio was 12.9% at the end of December 2019 well above the minimum requirement of 10.0%. The advances to stable resources ratio stood comfortably at 89.1% compared to 94.5% at the end of 2018. 

RAKBANK’s Chairman, H.E. Mohamed Omran Alshamsi, commented: “In a steadily growing economy marked by digital advancements and product launches, the Bank produced yet another strong fourth quarter and full year, allowing us to increase investments in our customer value proposition, the community, and employees, while keeping a close eye on expenses. RAKBANK’s core business is resilient and our diversified portfolio resulted in an increase in the Bank’s assets and the growing customer deposits, which in turn will allow us to continuously deliver robust and sustainable results for the future.” 

Financial highlights:

22/01/2020

• RAKBANK Corporate Purchase Card, Corporate Executive T&E Card and B2B Virtual Card payment solution unveiled for the UAE Market
• Corporate Payment Solutions to enable and drive controls, security, efficiency and savings for medium and large corporations 

RAKBANK, a leading bank in the region, and Mastercard today announced the launch of a comprehensive product suite of corporate payment solutions that include a Corporate Purchase Card, Corporate T&E Card and B2B Virtual Card that allows corporates to seamlessly manage their accounts payables with higher savings, efficiency, integrated reporting and greater control. 

The RAKBANK Corporate Purchase Mastercard Card offers corporates a secure and simple way of making high value enterprise level B2B, B2G and cross-border payments as well as efficiently monitoring their travel and entertainment expenses via the SmartData expense monitoring and management tool. 

The Virtual Card variant of the RAKBANK Corporate Purchase Card is powered by Mastercard’s In Control™ Platform through which cards are issued online for transactions and securely transmitted to a merchant for payments. The Virtual Card is easy to use, highly secure and can be directly linked to purchasing orders, invoices or project numbers to ensure an automated and accurate cost center allocation with Enterprise Resource Planning (ERP) integration. 

The solutions come with consolidated e-statements of all spends, helping to simplify reconciliation and offer enhanced reporting. The cards are free for life and offer 55-day interest-free credit to corporates.

The Corporate Executive Travel & Entertainment Mastercard Card offers ease in managing companies’ travel and entertainment expenses. It comes packaged with benefits such as complimentary airport lounge access in more than 1000 lounges across 300 cities with LoungeKey, as well as unlimited free Marhaba Lounge access across the MENA region. It provides peace of mind to cardholders with complimentary travel and accident insurance, cover for medical emergencies, trip cancellations and lost baggage in addition to other value-added benefits.
 
Managing Director of Personal Banking, Frederic de Melker commented:

“The commercial payments landscape and requirements have dramatically shifted and expanded over the last few years in the UAE. The use of electronic and digital-platforms have opened new opportunities for the potential use of cards for spends that were traditionally transacted in cash and cheques. We therefore see an opportunity to launch a suite of robust and specialized corporate payment solutions that will enable corporates to manage employee expenditure seamlessly and simplify the procure-to-pay process to facilitate business related payments with enhanced controls and visibility.”   

Rahul Oberoi, Managing Director of Wholesale Banking added: 
 
“This is a valuable addition to the diverse range of products and services that are offered by RAKBANK. As a Bank, we strive to continually introduce new products and solutions that will assist our customers not just financially, but in direct support of their business objectives of efficiently managing expenses and taking advantage of unique deals and solutions. With this launch, RAKBANK offers a complete suite of innovative Corporate Payment Solutions that will reduce paperwork, time and improve operating efficiencies of our corporate customers.”

Girish Nanda, General Manager – UAE & Oman, Mastercard said: 

“Digital payments offer businesses the transparency and convenience of knowing how and where their money is being spent. This in turn provides decision-makers with timely and relevant insights to build efficiencies into their cash flow management. We are delighted to build on our long-standing relationship with RAKBANK to bring the latest payment innovations to their corporate customers. As a trusted technology partner to businesses worldwide, Mastercard’s corporate card suite offers business leaders effective tools to better manage their operations and grow their businesses while benefitting from the unique benefits available to Mastercard cardholders.”  

22/12/2019

RAKBANK is one of the Pioneer Banks to participate in UAE PASS 

• RAKBANK will be one of the first Banks to implement UAE Pass
• UAE Pass will be integrated within the Bank’s digital onboarding process

United Arab Emirates, 22 December 2019: The National Bank of Ras Al Khaimah (RAKBANK) announced today that it is one of the pioneer Banks to sign a service agreement for UAE PASS, a National Digital Identity and Digital Signature solution for the UAE.

The UAE PASS enables customers and potential customers to identify themselves to the Bank through a smartphone-based authentication with a high level of security. This initiative is part of the digital onboarding project that the Bank is implementing, which enables customers to complete their documentation online seamlessly and securely in just a few simple clicks via UAE PASS. 

Geoff Stecyk, Chief Operating Officer at RAKBANK, said: 

“UAE Pass is a nationwide initiative and RAKBANK is proud to be one of the first banks to support it. The Bank is fully committed to placing its customers’ needs first and providing them with highly convenient, secure, and simple digital banking services and this agreement helps facilitate the paperwork required. RAKBANK is excited to integrate UAE PASS into its digital offerings over the coming months.”

UAE Pass is a joint initiative between Telecommunications Regulatory Authority (TRA), Abu Dhabi Digital Authority and Smart Dubai, which aims to provide a single trusted digital identity solution for service providers in the UAE, while maintaining a high level of security assurance and seamless user experience. UAE PASS is a fundamental enabler for digital transformation initiatives, and a contributor towards achieving the goals of UAE Vision 2021, UAE Centennial 2071, and sustainable development. 

18/12/2019

• First prepaid program to offer both a physical card and a virtual solution with peer to peer transfers
• Cards are pre-loaded with AED 100 at activation and can be acquired at select Zoom outlets across various emirates
• Customers can enjoy seamless Card activations, fund top-ups, and more through the RAKBarça Mobile App 

 
RAKBANK and FC Barcelona consolidate its regional partnership via the launch of the FC Barcelona Prepaid Card, powered by Mastercard. This new Prepaid Card is the latest addition to RAKBANK’s Personal Banking product portfolio, and is the first prepaid program to offer both a physical card and a virtual solution with peer to peer transfers, supported by a dedicated ‘RAKBarça’ mobile application. 

With this new product offering, RAKBANK brings FC Barcelona closer to a growing fan base and sport enthusiasts in the UAE. The FC Barcelona Prepaid Card offers customers a smarter and more seamless transaction option. The Card is pre-loaded with AED 100 at activation and can be acquired at 26 select ZOOM outlets across various emirates. ZOOM is present at ENOC service stations, in the Dubai Metro, and in local residential and commercial communities. Customers just need to present their valid Emirates ID to buy the card pack. 
 
In line with RAKBANK’s commitment to innovation in digital solutions, the RAKBarça mobile application allows cardholders to effortlessly activate their Card, top-up funds, check balance and monitor transactions. The mobile application also provides the convenience of easily transferring money between friends using the SocialPay feature. The FC Barcelona Prepaid Card is enabled for contactless payments through Samsung Pay, Apple Pay and Google Pay. RAKBANK Prepaid Cardholders can add their card details on their smartphone and smartwatch to enjoy instant access to contactless payments at point-of-sale terminals and cash withdrawals at contactless-enabled RAKBANK ATMs.
 
Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said: 
 
“The strategic partnership that we signed with FC Barcelona last year resulted in the launch of an exclusive co-branded Credit Card and has now allowed us to launch this first-of-its-kind co-branded Prepaid Card. When we developed the Card, we knew that it would be vital to focus our efforts on creating a robust digital interface for our customers to enjoy a seamless user experience. This Prepaid Card is going to be particularly appealing to young and tech-savvy football fans in the UAE, who now have a solution that offers convenient and secure digital payments for their everyday purchases.”

24/11/2019

The National Bank of Ras Al Khaimah (RAKBANK) has partnered with Principal Portfolio Strategies, a specialized boutique within Principal Global Investors, LLC to produce periodic investment publications to update its clients of current investment market conditions, asset class performance and investment outlook.  

The latest publication focuses on the market’s economic achievements for the third quarter, expectations for the remainder of the year and the outlook for global economy and asset classes next year. This was presented to RAKBANK’s Wealth Management customers at an exclusive event hosted by the Bank at The Palace in Downtown Dubai.

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said: 

“The Bank’s partnership with Principal Portfolio Strategies represents an important step in further strengthening RAKBANK’s role for its Elite banking customers as a trusted financial partner. The extensive Economic Journal serves as an independent view on investment markets and we continue to enhance our products and solutions to help our customers achieve their financial goals.” 

The Economic Outlook journals will be available to all of RAKBANK’s Wealth Management customers every quarter and aim to keep them informed and build awareness around the state of global economy and key themes impacting the investment markets.