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RAKBANK

From Wikipedia, the free encyclopedia
RAKBANK
Company typePublic Joint Stock Company
IndustryBanking
Financial services
HeadquartersRas Al Khaimah, United Arab Emirates
Area served
United Arab Emirates
Key people
Products
Total assetsDhs. 34.5 billion[1]
WebsiteRAKBANK.ae

RAKBANK is the trading name of the National Bank of Ras Al-Khaimah PJSC, a public joint-stock company established in 1976 and headquartered in the Emirate of Ras Al Khaimah, in the United Arab Emirates. It is listed on the Abu Dhabi Securities Exchange (ADX).[2]

Overview

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RAKBANK, officially known as the National Bank of Ras Al Khaimah (P.S.C.)[3], is one of the oldest banks in the United Arab Emirates (UAE). RAKBANK operates as a public joint stock company with its headquarters in Ras Al Khaimah, UAE. The bank’s head office is located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road, Ras Al Khaimah. The Government of Ras Al Khaimah holds a majority stake in the bank, which is publicly traded on the Abu Dhabi Securities Exchange (ADX)[4].

RAKBANK provides digital and personalized services. Operating through 20 branches and offering digital banking solutions, the bank provides Personal[5], Wholesale[6], and Business Banking[7] services. Its Islamic Banking division, RAKislamic, offers Sharia-compliant banking solutions, catering to customers both in-person and online.

Shareholders

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The Bank is 52.76% owned by the Government of Ras-Al-Khaimah. The Board is international.

Shareholder Ownership
The Government of Ras Al Khaimah 52.76%
UAE Citizens 26.99%
Foreign Ownership 20.25%

Products and services

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RAKBANK has multiple banking services for personal and business needs, available through 20 physical branches and digital banking platforms. The bank's offerings include Personal[8], Wholesale[9], and Business Banking[10] services, offering accessible solutions. Additionally, its Islamic Banking division, RAKislamic[11], offers Sharia-compliant Personal[12], Wholesale, and Business Banking[13] services, enabling customers to access banking solutions aligned with Islamic principles through both traditional and digital channels.

RAKNIC

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The bank also operates RAKNIC[14], a subsidiary specializing in insurance solutions, with additional financial products offered to its customers.

RAKIslamic

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RAKBANK's Islamic banking division, operates under the principles of Islamic Sharia, focusing on fairness, equality, and social justice. RAKislamic[15] avoids interest-based transactions, and offers Sharia-compliant financing and investment options based on profit and loss sharing. RAKislamic aligns with Islamic values.

Skiply

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Skiply is a digital app developed by RAKBANK, for managing education payments. It is the first digital education payment app in the UAE, enabling parents to pay school fees and schools to collect fees.

Protego

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Protego Insurance, a 100% subsidiary of RAKBANK, is a platform that enables customers to compare insurance options from various providers. The service offers coverage for cars, homes, health, and travel, for customers to evaluate costs, features, and personalized coverage options.

Awards (2024)

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In 2024, RAKBANK received multiple awards for its work in digital innovation, customer service, and corporate responsibility:

  • Global Business and Finance Magazine Awards 2024[16]
    • Best Integrated Educational Solution in UAE – “Skiply powered by RAKBANK”
    • Best Digital Solution in UAE – “Skiply powered by RAKBANK”
    • Best Corporate Social Responsibility Initiative UAE
  • 7th Middle East Banking AI & Analytics Summit
    • Best Use Case of AI & Analytics in Cyber Security
  • 11th Annual International Finance Awards 2023
    • Most Innovative Home Loan Product – "Home in One"
  • The Westford Awards Committee 2024[17]
    • Business Excellence in the Finance Sector in the UAE (Sail to Success)
  • World Business Outlook Awards[18]
    • Best Banking Credit Card Program UAE
    • Best Business Bank UAE
    • Best Banking Product UAE
    • Best Educational Payment Digital Solution UAE
  • Middle East & Africa Innovation Awards 2024
    • Outstanding Achievement in Cyber Security
  • Global Banking and Finance Awards 2024
    • Best Bank for Youth and Students UAE

References

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  1. ^ "RAKBank posts Dh700m H1 net profit". 22 July 2014.
  2. ^ "RAKBANK SHARE QUOTE".
  3. ^ "RAKBANK Digital Banking, UAE's Leading Bank At Your Fingertips". www.rakbank.ae. Retrieved 2025-01-27.
  4. ^ "ADX | Abu Dhabi Securities Exchange". www.adx.ae. Retrieved 2025-01-27.
  5. ^ "RAKBANK Digital Banking, UAE's Leading Bank At Your Fingertips". www.rakbank.ae. Retrieved 2025-01-27.
  6. ^ "Wholesale Banking". www.rakbank.ae. Retrieved 2025-01-27.
  7. ^ "Business Banking". www.rakbank.ae. Retrieved 2025-01-27.
  8. ^ "RAKBANK Digital Banking, UAE's Leading Bank At Your Fingertips". www.rakbank.ae. Retrieved 2025-01-27.
  9. ^ "Wholesale Banking". www.rakbank.ae. Retrieved 2025-01-27.
  10. ^ "Business Banking". www.rakbank.ae. Retrieved 2025-01-27.
  11. ^ "RAKislamic Personal Banking". www.rakbank.ae. Retrieved 2025-01-27.
  12. ^ "RAKBANK Digital Banking, UAE's Leading Bank At Your Fingertips". www.rakbank.ae. Retrieved 2025-01-27.
  13. ^ "Business Banking". www.rakbank.ae. Retrieved 2025-01-27.
  14. ^ "RAKINSURANCE". www.rakinsurance.com. Archived from the original on 2025-01-27. Retrieved 2025-01-27.
  15. ^ "RAKislamic Personal Banking". www.rakbank.ae. Retrieved 2025-01-27.
  16. ^ "Award Winners 2024 - Global Business and Finance Magazine". 2024-01-08. Retrieved 2025-01-27.
  17. ^ soorya (2024-04-26). "Westford Awards 2nd Edition Honors Excellence in Business and Beyond". Westford University College. Retrieved 2025-01-27.
  18. ^ "Award Winners 2024". World Business Outlook. Retrieved 2025-01-27.
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