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Type Public Joint Stock Company
Industry Banking
Financial services
Headquarters Ras Al-Khaimah, United Arab Emirates
Area served United Arab Emirates
Key people Shaikh Omar Saqer Mohd Al-Qassimi
Shaikh Salim Sultan Saqer Al-Qassimi
(Board of directors)
Peter England
(Chief Executive Officer)
Deepak Majithia
(Chief Financial Officer)
Ian Hodges
(Head of Personal Banking)
Raghuveer Mehra
(Head of Credit & Assets - Personal Banking & RAK Finance)
Tim Basford
(Chief Operating Officer)
Malcolm D'Souza
(Head of Treasury)
Rahul Oberoi
(Head of Commercial Banking)
K.S. Ramakrishnan
(Head of Internal Audit)
Mufaddal Khumri Idris
Products Cards
Wealth Management
Insurance & Takaful
Auto Finance
Personal Finance
Total assets Dhs. 28.9 billion[1]
(US$ 8.57 billion)[2]
Website RAKBANK.ae

RAKBANK is the trading name of the National Bank of Ras Al-Khaimah PSC, a public joint stock company headquartered in the emirate of Ras Al-Khaimah, in the UAE. The Head Office of the bank is situated in RAKBANK Building on Emirates Road in, Ras Al-Khaimah. The Bank is 52.75% owned by the Government of Ras Al-Khaimah.

RAKBANK is listed on the Abu Dhabi Securities Exchange (ADX) and its shares are publicly traded. The Board consists of several members of the ruling family of the emirate of Ras-Al Khaimah and businessmen from UAE and Kuwait. The Bank provides conventional and Islamic retail, small business, and corporate banking services through a network of thirty four branches in the United Arab Emirates, but all the transactions are handled on a strictly commercial basis.

RAKBANK is a retail and small business bank in the United Arab Emirates (UAE) with assets of Dhs. 31.5 billion (US$8.57 billion) as at 31 March 2014.

At the start of 2013, the Bank launched an Islamic Banking unit, RAKBANK AMAL, amid a flood of investments in the Shariah (Islamic law)-compliant financial sector in the country.[3] According to The Banker's Top 100 Arab Bank Rankings in 2013 (published by FT Financial Publishing), RAKBANK is 1st in the Arab World by Return On Assets (ROA) and 5th in the Arab World by Return on Capital.

The Bank was amongst the few commercial banks in the UAE which posted profit growth in 2009. Due to the Bank’s withdrawal in 2006 from lending in the construction and civil engineering segments outside of its base Emirate, it has very little residual exposure in those segments and has no exposure to construction involving high-rise towers.[4] RAKBANK's conservative credit policies and risk management allowed RAKBANK to be less affected by the credit crisis in 2008, with retail losses running at a third of its UAE competitive retail banking peer group. Founded in 1976, the Bank is one of the region’s oldest local financial institutions offering a range of personal and business banking services through its branch network as well as its Telephone, Online and Mobile Banking channels. A major provider of credit cards in the UAE, RAKBANK was the first to launch features such as ‘Free for Life’ and ‘Cashback on Purchase’, now adopted by many industry players.[5] RAKBANK was voted the number one Credit Card provider in the Middle East and North Africa region by The Banker Middle East Product Awards 2011.[6] It has also established itself as a leading mortgage and personal loans provider among conventional commercial banks in the UAE, with award-winning customer service.[7] RAKBANK was chosen as the Bank of the Year by an independent panel of business leaders from the region during the 2012 Business Achievement Awards. In addition, RAKBANK is one of the most active banks in the area of small to medium enterprise (SME) finance, with a dedicated business unit that offers financial solutions to SME clients.[5]

Corporate History[edit]

Established in the 1970s, the National Bank of Ras Al-Khaimah underwent a major transformation in 2001, with a shift in focus from corporate banking to retail and small businesses.

Starting with only 5,000 retail customers in 2001, the Bank has 550,000 customers today. Branches have also expanded from an initial 7 to 34 branches, while full-time staff numbers have grown from 150 in 1996 to 4,500 employees at the end of 2011.



  • Formation of National Bank of Ras-Al-Khaimah


  • Rebranding of the Bank as a retail bank
  • Launch of Wealth Management business
  • Establishment of RAK Academy


  • Launch of 24-hr call centers with Interactive Voice Response (IVR)
  • Re-branding of the Bank to RAKBANK
  • Launch of first credit cards - Visa Classic and Gold - first ‘Free for Life’ credit cards in the market
  • Launch of Auto loan business


  • Launch of mortgage loan business for freehold properties in Dubai Launch of MasterCard Standard credit card
  • Launch of NMC co-branded MasterCard credit card Launch of Small to Medium Enterprise (SME) finance


  • Launch of MasterCard Titanium credit card – the Bank’s premium card and first in the market to offer ‘cashback on purchases’
  • Opening of the Bank’s first dedicated wealth management centre for customers in Burjuman Business Towers
  • Launch of Bancassurance business
  • IPO/listing on Abu Dhabi Securities Exchange


  • Launch of Géant co-branded MasterCard credit card


  • Launch of Online Banking service
  • Launch of Smart Chip-based debit cards
  • Launch of Mortgage Loans for freehold properties in Abu Dhabi


  • Launch of MasterCard Debit Card with Cashback facility
  • New RAKBANK Head Office premises in Ras Al-Khaimah
  • New Support Office premises in Dubai Silicon Oasis


  • Launch of Fast Saver online-only account[8]


  • Launch of RAKBANK Direct[9]
  • Launch of RAKBANK Prepaid Cards[10]
  • Launch of Chinese-Enabled ATMs in the UAE[11]
  • Launch of RAKBANKdeals.ae[12]


  • Launch of RAKBANKdeals.ae Mobile application[13]
  • Launch of RAKBANK Instagram Account
  • Launch of Theme song in 4 languages[14]
  • Launch of RAKBANK Value Collection[15]


  • Launch of RAKBANK AMAL[3]
  • Launch of Bayani Prepaid Cards[16]
  • Launch of Titanium Business Credit Card[17]
  • Launch of Click & Collect service [18]
  • Launch of Fujairah Branch [19]
  • Launch of AMAL Fast Lane Center[20]
  • Launch of AMAL Business Finance[21]
  • Launch of Online Careers Portal
  • Appointment of a new CEO[22]


  • Launch of AMAL Home Finance
  • Launch of RAKTrade
  • Increase in Foreign Ownership [23]
  • Issues Bond through RAKFUNDING Cayman Ltd. [24]



RAKBANK is a public joint stock company, headquartered in the emirate of Ras-Al-Khaimah in the UAE. The head office of the Bank is situated in RAKBANK Building, in Ras-Al-Khaimah, and the Bank offers a comprehensive network of branches, ATMS, and EDMs (Electronic Deposit Machines) at locations across the seven emirates of the UAE.

The Bank is 52.75% owned by the Government of Ras-Al-Khaimah with shares that are publicly traded. The Board consists of several members of the ruling family of the emirate and businessmen from across the UAE and Kuwait. RAKBANK is engaged in providing retail and corporate banking services through a network of 34 branches in the United Arab Emirates.[25]


  • Peter England - Chief Executive Officer[26]
  • K.S. Ramakrishnan - Head of Internal Audit
  • Deepak Majithia - Chief Financial Officer
  • Tim Basford - Chief Operating Officer
  • Ian Hodges - Head of Personal Banking
  • Raghuveer Mehra - RAKBANK Head of Credit & Assets (PB)
  • Mufaddal Khumri Idris - Head of RAKBANK AMAL
  • Rahul Oberoi - Head of Commercial Banking
  • Malcolm D’Souza - Head of Treasury
  • Mahadevan Radhakanthan - Head of Credit
  • Sabrina Couto - Head of Service Quality, Training & Cross Sell

Board of Directors[edit]

  • H.E. Shaikh Omar bin Saqr Al-Qasimi - Chairman
  • H.E. Shaikh Salim bin Sultan Al-Qasimi - Member of the Board
  • Mr. Hamad Abdulaziz Al Sagar - Member of the Board
  • Mr. Abdul Aziz Abdulla Al Zaabi - Member of the Board
  • Mr. Yousuf Obaid Essa Al Nuaimi - Member of the Board
  • Mr. Ahmed Essa Al Naeem - Member of the Board
  • Mr. Salem Ali Abdullah Al Sarhan Al Nuaimi - Member of the Board
  • Mr. John Graham Honeybill - Member of the Board

Financial Results[edit]

All financial results have been audited and reviewed by the Dubai office of Pricewaterhouse Coopers. RAKBANK is also rated by Moody's Investor Services, Fitch Ratings and Capital Intelligence. The full ratings are available directly from the respective rating agencies or from their website. The most current ratings of RAKBANK are:[27]

Rating Agency Deposits Financial Strength Support
Moody's Baa1 / P-2 D+ -
Fitch BBB+/ F2 C 2
Capital Intelligence A-/A2 BBB+ 2

RAKBANK reported AED 334.6 million net profit for the quarter ended 31 March 2014, reflecting a 9.6% increase over the same period last year.[27] The full press release is available on www.rakbank.ae.

Products and Services[edit]

Corporate Banking[edit]

The [Commercial banking/SME] division of RAKBANK caters to medium size businesses. The Bank offers customers products ranging from fund-based facilities such as overdrafts, term loans, loans against invoices, bill discounting, import and export finance to non-fund based facilities such as letters of credit, guarantees and foreign exchange forward cover facilities.


  • Credit Cards
  • Debit Cards
  • Prepaid Cards
  • Wealth Management
  • RAKFinance
  • Insurance
  • Mortgages
  • Auto Loans
  • Personal Loans

About AMAL[edit]

RAKBANK has become the latest lender to launch an Islamic banking unit in January 2013, amid a flood of investment into the Sharia-compliant financial sector. RAKBANK established the Islamic unit with an issued capital of Dh100 million (US$27.2m), according to the bank's financial statements.[28]



RAKBANK AMAL’s Sharia-compliant products include Jood Account, a [clarification needed] Mudaraba-based savings account that pays interest and gives accountholders a chance to win AED 500,000 in its quarterly draw.[29]

RAKBANK also offers a Sharia-compliant Amal Business Finance Account.


In addition to two Debit Cards, RAKBANK AMAL also offers two Credit Cards through RAK Islamic Finance Company, a fully owned subsidiary of RAKBANK.[30]


RAKBANK offers customers a suite of Takaful policies.

Business Finance[edit]

AMAL expanded its Sharia-compliant offering at the end of the third quarter of 2013 to include premium business finance solutions.


RAKBANK Direct[edit]

In early 2011, RAKBANK launched RAKBANK Direct. RAKBANK Direct to provide customers with online transactions for Banking and Insurance products such as Online Savings Accounts, Motor Insurance, Critical Illness plans, Savings Plans, and Travel insurance, all of which are provided by Oman Insurance Company. Other features of RAKBANK Direct include interactive rate calculators and videos that tell customers about the features and benefits of their products.[31] Visitors to www.rakbankdirect.ae can also apply for other Banking products including a suite of RAKBANK credit cards, deposit accounts, and Wealth Management solutions.[32]

Online Banking[edit]

RAKBANK’s Online banking service was launched in 2008 to allow customers to perform banking transactions online, including viewing balances, availing salary advances, and making payments and transfers. RAKBANK was recognized for the Best Internet Banking Initiative in the Middle East for Click and Collect online account opening during The Asian Banker’s first annual Middle East and Africa 2014 awards ceremony in May 2014. [33]

Mobile Banking[edit]

In April 2011, RAKBANK launched its Mobile Banking service, an alternative channel that provides customers with the convenience of conducting banking transactions via their mobile phones. RAKBANK’s Mobile Banking is available on smart phones as well as conventional mobiles to ensure that all their customers can make use of this service.[34]

Phone Banking[edit]

RAKDirect is RAKBANK’s phone banking service, providing support to customers with their banking requests or enquiries. RAKdirect also offers customers the option of performing banking transactions via telephone.


In October 2011, RAKBANK launched RAKBANKdeals.ae, an online platform providing Credit and Prepaid Cardholders with weekly deals offering discounts of 50% and more.[35] In mid 2012, it made RAKBANKdeals.ae into an interactive mobile application to give its cardholders easier and faster access to the bank’s value added deals and offers.[36]

Service Quality[edit]

Ever since RAKBANK’s relaunch in 2001 as a retail bank, its corporate emphasis was on customer satisfaction and one of its first appointments was to recruit a team dedicated to service quality.

Marketing Approach[edit]

Advertising has played a key role in the Bank's emergence as a leading retail bank in the UAE over the last decade. RAKBANK’s advertising approach is summarized by its internal marketing guidelines in what the Bank calls its ‘Four Cs of Marketing’, requiring all marketing messages to be Crystal Clear, Confident, Cheeky and Combative.[37] Even during the economic downturn in early 2009, RAKBANK lived up to its guidelines by openly addressing the credit crunch in its flyers, billboards and broadcasts including a drive around Valentine with the slogan of ‘don’t let the credit crunch ruin your life’ and encouraging jewelry purchases via credit cards.[37] More recently, RAKBANK won the Gold Summit Creative Award for its AMAL TVC campaign, which featured the talking eggs after competing against 5,000 other submissions from around the world at the 2013 Summit International Award in the United States.[38]

In mid-2009, a campaign promoted the Titanium Credit Card under the theme of “Don’t Get Bitten by Other Cards”, centered on a creature that lurks in people’s wallets waiting to bite.[39] The campaign also included an online game, which pitted the RAKBANK Titanium card, personified through the RAKMAN superhero, used in previous advertisements. Players who correctly answered all questions got more chances to win Titanium semi-annual million-dirham draw, once they apply for a credit card.[39]

In late 2009, the Bank conducted a full takeover of bus-shelters branded from top to bottom as part of a larger campaign to promote the Bank’s prize of a new apartment for its winning account holder.[40]

RAKBANK won the “Best Marketing Campaign of the Year” award at the Middle East Prepaid Awards 2012 for its MasterCard Bling campaign,[41] a light-hearted and bold marketing campaign which delivered results in both uptake and return on investment.

In June 2014, RAKBANK became the first organization to be featured on the longest outdoor advertisement hoarding in the UAE, which extends for half a mile on the Sheikh Zayed Road or the approximate horizontal length of the iconic Burj Khalifa. [42]

Standards and recognition[edit]

Awards and accreditations[edit]

  • Best Internet Banking Initiative Award at The Asian Banker – Middle East Retail Product Awards 2014 for Click and Collect
  • Best Core Banking Implementation Project Award in the Middle East at The Asian Banker – Technology Implementation Awards 2014
  • Gold Summit Creative Award (SCA) during the 2013 Summit International Award (SIA) for AMAL Launch TVC
  • VRL Prepaid Middle East Award 2013 for Outstanding Innovation for the RAKBANK Bayani Card
  • Bank of the Year award at the 2012 Arabian Business Achievement Awards
  • Best Marketing Campaign of the Year award at the Middle East Prepaid Awards 2012 for the MasterCard Bling campaign
  • Best Credit Card in the Middle East and North Africa in 2011 by Bankers Middle East
  • TICSS certification by the International Customer Service Institute in 2008
  • 5th Most Admired Company in the Middle East by Arabian Business magazine in 2007
  • Full Compliance with the Standardized Approach under Basel II


  1. ^ "RAKBANK Financials - 31 March 2012". The National Bank of Ras Al-Khaimah (P.S.C.). 2012-03-31. Retrieved 2012-07-23.  See Financials Section in the RAKBANK website.
  2. ^ Conversion computed at prevailing exchange rates on 2012-07-23 using Google. Foreign currency rates provided to Google by Citibank N.A.
  3. ^ a b Hunter, Gregor. "RAKBank establishes Islamic unit". The National. Retrieved 21 January 2013. 
  4. ^ "Rakbank to Focus on Abu Dhabi Mortgage Market in 2009". Khaleej Times. 2010-10-02. Retrieved 2010-10-02. 
  5. ^ a b Best Under a Billion, Arabian business Magazine, 2009-01-25 
  6. ^ Products Awards 2011, Banker Middle East Magazine, 2011-04-01 
  7. ^ "RAKBank rewarded for customer service". Arabian Business. 2008-03-17. Retrieved 2008-03-17. 
  8. ^ Info, Ame. "Rakbank customers click their way to higher returns". AME Info. Retrieved 7 October 2012. 
  9. ^ Today, Gulf. "RAKbank launches new online service". The Gulf Today. Retrieved 5 October 2012. 
  10. ^ National, The. "Glow-in-the-dark cards pull consumers towards the financial light". The National. Retrieved 7 October 2012. 
  11. ^ "RAKBank cash machines to offer options in Chinese". The National. 2011-05-05. Retrieved 2011-08-024. 
  12. ^ "Deals of the Week: RAKBank sweetens its deals with an on-the-go app". The National. Retrieved 7 October 2012. 
  13. ^ "RAKBANK Launches Another interactive mobile application for RAKBANKdeals". RAKBANK. 
  14. ^ RAKBANK Launches Branded Song. Communicate Magazine. September 2012. p. 12. 
  15. ^ "Value Collection". RAKBANK. Retrieved 6 October 2012. 
  16. ^ "RAKBANK becomes first bank in UAE to reach out to the Filipino community". AME Info. Retrieved 3 February 2013. 
  17. ^ "RAKBANK launches Titanium Business Credit Card". AME Info. Retrieved 4 April 2013. 
  18. ^ "RAKBANK launches Click and Collect". CPI Financial. Retrieved 21 April 2013. 
  19. ^ "RAKBank opens new branch in Fujairah, 34th in UAE". 
  20. ^ http://www.ameinfo.com/355997-large.html
  21. ^ "RAKBANK AMAL Launches Sharia-Compliant Business Finance Solutions". 
  22. ^ "RAKBank goes to CIMB for new chief". 
  23. ^ "RAKBANK lifts foreign ownership Limit". 
  24. ^ "RAKBANK joins UAE bond wave with $500 mln debut issue". 
  25. ^ "RAKBANK expands its network of branches". AME Info. Retrieved 6 August 2012. 
  26. ^ "UAE lender RAKBANK confirms ex-CIMB executive as new CEO". 
  27. ^ a b http://www.adx.ae/English/News/Pages/20131023085908893-RAKBANK-md110-23-20139-14-55AM.pdf
  28. ^ "RAKBANK establishes Islamic unit". The National. Retrieved 2013-07-21. 
  29. ^ "RAKBANK Launches Islamic Banking". Online PR News. Retrieved 2013-07-21. 
  30. ^ "RAKBANK Launches Islamic Banking". 2013-01-19. 
  31. ^ "RakBank offers real-time help through online chat". The National. 2011-02-19. Retrieved 2011-03-28. 
  32. ^ "RAKbank launches new online service". The Gulf Today. 2011-02-10. Retrieved 2011-03-28. 
  33. ^ "RAKBANK honoured with two prominent awards by Asian Banker". 
  34. ^ RAKBANK unveils mobile services, Khaleej Times, 2011-04-11 
  35. ^ "Rakbank brings further value to its customers". AMEinfo.com. 2011-10-30. Retrieved 2011-12-05. 
  36. ^ "Rakbank launches interactive mobile application". 
  37. ^ a b "Innovative advertising is thriving". Gulf News. 2010-04-15. Retrieved 2010-04-15. 
  38. ^ http://communicate.ae/home/2013/09/rakbank-bags-gold-for-amal-tvc/
  39. ^ a b "RAKBank launches latest Titanium campaign". GMR Online. 2009-09-15. Retrieved 2009-09-15. 
  40. ^ "Right Angle Out of Home Case Study". Right Angle. 2009-07-15. Retrieved 2009-07-15. 
  41. ^ "Rakbank wins ME prepaid award". Khaleej Times. Retrieved 21 April 2012. 
  42. ^ "RAKBANK on longest ad hoarding". Retrieved 16 June 2014. 

External links[edit]