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Public Joint Stock Company
Industry Banking
Financial services
Area served
United Arab Emirates
Key people
H.E. Mohammad Omran Alshamsi
Peter England
(Chief Executive Officer)
Deepak Majithia
(Head of Finance)
Ian Hodges
(Head of Personal Banking)
Raghuveer Mehra
(Head of Credit and Assets for Personal Banking)
Malcolm D'Souza
(Head of Treasury)
Rahul Oberoi
(Head of Business Banking)
K.S. Ramakrishnan
(Head of Internal Audit)
Mufaddal Khumri Idris
(Head of RAKBANK AMAL for Islamic Banking)
Products Cards
Wealth Management
Insurance & Takaful
Auto Finance
Personal Finance
Business Banking

RAKBANK is the trading name of the National Bank of Ras Al-Khaimah PJSC, a public joint stock company headquartered in the emirate of Ras Al-Khaimah, in the United Arab Emirates (UAE). It is listed on the Abu Dhabi Securities Exchange (ADX) and its shares are publicly traded [1]

RAKBANK is a retail and business bank in the UAE with assets of AED 34.5 billion at the close of the first half of 2014.[2] The Bank provides conventional and Islamic retail, small business, and commercial banking services through a network of thirty four branches in the UAE as well as its Telephone, Online and Mobile Banking channels. According to The Banker's Top 1000 Arab Bank Rankings in 2014 (published by FT Financial Publishing), RAKBANK is the 1st in the UAE by Return On Assets (ROA) and 17th in the world.[3]

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]

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.[5] The Islamic banking products and services are offered via its subsidiary, RAK Islamic Finance Company. In August 2014, the Bank announced its intention to acquire a majority stake in Ras Al Khaimah National Insurance Company (RAKNIC) following approval from the Bank’s shareholders. Shareholders voted in favour of the Bank buying a majority stake at Dh3.64 per share during its ordinary general assembly held on Monday at the bank’s headquarters in Ras Al Khaimah. The acquisition will be done through an offer to all shareholders of RAKNIC.[6]

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.



  • Formation of National Bank of Ras-Al-Khaimah


  • Rebranding of the Bank as a retail bank


  • 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 mortgage loan business for freehold properties in Dubai


  • Launch of MasterCard Titanium credit card – the first card in the market to offer ‘cashback on purchases’

IPO/listing on Abu Dhabi Securities Exchange


  • Launch of Fast Saver online-only account[7]


  • Launch of RAKBANK Direct[8]
  • Launch of Chinese-Enabled ATMs in the UAE[9]
  • Launch of RAKBANKdeals.ae[10]


  • Launch of RAKBANK AMAL Islamic Banking
  • Appointment of a new CEO[11]


  • Increase in Foreign Ownership to 40%[12]
  • Approval from shareholders to purchase RAKNIC shares [6]
  • Issuance of a Bond through RAKFUNDING Cayman Ltd.[13]

Ownership structure[edit]


RAKBANK has a total of four subsidiaries as of 30 September 2014:

Subsidiary Ownership Country Purpose
RAK Islamic Finance Company 99.99% UAE To enable the Bank to sell Sharia-compliant products
Back Office Support Services (BOSS) 80% UAE To provide back office support services
RAK Technology 80% UAE To supply information technology support
RAKFUNDING CAYMAN LTD 99.99% Cayman Islands To enable the issuance of notes


The Bank is 52.76% 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. Ras Al-Khaimah[14]

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


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

Board of Directors[edit]

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

Financial results[edit]

All financial results have been audited and reviewed by the Dubai office of Pricewaterhouse Coopers. The full press releases are available on www.rakbank.ae.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:[15]

Rating Agency Last Update Long Term Rating Outlook
Moody's April 2014 Baa1 Stable
Fitch March 2014 BBB+ Stable
Capital Intelligence August 2014 BBB+ Stable

Products and services[edit]

Personal banking products[edit]

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

Business Banking[edit]

Business Banking is made up of the Commercial and Small to Medium Enterprises division which caters to medium-sized 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.

Islamic Banking[edit]

RAKBANK established an Islamic banking unit, AMAL, in January 2013 with an issued capital of Dh100 million (US$27.2m), according to the bank's financial statements.[5] The bank offers Shariah compliant personal and business banking products and services including cards, personal finances, business finance, and takaful.


RAKBANK Direct[edit]

In early 2011, RAKBANK launched RAKBANK Direct to provide customers with instant insurance quotations as well as a web chat service with a bank representatives.[16]

Mobile Banking[edit]

Also in early 2011, RAKBANK launched its Mobile Banking service, an alternative channel that provides customers with the convenience of conducting banking transactions on the go via mobile phones. RAKBANK made Mobile Banking available on both smart phones and conventional mobiles.[17]


In late 2011, RAKBANK launched RAKBANKdeals.ae, an online platform providing Credit and Prepaid Cardholders with weekly deals offering discounts of 50% and more. In mid-2012, it made RAKBANKdeals.ae into an interactive mobile application.[18]


In mid-2014, RAKBANK launched MobileCash for instant money transfer through mobile phones. The recipient doesn’t even need a bank account – they enter a code and pick up the money from a RAKBank ATM. The recipient doesn’t even need a smartphone either [19]


RAKBANK has a number of strategies in place to honor its sustainability commitments which reduce the bank’s consumption of paper, toners, and energy. It is also constantly scouting for opportunities to help better society and to offer philanthropic contributions.[20]

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[21]
  • 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[22]
  • Best Marketing Campaign of the Year award at the Middle East Prepaid Awards 2012 for the MasterCard Bling campaign[23]
  • Best Credit Card in the Middle East and North Africa in 2011 by Bankers Middle East


  1. ^ "RAKBANK". https://www.adx.ae/. 
  2. ^ "RAKBank posts Dh700m H1 net profit". 22 July 2014. 
  3. ^ "Top 1000 World Banks". http://www.thebanker.com/. 
  4. ^ "Rakbank to Focus on Abu Dhabi Mortgage Market in 2009". 10 February 2009. 
  5. ^ a b "RAKBank establishes Islamic unit". 21 January 2013. 
  6. ^ a b "RAKBank to acquire RAKNIC". 18 August 2014. 
  7. ^ Info, Ame. "Rakbank customers click their way to higher returns". AME Info. Retrieved 7 October 2012. 
  8. ^ Today, Gulf. "RAKbank launches new online service". The Gulf Today. Retrieved 5 October 2012. 
  9. ^ "RAKBank cash machines to offer options in Chinese". The National. 5 May 2011. Retrieved 24 August 2011. 
  10. ^ "Deals of the Week: RAKBank sweetens its deals with an on-the-go app". The National. Retrieved 7 October 2012. 
  11. ^ "RAKBank goes to CIMB for new chief". 
  12. ^ "RAKBANK lifts foreign ownership Limit". 
  13. ^ "RAKBANK joins UAE bond wave with $500 mln debut issue". 
  14. ^ "RAKBANK– Simply Better". http://www.dubaiinternetmarketing.com/. 
  15. ^ http://www.adx.ae/English/News/Pages/20131023085908893-RAKBANK-md110-23-20139-14-55AM.pdf
  16. ^ "Best Buy: RakBank offers real-time help through online chat". 19 February 2011. 
  17. ^ RAKBANK unveils mobile services, Khaleej Times, 2011-04-11 
  18. ^ "Rakbank launches interactive mobile application". 9 June 2012. 
  19. ^ "RAKBank introduces MobileCash app to make transferring money simple". The National. 19 August 2014. 
  20. ^ "RAKBANK’s CSR Initiatives" (PDF). http://www.uaebf.ae/. 
  21. ^ "RAKBANK Honoured with Two Prominent Awards by The Asian Banker". 12 May 2014. 
  22. ^ "RAKBANK wins 'Bank of the Year' at Arabian Business Achievement Awards". 
  23. ^ "Rakbank wins ME prepaid award". 


External links[edit]