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Public Joint Stock Company
Financial services
HeadquartersRas Al-Khaimah, United Arab Emirates
Area served
United Arab Emirates
Key people
H.E. Mohammad Omran Alshamsi
Peter William England
(Chief Executive Officer)
Deepak Majithia
(Chief Financial Officer)

Geoffrey Stecyk
(Chief Operating Officer)
K.S. Ramakrishnan
(Chief Risk Officer)
Abdul Karim Juma
(Director of Islamic Banking)
Saleh Ali Saleh
(Director Of RAK Business)
Mufaddal Khumri Idris
(Director of Credit Cards)
Wealth Management
Insurance & Takaful
Auto Finance
Personal Finance
Business Banking
Total assetsDhs. 34.5 billion[1]

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 [2]


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.[1] The Bank provides conventional and Islamic retail, small business, and commercial banking services through a network of thirty nine branches and 293 ATMs 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]

Ownership structure[edit]


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

Subsidiary Ownership Country
RAK Funding Cayman Limited 99.99% Cayman Islands
RAK Islamic Finance Company Pvt. J.S.C 99.99% UAE
Back Office Support Services (BOSS) FZCO 80.00% UAE
RAK Technologies FZCO 80.00% UAE
Ras Al Khaimah National Insurance Company (PSC) 79.23% UAE


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.

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


Personal Accounts Deposits Business Accounts Personal Credit Cards Business Credit Cards Debit Cards Prepaid Cards Personal Loans Business Loans Motor Insurance Life Insurance Savings Plan RAKvalue
Current Account Fixed Deposits Current Account RAKBANK World MasterCard Credit Card Titanium Business Credit Card RAKBANK Standard MasterCard Debit Bayani Prepaid Card Personal Loan RAKfinance Loan and RAKtrade RAK Insurance Smart Term Life Insurance TriPlus RAKvalue for Accounts
Savings Account Call Deposits RAKfinance Account RAKBANK Kalyan Jewellers Card RAKelite World MasterCard Debit Bling and Loaded Prepaid Card Mortgage Home Loan SME Business Finance UIC Motor Insurance FutureInvest LifeShield RAKvalue for Credit Cards
Fast Saver Titanium Credit Card RAKelite Platinum MasterCard Debit RAKauto Loan OIC Motor Insurance RAKlife Insurance EduCare RAKvalue for SME
RAKsave RAKBANK nmc MasterCard Overdrafts & Salary Advance AXA Insurance Super Secure
RAKvantage RAKBANK Geant La Carte Credit Card
Evantage Visa Credit Card SSAS refss will baba help charm
RAKvalue for Accounts Red MasterCard Credit Card
Master card
RAKvalue for Credit Cards
Financial Institutions RAKBiz Equip
Commercial Vehicles
Construction Equipment
Professional and General Equipment
Medical Equipment
RAKelite Premium Banking RAKinvest Mututal Funds
Amal - Islamic Banking
Personal Accounts Business Accounts Personal Credit Cards Business Credit Cards Debit Cards Personal Finance Business Finance Motor Takaful Family Takaful Plan Idikhar Plus (Savings Plan) RAKvalue Amal Business Equipment Finance
Amal Current Account Amal Business Current Account Amal Titanium Credit Card Amal Business Titanium Credit Card Amal Debit Card Amal Personal Finance Amal Business Finance Aman Motor Takaful Hemayati Plus (Family Takaful Plan) RAKvalue for Accounts Commercial Vehicles
Amal Savings Account Amal Business Finance Account Amal Standard Credit Card Amal Home Finance Ameen and Ameen Prime RAKvalue for SME Construction Equipment
Amal Jood Savings Account Amal Call Investment Deposit Amal Auto Finance Hyat Plus and Hyat Superior Professional and General Equipment
Amal Advantage Account RAKvalue for SME Amal Salary Advance Medical Equipment
Amal Term Investment Deposit Amal Service Finance
Amal Call Investment Deposit
Amal RAKvalue for Accounts


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.[7]


In mid-2014, RAKBANK launched MobileCash for instant money transfer through mobile phones.[8]


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.[9]


  • Best Internet Banking Initiative Award at The Asian Banker – Middle East Retail Product Awards 2014 for Click and Collect[10]
  • Bank of the Year award at the 2012 Arabian Business Achievement Awards[11]
  • Best Marketing Campaign of the Year award at the Middle East Prepaid Awards 2012 for the MasterCard Bling campaign[12]


  1. ^ a b "RAKBank posts Dh700m H1 net profit". 22 July 2014.
  3. ^ "Top 1000 World Banks".
  4. ^ "Rakbank to Focus on Abu Dhabi Mortgage Market in 2009". 10 February 2009.
  5. ^ "RAKBank establishes Islamic unit". 21 January 2013.
  6. ^ "RAKBank to acquire RAKNIC". 18 August 2014.
  7. ^ RAKBANK unveils mobile services, Khaleej Times, 2011-04-11
  8. ^ zlakhpatwala (2014-08-21). "RAKBANK enables card-less ATM withdrawals with MobileCash". Communicate Online | Regional Edition | Advertising, marketing, public relations and media in the Arab world and beyond. Retrieved 2020-07-30.
  9. ^ "RAKBANK's CSR Initiatives" (PDF).
  10. ^ "RAKBANK Honoured with Two Prominent Awards by The Asian Banker". 12 May 2014.
  11. ^ "RAKBANK wins 'Bank of the Year' at Arabian Business Achievement Awards".
  12. ^ "Rakbank wins ME prepaid award".

External links[edit]