RAKBANK Launches Islamic Banking
01/30/2013

RAKBANK, the leading retail and small business bank in the UAE, is starting 2013 with the launch of its new Islamic Banking window. The Bank’s Islamic Banking services will be offered through a separate brand, RAKBANK AMAL, to include Accounts, Loans and Cards.

Online PR News – 30-January-2013 – Dubai – RAKBANK AMAL brings new hope for improved Islamic Banking in the country

RAKBANK, the leading retail and small business bank in the UAE, is starting 2013 with the launch of its new Islamic Banking window. The Bank’s Islamic Banking services will be offered through a separate brand, RAKBANK AMAL, to include a wide range of products from Accounts, Loans and Cards to Takaful policies.

“As the fastest growing bank in the region, introducing Islamic Banking is the natural direction for RAKBANK as it strives to better serve existing and potential customers in the country through added choice,” said Graham Honeybill, RAKBANK Chief Executive Officer.

Just like RAKBANK brought innovation into conventional banking through trendsetting products, online solutions, and award-winning customer service, RAKBANK AMAL aims to bring the same foundations into Islamic Banking to enhance the local Islamic Banking market. “The Bank’s solid reputation for success and its commitment to customer service pave the way for a promising foundation for AMAL with the potential to set itself apart in a crowded market,” added Mufaddal Khumri, RAKBANK Head of Islamic Banking.

Available throughout the Bank’s 33 branches, RAKBANK AMAL provides financial solutions to a wide customer base with a preference for Sharia-compliant products and services. “With rising investment flows in Islamic Finance in the UAE and Dubai’s ambitious plans to set up an integrated platform for an Islamic Economy, RAKBANK aims to be at the forefront of Islamic Banking solutions to meet growing local demand,” explained Khumri.

RAKBANK AMAL’s Sharia-compliant products include Jood Account, a unique Mudaraba-based savings account that allows customers to grow their savings while earning chances to win AED 500,000 in its quarterly draw. Also, two lucky winners will pocket AED 10,000 each per month and 100 others will receive AED 2,500 each.

In addition to its two Debit Cards, RAKBANK AMAL also offers two Credit Cards through RAK Islamic Finance Company, a fully owned subsidiary of RAKBANK. Sharing the trendsetting features of RAKBANK Cards, RAKBANK AMAL does not charge an annual fee on the sharia-compliant cards which are also eligible for up to 5% Cashback. In addition, it brings its cardholders exclusive dining and lifestyle privileges with RAK Islamic Feast and RAK Islamic Lifestyle. Customers are sure to receive continuous rewards and benefits through exclusive weekly deals, including 50% discounts at various Sharia-compliant outlets, through RAKBANK Deals on www.rakbankdeals.ae, which is also supported by an interactive mobile application.

Moreover, Amal Auto Finance, based on the Islamic concept of Murabaha, helps customers get the car of their dreams with minimal documentation and quick approvals. No salary transfer is required and finance is available for up to 60 months at competitive profit rates and through flexible repayment periods.

In case of any queries, customers can contact the dedicated toll free number on 800 AMAL (2625) or visit www.rakbank.ae. RAKBANK AMAL services are available on all existing and traditional Bank branches, Online Banking, Mobile banking, RAKBANK Direct and ATMs.

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About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 450,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services throughout its 33 branches, as well as its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of credit cards, RAKBANK received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
For media queries, kindly contact Lamis Daoud on +9714 291 5064 or via lamis.daoud@rakbank.ae