Overview of RAKBANK
The National Bank of Ras Al-Khaimah, or RAKBANK, is a public joint stock company established in 1976. In 2001, the bank experienced a significant change in direction, concentrating more on retail and small businesses than corporate banking. One of the most dynamic and quickly expanding banks in the United Arab Emirates is RAKBANK.
Evolution and Histories
Over the years, RAKBANK has experienced substantial growth. In 2020, the bank disclosed total assets of AED 52.8 billion and a net profit of AED 505.4 million. Through a network of 27 branches and ATMs, the bank offers traditional and Islamic retail, small business, and commercial banking services.
Since 2005, RAKBANK has maintained a listing on the Abu Dhabi Securities Exchange (ADX). H.E. Mohamed Omran Alshamsi is the bank’s chairman.
RAKBANK Today
RAKBANK is committed to delivering the highest standards of excellence and integrity. The bank’s core values include trust, accountability, and customer focus. RAKBANK offers cutting-edge products and services that make banking simpler, smarter, and more rewarding for its customers.
RAKBANK’s retail banking services include personal loans, credit cards, mortgages, and savings accounts. The bank also offers business banking services, including trade finance, cash management, and SME loans.
RAKBANK has grown significantly and is a reputable and trustworthy bank. Thanks to its emphasis on client satisfaction and cutting-edge goods and services, RAKBANK is positioned for future success.
Services for Banking
To fulfill the demands of its clients, RAKBANK offers a range of banking services. The bank provides personal, business, and Islamic banking services. Each of these banking services has unique characteristics considering its customers’ particular needs.
Personal Banking
RAKBANK’s banking services include savings accounts, current accounts, credit cards, debit cards, and personal loans. The bank offers advantages and reasonable interest rates on its savings accounts, such as complimentary mobile and internet banking services. The current accounts are designed to give customers easy access to their funds and offer a range of features, such as free checkbooks and unlimited transactions.
RAKBANK’s credit cards offer benefits such as cashback, discounts, and reward points. The bank’s debit cards give customers simple access to their money, enable cash withdrawals from ATMs, and allow them to purchase at merchants worldwide. RAKBANK’s loans offer competitive interest rates and flexible repayment options.
Business Banking
RAKBANK’s business banking services include business accounts, business loans, and trade finance. The bank’s business accounts offer a range of features, such as free online banking and mobile banking services. The business loans are designed to give businesses the funds they need to grow and expand. RAKBANK’s trade finance services provide businesses the support they need to import or export goods.
Islamic Banking
RAKBANK’s Islamic banking services include Shariah-compliant products such as savings accounts, current accounts, and personal financing. The bank’s Islamic savings accounts offer competitive profit rates and benefits such as free online and mobile banking services. The Islamic current accounts are designed to give customers easy access to their funds and offer features such as free checkbooks and unlimited transactions. RAKBANK’s Islamic personal financing offers competitive profit rates and flexible repayment options.
Overall, RAKBANK’s banking services are designed to provide customers various options to meet their financial needs. Whether personal banking, business banking, or Islamic banking, RAKBANK has a solution tailored to meet its customers’ unique needs.
Digital Banking
RAKBANK offers its customers a comprehensive range of digital banking services. Here are some of their critical features.
Mobile Banking
RAKBANK’s mobile banking app is available for both Android and iOS devices. The app offers a seamless digital account opening process, allowing customers to open an account and get a virtual debit card in just a few clicks. The app provides biometric login options, such as fingerprint and face ID, for added security and convenience.
Online Banking Features
RAKBANK’s online banking platform provides customers with a range of features to manage their accounts, including the ability to:
- Send money to anyone in the world using RAKMoneyTransfer
- Close deposit accounts
- Update Emirates ID details
- Update address details
- Change digital banking transaction limits
- Register for e-statements
Security in Digital Banking
RAKBANK takes security seriously and has implemented various steps to safeguard its clients’ transactions and data. These measures include:
- Two-factor authentication for online transactions
- Biometric login options for added security
- Frequent fixes and security updates to guard against vulnerabilities
- Encrypted data transmission to protect against interception and hacking
Overall, RAKBANK’s digital banking services provide consumers with an easy-to-use and safe method of managing their accounts via an online banking platform or mobile app.
Innovative Solutions
RAKBANK is dedicated to providing innovative solutions to its customers, making banking more convenient, accessible, and secure. The bank has developed several solutions, including RAKMoneyTransfer and Mobile Wallet, that cater to its customers’ needs.
RAKMoneyTransfer
RAKMoneyTransfer is a convenient and secure method of sending money to anybody, anywhere in the world. RAKMoney Transfer allows customers to send money to their loved ones without hassle. The service is available through the RAKBANK App, and customers can transfer funds using their RAKBANK account or credit card.
RAKMoneyTransfer is a fast and reliable service with favorable exchange rates and inexpensive transfer costs. Customers can track their transactions and receive real-time updates on the status of their transfers. Sending money to more than 200 countries is possible with this round-the-clock service.
Mobile Wallet
Customers can send and receive money, manage their finances, and make payments using RAKBANK’s Mobile Wallet. IOS and Android smartphones can run the software, which you can get from the software Store or Google Play.
With Mobile Wallet, customers can send money to anyone, pay bills, and recharge their mobile phones. The app makes banking more convenient with its features and ease of use. Customers may see their account balances, transaction histories, and real-time alerts on their mobile devices.
RAKBANK’s Mobile Wallet is a secure and reliable solution that offers customers a seamless banking experience. App users can feel safe knowing that sophisticated security mechanisms, such as biometric authentication, safeguard their financial information.
In summary, RAKBANK’s innovative solutions, such as RAKMoneyTransfer and Mobile Wallet, make banking more convenient, accessible and secure for its customers. These services provide a variety of amenities that cater to their needs, and the bank is committed to providing the best banking experience possible.
Customer Experience
RAKBANK strives to provide its customers with a convenient and seamless banking experience. The bank offers various convenience services to make managing their accounts and transactions easier. Customers can register for these services through the bank’s website or mobile app.
Convenience Services
RAKBANK provides clients with various convenient services, such as bill payment, online and mobile banking, and account management. Customers can access their accounts anytime using the bank’s website or mobile app. They can also perform transactions such as transferring funds, paying bills, and checking their account balances.
The bank offers secure online and mobile banking services, protecting customers’ personal and financial information. Customers can also set up alerts and notifications to keep track of account activities.
Support and Assistance
RAKBANK provides its customers with support and assistance whenever they need it. The bank’s customer service department is open around the clock to help clients with their inquiries or worries. Customers can contact the bank’s customer service team through live chat, email, or phone.
Customers can also visit one of the bank’s branches for in-person assistance. The bank’s knowledgeable and friendly staff provides customers with personalized service and support.
Overall, RAKBANK is committed to providing customers with a seamless and convenient banking experience. The bank’s convenience services and support and assistance options make it easier for customers to manage their accounts and transactions.
Corporate Information
The National Bank of Ras Al-Khaimah PJSC is a publicly traded joint stock company in the United Arab Emirates. Its trading name is RAKBANK. The bank was established in 1976 and has since grown to become one of the leading banks in the region, offering a range of personal and business banking services.
Financial Performance
RAKBANK has been performing well financially, with a net profit of AED 1.3 billion in 2020. Despite the challenges brought on by the COVID-19 pandemic, the bank’s assets increased by 3.3% to AED 57.7 billion in 2020. The bank’s financial stability is reflected in its credit ratings, with Moody’s rating the bank at Baa1, while Fitch Ratings has assigned it a Long-Term Issuer Default Rating of BBB+.
Shareholders and Investments
RAKBANK’s shareholders include the Government of Ras Al Khaimah, which holds a 52.76% stake in the bank, and various institutional and individual investors. The bank has been investing in new technologies and digital solutions to enhance its services, focusing on providing customers with convenient and secure banking experiences.
In summary, RAKBANK has demonstrated strong financial performance despite the difficulties of the COVID-19 pandemic. The bank’s emphasis on digital solutions and its investments in cutting-edge technology reflect its dedication to providing clients with easy and safe banking experiences.
Frequently Asked Questions
How can I contact RAKBANK customer care for assistance?
RAKBANK provides 24/7 customer support through phone, email, and live chat channels. Customers can call the customer care center at 600 54 4049 for assistance. Alternatively, they can email customerservice@rakbank.ae or chat live with a customer service representative through the RAKBANK website.
What are the steps to log in to my RAKBANK online account?
To log in to their RAKBANK online account, customers must visit the RAKBANK website. On the page, select “Online Banking” by clicking the button. A popup will then appear with their login and password.
What is the process for logging into my RAKBANK Business account?
To log in to their RAKBANK Business account, customers must visit the RAKBANK website and click the “Business Banking” button at the top of the page. They will then need to provide their user ID, company ID, and password to gain access to their account.
How do I explore career opportunities at RAKBANK?
Customers interested in exploring career opportunities at RAKBANK can visit the company’s website’s “Careers” section. There, they can browse available job openings and apply for positions online.
What are the features and benefits of RAKBANK credit cards?
RAKBANK credit cards offer a range of features and benefits, including cashback rewards, discounts on dining and entertainment, travel insurance, and more. Customers can choose from cashback, travel, and lifestyle cards to suit their needs.
What is the required minimum balance to maintain a RAKBANK account?
Different minimum balance requirements apply to maintain a RAKBANK account, depending on the type of account. For example, the minimum average monthly balance for a RAKBANK Savings Account is AED 3,000. Per the Service and Price guide, a ledger fee will be charged if the minimum average monthly balance is not maintained. Customers can refer to the RAKBANK website or contact customer service for more information on minimum balance requirements.
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