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 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.
