RAKBANK, UAE — A Modern Banking Powerhouse Rooted in Ras Al Khaimah

In a region where banking is rapidly evolving with AI-driven fintech, seamless mobile experiences, and Sharia-compliant financial options, RAKBANK stands out—not just as a legacy institution, but as a dynamic force driving inclusive, tech-forward banking across the United Arab Emirates.

Established in 1976, RAKBANK (officially the National Bank of Ras Al Khaimah P.S.C.) is one of the oldest and most trusted banks in the UAE. Headquartered in Ras Al Khaimah, it serves as both a regional pillar and a forward-thinking financial institution, offering everything from personal and SME loans to comprehensive Islamic banking solutions.

What Is RAKBANK?

RAKBANK is a public joint-stock company, majority-owned by the Government of Ras Al Khaimah (owning 52.76% of shares). It is listed on the Abu Dhabi Securities Exchange (ADX) and holds a distinct place among UAE banks for blending digital innovation with local heritage and regulatory trust.

Its reach spans 20 physical branches, supported by robust digital and mobile banking platforms, enabling residents and businesses across the UAE to access banking services 24/7.

Key Segments of RAKBANK

RAKBANK structures its operations into four major banking divisions to serve its diverse clientele:

1. 🏦 Retail Banking

Serving everyday customers with products like:

• Current & savings accounts
• Fixed deposits
• Debit and credit cards
• Personal loans, auto loans, and mortgages

Its personal banking services are increasingly digital-first, making it convenient for residents in Dubai, Abu Dhabi, Sharjah, and beyond to bank on the go.

2. 🏢 Wholesale Banking

RAKBANK supports large-scale corporate clients and institutions through:

• Corporate lending
• Deposits and treasury operations
• Trade finance and structured products

This division also serves multinational companies operating in Free Zones, industrial hubs, and logistics corridors like JAFZA and RAK FTZ.

3. 👔 Business Banking (SMEs)

RAKBANK is a preferred partner for small and medium enterprises (SMEs)—the backbone of the UAE economy. It offers:

• Trade finance
• Business loans and overdrafts
• Tailored cash management services

Dubai’s thriving startup ecosystem and Ras Al Khaimah’s industrial base find a strategic ally in RAKBANK’s SME-focused tools.

4. 🕋 Islamic Banking – RAKislamic

RAKislamic is the bank’s Sharia-compliant arm, offering:

• Personal and corporate Islamic accounts
• Murabaha and Ijarah financing
• Takaful (Islamic insurance)

It aligns with Islamic finance principles, avoiding interest and favoring profit-and-loss sharing models, making it popular among ethically minded customers and businesses.

Noteworthy Products & Innovations

RAKBANK isn’t just another traditional bank—it’s actively innovating the financial landscape of the UAE.

📱 Skiply: Education Payments Reinvented

Skiply is a smart mobile app that simplifies school fee payments for parents. It allows users to:

• Pay tuition via debit or credit card
• Track payment history
• Use biometric login for secure access

This makes it especially relevant in urban centers like Dubai, Abu Dhabi, and Sharjah, where private schooling is the norm.

🔒 Protego Insurance Platform

Protego, a wholly-owned RAKBANK subsidiary, is an aggregator platform that helps customers:

• Compare car, health, travel, and home insurance
• Access policy details across multiple providers
• Get quotes and purchase insurance instantly

It reinforces RAKBANK’s commitment to offering 360-degree financial solutions under one ecosystem.

Subsidiaries and Strategic Reach

Beyond traditional banking, RAKBANK is connected to a wider financial web through key subsidiaries:

• RAKINSURANCE (Ras Al Khaimah National Insurance Company PSC) – General insurance provider.
• RAK Technologies FZCO – Tech and operational services support.
• Rakfunding Cayman Limited – Strategic offshore funding vehicle.

These subsidiaries enhance RAKBANK’s operational scope across fintech, risk management, and investment services.

Executive Leadership: Diverse, Experienced, and Global

RAKBANK’s leadership reflects a strong blend of local governance and international banking acumen. With Raheel Ahmed as Group CEO, and strategic leaders across compliance, technology, risk, and Islamic banking, the bank is well-positioned for future growth.

Board members include:

• Mohamed Hasan Al Shamsi – Chairman
• Shaikha Amneh Al Qasimi – Vice Chairman
• Sanjeev Badyal – CEO, RAKINSURANCE
• Ahmed Alzaabi – Head of Islamic Banking

The mix of executive and non-executive voices ensures transparent governance, while aligning with UAE’s long-term economic vision.

RAKBANK’s Cultural and Economic Role in the UAE

What makes RAKBANK truly stand out is its deep connection to the Emirate of Ras Al Khaimah, one of the UAE’s most rapidly growing regions. With increasing investment in infrastructure, tourism, and industry, RAKBANK acts as a financial enabler for both local families and global businesses looking to set up in the northern emirates.

It also plays a strong role in national development by supporting:

• UAE citizens through tailored credit products
• Expats through accessible account openings and digital onboarding
• Government-led economic diversification efforts

RAKBANK Contact Details

📍 Address:
RAKBANK Building, Sheikh Mohammed Bin Zayed Road,
Ras Al Khaimah City, United Arab Emirates

📞 Phone: +971 4 213 0000
🌐 Website: www.rakbank.ae

Related Guide:

• Abu Dhabi Commercial Bank
• Abu Dhabi Islamic Bank
• Emirates NBD
• First Abu Dhabi Bank
• Arab Bank

Frequently Asked Questions (FAQs) About RAKBANK

Is RAKBANK owned by the UAE government?

Yes. The Government of Ras Al Khaimah owns 52.76% of RAKBANK, reinforcing its credibility and stability within the UAE’s financial system.

Can expats open accounts with RAKBANK?

Absolutely. RAKBANK offers a variety of personal and business accounts for expats, along with digital onboarding services that streamline the process.

Does RAKBANK offer Islamic banking?

Yes. Through RAKislamic, the bank provides fully Sharia-compliant financial services, including accounts, financing, and investment options.

What is Skiply, and who is it for?

Skiply is a mobile app by RAKBANK designed for school fee payments. It’s ideal for parents in private schools across the UAE who want a quick, secure way to pay tuition digitally.

Where can I find RAKBANK branches?

RAKBANK operates 20 branches across the UAE, including locations in Ras Al Khaimah, Dubai, Abu Dhabi, and Sharjah. You can also use their comprehensive digital banking platform.

Final Thoughts: Why RAKBANK Matters

RAKBANK is more than a financial institution — it’s a trusted community enabler, an innovation driver, and a key player in UAE’s economic narrative. Whether you’re an entrepreneur launching a startup, a family seeking ethical banking, or an expat looking for flexible financial solutions, RAKBANK offers a reliable and progressive platform.

For more guides on UAE banks, Islamic finance, or startup resources, visit TheDubaiWeb.com — your trusted destination for everything business, lifestyle, and travel in the Emirates.