RAKBANK launches Islamic banking

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 in its quarterly draw.

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.rakbank.ae/amal/deals, 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.