# RAKBank

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. It is listed on the Abu Dhabi Securities Exchange (ADX).

## Overview

RAKBANK, officially known as the National Bank of Ras Al Khaimah (P.S.C.), is one of the oldest and most dynamic banks in the United Arab Emirates (UAE). Established in 1976, the bank has consistently led the market by offering a comprehensive range of banking services across the UAE. RAKBANK operates as a public joint stock company with its headquarters in Ras Al Khaimah, UAE. The bank’s head office is located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road, Ras Al Khaimah. The Government of Ras Al Khaimah holds a majority stake in the bank, which is publicly traded on the Abu Dhabi Securities Exchange (ADX).
Renowned for its innovation and commitment to exceptional customer experiences, RAKBANK has embarked on a transformative digital journey, positioning itself as a "digital bank with a human touch." With 20 branches and advanced Digital Banking solutions, RAKBANK provides a wide range of Personal, Wholesale, and Business Banking services. Additionally, through its Islamic Banking division, RAKislamic, the bank offers Sharia-compliant banking solutions, ensuring a seamless experience whether customers engage in-person or online.

### Shareholders

The Bank is 52.76% owned by the Government of Ras-Al-Khaimah. The Board consists of several members of the ruling family of the emirate and businessmen from across the UAE and Kuwait.
| Shareholder Ownership | |
| The Government of Ras Al Khaimah | 52.76% |
| UAE Citizens | 26.99% |
| Foreign Ownership | 20.25% |

## History

RAKBANK was founded in 1976 and has since become a market leader in the UAE's banking sector. The bank is committed to upholding the highest standards of excellence and integrity, fostering a culture of trust, accountability, and customer focus. RAKBANK's evolution reflects its dedication to simplifying and enhancing the banking experience for its customers. As a public joint stock company, RAKBANK's shares are traded on the Abu Dhabi Securities Exchange (ADX), and the bank is majority-owned by the Government of Ras Al Khaimah.

## Services

RAKBANK offers a diverse range of banking services, catering to both personal and business needs. These services are accessible through 20 physical branches and advanced Digital Banking platforms. RAKBANK's offerings include Personal, Wholesale, and Business Banking services, with a focus on providing seamless and efficient banking experiences.
RAKBANK also operates an Islamic Banking division, RAKislamic, which delivers Sharia-compliant Personal, Wholesale, and Business Banking services. Whether through traditional branch visits or digital solutions, RAKislamic ensures that customers can engage in banking that aligns with Islamic principles.

### RAKIslamic and RAKNIC

RAKBANK's portfolio includes specialized divisions such as RAKislamic, which offer Sharia-compliant financial services. The bank also operates RAKNIC, a subsidiary that focuses on insurance solutions, further broadening the range of financial products available to its customers.
RAKBANK's Islamic banking division, operates under the principles of Islamic Sharia, focusing on fairness, equality, and social justice. Unlike conventional banking, RAKislamic avoids interest-based transactions, instead offering Sharia-compliant financing and investment options based on profit and loss sharing. Committed to ethical and responsible banking, RAKislamic ensures its services align with Islamic values, avoiding practices that could be harmful or unethical.

### Skiply

Skiply is a unique digital app developed by RAKBANK, designed to simplify the process of managing education payments. It is the only digital education payment app in the UAE, enabling parents to pay school fees and schools to collect fees efficiently and conveniently.

### Protego

Protego Insurance is a 100% subsidiary of RAKBANK and led by a team of insurance experts and technology enthusiasts. It searches all of the top insurance companies, in one place, so customers can compare the cost, features, and personalized coverage to cover cars, homes, health and travel.

## Awards (2024)

In 2024, RAKBANK received numerous prestigious awards, highlighting its excellence in digital innovation, customer service, and corporate responsibility:
* Global Business and Finance Magazine Awards 2024
** Best Integrated Educational Solution in UAE – “Skiply powered by RAKBANK”
** Best Digital Solution in UAE – “Skiply powered by RAKBANK”
** Best Corporate Social Responsibility Initiative UAE
* 7th Middle East Banking AI & Analytics Summit
** Best Use Case of AI & Analytics in Cyber Security
* 11th Annual International Finance Awards 2023
** Most Innovative Home Loan Product – "Home in One"
* The Westford Awards Committee 2024
** Business Excellence in the Finance Sector in the UAE (Sail to Success)
* World Business Outlook Awards
** Best Banking Credit Card Program UAE
** Best Business Bank UAE
** Best Banking Product UAE
** Best Educational Payment Digital Solution UAE
* Middle East & Africa Innovation Awards 2024
** Outstanding Achievement in Cyber Security
* Global Banking and Finance Awards 2024
** Best Bank for Youth and Students UAE