RAKBANK – National Bank of Ras Al-Khaimah
When it was established? RAKBANK, or National Bank of Ras Al-Khaimah, is indeed one of…
Banking Industry of UAE developed at such a fast pace once after the inception of the country. Apart from other industries, the financial sector grow rapidly and at an astonishing rate leaving other developed countries amazed. This astonishment even further geared up the process as Global Banks saw attraction in starting operations of the newly developed country.
In such days, Arab Government of UAE decided to establish a totally government owned bank and as a result Al Masraf often known as Arab Bank For Investment established in July, 7th 1976 under the Presidency and Government of HH Zayed Bin Sultan Al-Nahyan .
The Bank named Al Masraf is a clear transformation of the vision, wisdom, aim and objectives once set by the great ruler of UAE, the reason of Today’s success of UAE, His Highness Sheikh Zayed Bin Sultan Al Nahayan, and rulers of other Emirates. The main aim of the bank was to satisfy local needs of the customers together with promoting joint economy among different Arab countries to form a coalition which can bring laurels to the Middle East region together as a whole.
While talking about the share holding pattern. Although the bank came as a result of the decision of the ruler of UAE, still the Federal Government of the United Arab Emirates holds 42.28% of the total shares, the remaining shares are being traded publicly on regular basis. Al Masraf is clearly aiming towards its objective which is to become an innovative Bank and the first priority financial Partner. The bank has not only worked on traditional products but has also revamped its structure according to liberal economy and modern banking mediums.
The bank offers complete range of financial products and services together with a greater branch network and 24/7 ATM service. The bank has also realized the importance of Information Technology and thus improving it its internet banking and comprises of a complete user-friendly and chat supportive website.
The bank has not only confined itself to the premises of UAE but also expanded its relationships with other countries and signed many memorandums with leading Middle East banks. The bank offers complete conventional and Islamic products ranging from Personal Banking to the Commercial Banking and incorporating Conventional loans along with Islamic Loans together with Takaful Plans and Shariah compliance.
In the recent years, the bank has re-structures its Management Team and Today Mr.Mohamed Mohd Ali Ben Yousef serves as the chairman of the Bank. The bank believes in three step strategy, First, To provide top-notch quality products to its end users, Secondly to establish desired work place in order to be the premium choice of employees and lastly to focus on profits so as to increase the overall brand equity of the bank together with satisfying the shareholders.