The most transformed Islamic bank in the UAE 2023: RakBank
RakBank isn’t the biggest or best known bank in the United Arab Emirates. But it is playing an outsized role in providing innovative Islamic banking solutions and growing the market.
Chief executive Raheel Ahmed makes a solid case that the bank’s consistent financial performance, solid cross-border capabilities, strong Shariah governance and stable balance sheet has it punching above its weight in the UAE.
Revenue rose 9% in 2022, driven by an 11% jump in net income, reflecting strong growth in customer financing and a general improvement in margins.
In fact, 2022 was something of a banner year for RakBank, with a 19% increase in overall profit. Ahmed credits rigorous monitoring of operational and impairment costs, new products that resonated with customers and increased efficiency via digital channels.
It is this latter category that is transforming RakBank. From the bank’s state-of-the-art mobile app to its online platforms, the bank is becoming a market leader in innovative mobile solutions.