Islamic finance industry growing as Rakbank launches more products

Rakbank is set to launch new Islamic finance products

Rakbank is starting 2013 with the launch of its new Islamic banking window. 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 Shariah-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 Shariah-compliant products include Jood account.