RAKBANK AMAL Launches Sharia - Compliant Business Finance Solutions
RAKBANK's Islamic Banking division, AMAL, recently expanded its Sharia-compliant offering to its valued customers to include premium business finance solutions.
- (1888PressRelease) November 27, 2013 - AMAL Business Finance is a new addition to the Bank's existing portfolio of Islamic Banking products which include current and saving accounts, deposits, personal and auto finance, credit and debit cards, and takaful programs.
"Over the years, RAKBANK Business Finance has worked closely with customers to have a strong and consistent presence in the market capable of sustaining the success of small-to-medium enterprises (SMEs). So we established Sharia-compliant Business Finance solutions on the same foundations that succeeded in putting RAKBANK's conventional business finance solutions in the market's forefront," explained Mufaddal Khumri, Head of RAKBANK AMAL. "Today, AMAL Business Finance aims to fill a gap in business banking by striving to be an invaluable partner to SMEs not only by providing capital, but also by working closely with them to ensure their stability and growth," added Khumri.
AMAL Business Finance offers collateral-free financing as high as AED 2.5 million to SMEs that have been in business for at least one year. "With competitive profit rates, a flexible repayment structure that extends to 72 months, a quick approval schedule, and minimum documentation requirements, the AMAL finance solution is all about customer convenience," said Khumri.
In line with its commitment to convenience, customers are also offered the AMAL Titanium Business Credit Card to add flexibility to their payment plan. AMAL Business Titanium cardholders can pay the minimum amount due on their card within 25 days from the statement date and the balance at their convenience. Cardholders can also use up to 90% of the credit card limit for cash advances through various channels such as ATMs, RAKBANK branches, and exchange houses. Like other RAKBANK Titanium cards, the AMAL Titanium Business Credit Card makes it easy to save through RAKBANK's flagship Cashback feature with 2% Cashback on all international retail and 1% on all domestic retail purchases. Furthermore, AMAL Titanium Business Credit Card gives customers the chance to win a million dirhams every six months and the opportunity to contribute to a charity of their choice with every card transaction.
RAKBANK introduced AMAL in January 2013 to ensure that it caters to the UAE's wide customer base, including customers that prefer Sharia-compliant products and services. "Since AMAL's launch early this year, the Islamic Banking portfolio has shown strong growth month on month with Sharia-compliant finance products reaching 30% of the Bank's business today. Over the coming year, AMAL customers can keep expecting competitive Islamic Banking products with outstanding customer service," concluded Khumri.
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country's oldest local financial institutions and today one of its fastest growing and most dynamic banks.
RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of credit cards, the Bank received the title of 'Bank of the Year' in 2012 by Arabian Business Achievement Awards.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
For media queries, kindly contact Lamis Daoud on +9714 291 5064 or via lamis.daoud ( @ ) rakbank dot ae.
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