Latest news with #RaheelAhmed
Al Etihad
2 hours ago
- Business
- Al Etihad
RAKBANK becomes first UAE conventional bank to offer retail crypto trading via mobile app
30 July 2025 11:29 A. SREENIVASA REDDY (ABU DHABI) RAKBANK has launched a pioneering crypto brokerage service through its mobile banking app, allowing retail customers to buy, sell, and swap cryptocurrencies directly from their dirham accounts, a statement from the bank initiative makes RAKBANK the first conventional bank in the UAE to offer crypto trading, following a strategic partnership with Austrian fintech firm Bitpanda.'Through the service, customers can convert dirhams into a range of leading digital assets such as Ethereum (ETH), Solana (SOL), Ripple (XRP), Binance Coin (BNB), Chainlink (LINK), Tron (TRX), and Cardano (ADA),' according to FAQs on various aspects of crypto trading published on the bank's transactions are executed in dirhams, eliminating the need for foreign currency transfers and associated service is enabled via Bitpanda's crypto trading platform, which is accessible through RAKBANK's app. Bitpanda's custody infrastructure holds the digital assets, which cannot be transferred between FAQs also outline the procedures for trading. Users must link a RAKBANK current or savings account to access the service and ensure sufficient funds are available before placing orders through the crypto dashboard.'Customers can close their crypto accounts at any time by converting assets back to dirhams and raising a closure request within the app,' the FAQs service is currently available by invitation only, with plans for a broader rollout in the coming months. The partnership is facilitated through Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA) regulated entity. Bitpanda is also licensed by several European regulators and operates as a trusted platform for over 6.5 million users worldwide, including major financial institutions like Deutsche Bank, Raiffeisen Bank, and on the launch, Raheel Ahmed, Group CEO of RAKBANK, said, 'RAKBANK has been a leader and pioneer in digital assets among UAE banks, and we are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform.'Bitpanda's Deputy CEO, Lukas Enzersdorfer-Konrad, added, 'Collaborating with RAKBANK is a big moment for digital assets in the region. Together, we're showing how crypto can be offered in a safe, regulated, and simple way — directly from a major conventional bank that customers already trust.' Founded in Vienna in 2014, Bitpanda is recognised as Europe's leading crypto platform. It offers over 3,200 digital assets—including cryptocurrencies, stocks, ETFs, precious metals, and commodities—and maintains offices in Vienna, Barcelona, Berlin, and Bucharest. The firm is known for its strong regulatory standing and secure infrastructure, making it one of the most trusted trading platforms in the sector.
Crypto Insight
3 hours ago
- Business
- Crypto Insight
Rakbank becomes the first UAE bank to offer crypto trading for retail
The National Bank of Ras Al Khaimah (Rakbank), a government-owned bank in the United Arab Emirates (UAE), is the first conventional bank in the country to offer retail crypto trading. In a Tuesday news release, the bank announced the launch of a crypto brokerage service through its mobile banking app, allowing customers to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts. 'We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED [dirhams],' said Raheel Ahmed, group CEO of Rakbank. The new offering is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated entity in Dubai. Bank-backed crypto trading now possible Rakbank said customers can trade crypto without needing to transfer funds to an external exchange or convert between fiat currencies, eliminating foreign exchange fees. The integration uses Bitpanda's infrastructure to execute trades and manage custody. 'We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform,' Ahmed said. The crypto trading service is currently available by invitation only, with a broader rollout expected in the coming months. Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, called the partnership 'a big moment for digital assets in the region.' Bitpanda is regulated in multiple European jurisdictions and has existing institutional partnerships with Deutsche Bank, N26 and Raiffeisen Bank. Cointelegraph reached out to Rakbank for comment but had not received a response by publication. Rakbank launches crypto platform in UAE Last year, Rakbank partnered with Bitpanda to build a digital asset management platform for residents. The bank described digital assets as the 'future,' adding that they offer a more efficient and secure way for customers to manage finances. Rakbank's push into crypto comes as the UAE strives to establish itself as a primary destination for blockchain and crypto projects. The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance. Last month, the Dubai Financial Services Authority, the financial regulator in charge of the Dubai International Financial Centre, approved Ripple's RLUSD stablecoin. Source:
Bloomberg
22-07-2025
- Business
- Bloomberg
Ahmed: UAE's Economy Remains Resilient
UAE's RAKBANK has reported pre tax profit for the first half of the year at AED 1.5 billion. That's a 26% jump year on year, which the bank says has been driven by non-interest income growth and an improvement in asset quality. Raheel Ahmed, CEO of RAK Bank spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the growth. (Source: Bloomberg)
Al Etihad
21-07-2025
- Business
- Al Etihad
RAKBANK posts record profit before tax of Dh1.58 billion for H1 2025, up 26%
21 July 2025 19:24 RAS AL KHAIMAH (ALETIHAD)RAKBANK has reported a record profit before tax of Dh1.58 billion for the first half of 2025, marking a 26% year-on-year increase, driven by robust growth in non-interest income and continued strength in asset bank's total income rose 9.5% to Dh2.68 billion in H1 2025, while total assets expanded 18.1% year-on-year to Dh95 billion. Customer deposits stood at Dh61.1 billion, reflecting a 4.5% rise. The CASA (current and savings account) base grew to Dh40.48 billion, with a CASA ratio of 66%—one of the highest in the profit after tax for the first half reached Dh1.374 billion, up 26.1% from the same period last year. For the second quarter alone, net profit stood at Dh669 million, a 22% increase profit for H1 2025 was Dh1.68 billion, up 7.7% year-on-year, though operating expenses also rose 12.9% due to investments in technology, data, people, and customer experience. The cost-to-income ratio increased slightly to 34.6% from 33.6%.Gross loans and advances grew 17.4% year-on-year to Dh51.38 billion, with wholesale banking loans rising by 33%, in line with the bank's diversification quality continued to improve, with the net impairment charge to average loans ratio reducing sharply to 0.7% from 1.7% a year ago. The impaired loan ratio declined to 1.9% from 2.4%, while provisions to gross loans fell to 5.2% from 6.2%.Return on equity rose to 22.1% from 20.4%, and return on assets improved to 3.1% from 2.9%. The bank maintained a strong capital position with a capital adequacy ratio of 18.8%, up from 18.0% a year earlier. Commenting on the results, Raheel Ahmed, CEO of RAKBANK, said: 'We are pleased to deliver a record first-half profit driven by continued income momentum, robust asset growth, and sustained credit quality improvements. These results reinforce our strategy of building a more diversified, resilient, and future-ready bank.' Source: Aletihad - Abu Dhabi
Zawya
14-07-2025
- Business
- Zawya
RAKBANK unveils new Elite Banking Centres in Abu Dhabi, Dubai, and Ras Al Khaimah
Dubai, United Arab Emirates – RAKBANK has officially inaugurated its state-of-the-art Elite Banking Centres in Abu Dhabi, Dubai, and Ras Al Khaimah, further strengthening its commitment to serving customers with personalised, relationship-driven banking experiences. A ribbon-cutting ceremony was held last week to mark the launch, attended by RAKBANK Chairman H.E. Mohamed Omran Al Shamsi and Group Chief Executive Officer Raheel Ahmed, alongside board members, senior leadership, and esteemed clients. The event took place at the new Dubai Elite Centre located in the iconic Opus Tower. The Elite Banking Centres have been thoughtfully designed to offer a premium experience for valued clients. These new spaces act as relationship hubs, reflecting RAKBANK's renewed focus on trust, proximity, and tailored financial expertise. The centres provide dedicated relationship management, wealth advisory, and exclusive banking services in a modern, client-centric environment. The openings also mark a key milestone in RAKBANK's wider transformation journey focused on elevating customer experience, particularly for its growing Elite client base. RAKBANK Elite Banking clients can now enjoy a seamless, highly personalised service model across all three emirates. About RAKBANK RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE. We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX). RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments. With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
