(MENAFN- Khaleej Times) Towards the end of January 2013, RAKBANK launched Islamic banking products and services through a separate brand, RAKBANK Amal, to include a wide range of Shariah-compliant products from accounts, loans and cards to Takaful policies.
Khaleej Times spoke to Mufaddal Khumri Idris, head of RAKBANK Amal, to learn more.
What is the reason behind launching RAKBANK Amal?
Islamic banking has grown dramatically in recent years andas the leading retail and small business bank in the UAE, RAKBANK launched Amal to fill a gap in the local banking industry for offering competitiveIslamic banking products withoutstanding customer service.
Why did Amal's advertising campaign feature animated eggs?
Staying true to its bold, innovative and often light-hearted approach to marketing, the bank decided to use animated eggs in its campaign to signal the birth of new hope, which Amal promises to deliver to the local Islamic banking market, in an amusing way.
Tell us about more about Amal products.
Amal's Shariah-compliant products include theMudaraba-based Jood Savings account that allows customers to grow their savings while earning chances to win cash prizes. Also, Amal offers two debit cards and two credit cards which, like conventional RAKBANK cards, are free for life whilst offering cash-back and lifestyle privileges. Additionally, Amal extends auto finance based on the Islamic concept of Murabaha to help customers get the car of their dreams with minimal documentation and quick approvals.
What are Amal's future plans?
Going forward, RAKBANK Amal will continue to provide its customers with innovative products and award-winning customer service. We will also increase our visibility with the addition of a suite of Shariah-compliant business banking solutions after Ramadan.
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