RAKBank establishes Islamic unit
RAKBank has recently launched an Islamic banking unit. According to a statement by the Ras Al Khaimah-based lender, it had received approval from the Central Bank to start an Islamic offering. The new unit will offer customers debit and credit cards with discounts at Sharia-compliant outlets, as well as car loans and takaful policies. As a subsidiary, RAKBank Amal becomes part of a continuously increasing number of lenders seeking to capitalise upon a development drive into Islamic finance.