Looking to meet your financial needs for home and professional use? Here we’ve listed some of the most established and trusted finance companies in Ras Al Khaimah.
Most of the companies listed here are major banks that host a number of dedicated wings under them for personal and corporate financing and other services. You can find these separate wings under the yellow pages but we’ve focused here on the banking institutions that provide comprehensive financial services for both personal and corporate needs.
Read on to find out more about these banks and get in touch with them for more information.
A brief overview of Best Finance Companies in Ras Al Khaimah
The Ras Al Khaimah national bank RAKBANK is a great option for residents who are looking for both personal and corporate financing.
CBI is great for getting a comprehensive financial solution with specialist advice and attention to your needs as it is a smaller bank compared to others.
For the best and most reliable Sharia-compliant financial service, the Abu Dhabi Islamic Bank and Emirates Islamic are the best options.
For Egyptian nationals, Banque Misr might be the best choice for personal financing needs.
HSBC is the largest bank on this list with numerous branches spread out across 64 countries.
Top 10 Financial Institutions in Ras Al Khaimah
Here is our list of the top 10 finance companies in Ras Al Khaimah.
- RAKBANK
- Abu Dhabi Islamic Bank
- Union Investments
- Abu Dhabi Commercial Bank
- Banque Misr
- HSBC Bank
- Emirates Islamic Bank
- United Arab Bank
- Commercial Bank International
- Bank Melli Iran
1. RAKBANK
RAKBANK tops our list of top 10 finance companies in Ras Al Khaimah, as it is the national bank run by Ras Al Khaimah’s government since its founding in 1976. Over the years RAKBANK has shifted its attention from corporate banking to personal and business banking by providing a wide range of products and services delivered through its 38 branches situated around the region.
They have a dedicated Islamic banking unit (RAKislamic) for providing Sharia-compliant personal and business banking services to their customers.
In 2022 RAKBANK reported solid numbers on its financial reports showing an overall net profit of over AED 800 million in the first nine months of the year.
It is headquartered in the emirate of Ras Al Khaimah and operates under the stipulations enacted by the UAE Banking Federation (UBF).
Services offered
RAKBANK offers all the traditional banking services including credit and debit cards, digital banking, and also insurance services to both corporate and personal customers.
Their financial services offered include business loans, real estate finance, Islamic business finance, trade finance, and various kinds of asset finance such as commercial vehicles, construction equipment, medical equipment, etc.
Contact
| Telephone | +9714 213 0000 |
| [email protected] | |
| Website | www.rakbank.ae |
2. Abu Dhabi Islamic Bank
The Abu Dhabi Islamic Bank (ADIB) is a leading bank in the UAE and the 4th largest Islamic bank in the world with over 1 million customers. Since its incorporation in 1997, ADIB has been consistently growing over the past 2 decades and currently has an asset valuation close to USD 40 billion.
ADIB provides various kinds of financial services in the form of banking solutions for individuals, corporate bodies, and others. The overseeing ADIB Group is known for its dealing in real estate and property management, payments and insurance services, etc. among others.
ADIB has a strong regional presence being one of the largest distribution networks in the UAE with 62 branches and 379 ATMs. Being the recipient of numerous awards and titles from international bodies, ADIB also has a strong international presence in countries including Egypt, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, Sudan, and Iraq.
Services Offered
ADIB provides various business finance solutions for both corporate and individual ventures. Sharia-compliant products and services are made available as relationship-based finance and small business finance.
Contact
| Telephone | +971-2-657 8777, 600543216 |
| [email protected] | |
| Website | www.adib.ae |
3. Union Investments
Union Investments is one of the leading multi-sector investment houses in the region which has consistently remained profitable throughout the changing market dynamics since its formation in 1971.
They hold a few large investments in their portfolio and are constantly looking out for investment and partnering opportunities arising in the UAE, and internationally. They carry out their comprehensive investment and value management initiatives only after strong planning processes and weighing in several factors like future market potential.
Union Investments currently work with several real estate corporations, management firms, and one of the largest industrial catering companies in the UAE.
Services offered
Union Investments generally offers its investment services to large corporations including real estate firms, management firms, etc. They are mainly focused on optimizing returns for their stakeholders through successfully collaborating with international ventures and other partnerships, so they may be unwilling to finance small and medium-scale businesses.
Contact
| Telephone | +971 7 222 0777, +971 7 222 0888 |
| [email protected] | |
| Website | www.union.ae |
4. Abu Dhabi Commercial Bank
The Abu Dhabi Commercial Bank (ADCB) is a thriving full-service commercial bank that mainly provides its services in the field of retail banking, wealth management, private banking, corporate banking, project finance, property management services, etc.
Their recently released quarterly earnings report for 2022 shows a 23 percent net profit for the year and fourth quarter.
ADCB has been the recipient of a range of awards including the recent title of “Best Online Banking Service” bagged at the MEA Finance Awards 2022.
Services Offered
ADCB offers a multitude of services in the business sector including trade finance, business loans, financial market solutions, corporate trust services, and various cash management in the commercial sector, mid-corporate, and large corporate sectors.
Contact
| Telephone | +971 2 6210090 |
| [email protected] | |
| Website | www.adcb.com |
5. Banque Misr
Banque Misr is a long-running banking service provider with a prominent presence in the MENA region. They serve as one of the key facilitators of trade between the UAE and Egypt, being the most widely used bank by Egyptian nationals currently resigning in the Gulf cities including Dubai, Abu Dhabi, Al Ain, Sharjah, and Ras Al Khaimah.
Since its establishment in 1920, Banque Misr has consistently sought to diversify its products and services internationally using the latest advancements and innovative technologies for catering to both individual and corporate clients.
Services offered
They offer a wide range of financial services including working capital finance which provides overdrafts, short-term loans, etc.
Their trade finance will provide Letters of Credit, Letters of Guarantee, Trust Receipts, Export LC Discounting, etc.
Banque Misr helps finance capital expansion projects, acquisition, and expansion, refinance of existing debt, revolving credit finance, etc. as part of their medium and long-term financial services. They also provide specialized finance for supporting businesses, real estate assets, marketable securities, and other asset-backed finance.
Contact
| Telephone | +971 7 233 2245 |
| [email protected] | |
| Website | www.banquemisr.ae |
6. HSBC Bank
HSBC is one of the world’s largest banks and is currently the largest bank in Europe with over 40 million customers globally. It has a large network of offices and territories situated across 64 countries and, as of 2022, it was ranked 38 in the world by Forbes rankings of largest companies.
As a London-based financial institution, HSBC had established itself prominently in the Middle East since 1946. It provides various banking and financial services to individuals, commercial establishments, and global partners.
Services Offered
HSBC offers a wide range of loans ranging from personal loans, education loans, rent loans, home improvement loans, Top-up loans, car loans, etc. among others. They also provide mortgages and overdraft facilities for both businesses and individuals.
Contact
| Telephone | +971 4 228 8007, 600 55 HSBC (600 55 4722) |
| [email protected]. | |
| Website | www.hsbc.ae |
7. Emirates Islamic Bank
The Emirates Islamic Bank dates its origin from 2004 when it was founded to deliver best-in-class banking services that are aligned with the standards set by the principles of Shaira. It strives to be the most Shariah-compliant bank for its customers across various sectors.
Emirati Islamic recorded a 51 percent increase in profits in the year 2022 as reported and it recently bagged the “Best Islamic Bank for SMEs” at the MEA Finance Awards last year.
Services Offered: It provides all the banking services required for personal management including credit/debit cards, Internet banking, etc. among others.
Its comprehensive financing solutions cover various business-related finance for import/export services, guarantees, and smartTrade.
Finance against receivables, real estate finance, working capital finance, and long-term financing services are provided by the bank for customers across various sectors.
Contact
| Telephone | +971 6 5987332, 800 474 |
| [email protected](personal) [email protected] (Corporate) | |
| Website | www.uab.ae |
8. United Arab Bank
The United Arab Bank (UAB) is a public banking and financial institution that was established in 1975 as a joint venture between UAE investors and a French partner institution. It has over 6 branches spread across the UAE with its main headquarters based in Sharjah.
UAB provides its products and services through the personal, corporate, treasury, and Islamic categories to its customers ranging from individuals to SMEs and other local and international corporate entities.
UAB recently announced a net profit of AED 119 million for the 9-month period in 2022, which marks an extraordinary 166 percent increase from the same period in 2021.
Services offered
UAB provides a comprehensive range of banking solutions for small, medium, and large organizations which can be local corporates, multinationals, govt organizations, banks, and other financial institutions.
Some of the main financial services offered include working capital solutions, term loans, overdrafts, receivables discounting, project financing, CAPEX finance, contracting and construction finance, etc. among others.
Contact
| Telephone | +971 (4) 3160080, 600 599995 |
| [email protected] | |
| Website | www.emiratesislamic.ae |
9. Commercial Bank International
The Commercial Bank International (CBI) is a popular banking institution chosen by UAE nationals across the region. Established in 1991, CBI has a reliable record of helping companies and individuals manage their business and personal financial needs for over 3 decades. It became the first UAE bank to launch a metaverse location.
CBI is headquartered in Dubai and incorporated in Ras Al Khaimah. It provides corporate, personal, and Islamic banking solutions that are Sharia-compliant. It is regulated by the Central Bank of the UAE and the Securities and Commodities Authority of the UAE (SCA).
Services offered
CBI provides a comprehensive business solution to corporate customers including helping out through consultancy, engaging new connections, and specialist advice, etc.
The corporate financial services they provide are streamlined for unique requirements and include trade and working capital finance, corporate finance, risk management, etc.
Contact
| Telephone | +971 4 503 9000, 600544440 |
| [email protected] | |
| Website | www.cbiuae.com |
10. Bank Melli Iran
Bank Melli Iran (BMI) is one of the oldest public banks in the region which traces its origins back to 1927 when it was ratified by the National Assembly of Iran. BMI assumed Central Banking duties for over two decades from its inception in Iran until the Central Bank of Iran was established in 1960.
BMI currently has over 3000 active branches in Iran and a total of 7 branches in the UAE including Abu Dhabi, Al Ain, Sharjah, Fujairah, and Ras Al Khaimah, with main branches in Deira Dubai and Bur Dubai.
Services offered
BMI provides loans and advances such as personal loans, commercial loans, overdrafts, and Local Bills Discounting (LBD) for individuals and firms. Through Trade Finance services they offer Letters of Credit, Letters of Guarantee, Trust Receipts, and Advance Against Export LCs to support various businesses.
Contact
| Telephone | +971 7 222 9400 |
| [email protected] | |
| Website | www.bmi.ae |
Role of financial institutions In the economy of Ras Al Khaimah
Financial institutions are integral in the channeling of the resources of Ras Al Khaimah in meaningful investment ventures. These financial institutions provide the marketplace for monetary assets that are made available for ready use across a variety of industries to support development.
They allow efficient allocation of the region’s wealth to help nurture growth by playing the intermediary that makes affordable financing available for all kinds of use. Not just Ras Al Khaimah, this is how financial institutions bring value to the economy in all parts of the world.
However, due to geographical and climatic factors, the scope of commercial activities is limited despite the huge wealth of resources available in the Gulf regions. So financial institutions in the region can play a major part in commercializing these resources by providing finance for other companies in distant but commercially thriving economies of the world.
There are so many different banking institutions to choose from for financing your business and personal needs. It is imperative that you choose a company or program that suits your purposes.
Weighing in on several factors including the scale and scope of your financing needs, the nature of your requirement (personal or professional), customer service expectations, sharia-compliance priorities, etc. you should choose one that meets all your needs.
The companies that we’ve listed here are finance companies in Ras Al Khaimah as most of them offer financial services to personal and established corporate customers. We advise you to check out their website and get in touch with their representatives for a better idea of the kind of services they offer and expectations for their customers.
Frequently Asked Questions
Most of the Islamic banks we’ve mentioned in our list follow strict Sharia stipulations. Please check out their website for more information.
Yes. All the banks on this list have digital and internet banking facilities enabled for customers.
Interest rates vary from 2.37 percent to 4.19 percent for salaried and self-employed customers. Please check their website for the latest rates.
Yes. HSBC has a dedicated Sharia-compliant service that they provide for gulf regions and in many of the countries they operate in.
No, Banque Misr provides its services to all UAE nationals, ex-pats, and other nationals, however, the interest rates can vary.