RAKBank has become the latest lender to launch an Islamic banking unit, amid a flood of investment into the Sharia-compliant financial sector.
The Ras Al Khaimah-based lender said in a statement yesterday that it had gained approval from the Central Bank to launch an Islamic offering, through which it will offer customers debit and credit cards with discounts at Sharia-compliant outlets, as well as car loans and takaful policies.
The subsidiary, RAKBank Amal, joins a growing number of lenders seeking to capitalise upon a development drive into Islamic finance.
RAKBank establishes Islamic unit - The National
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