The Banking Executive Magazine - April 2022 Issue

EMIRATES ISLAMIC BANK INTRODUCES EMARATI BUSINESS ACCOUNT Emirates Islamic Bank has launched the 'Emarati Business Account' initia- tive, designed specifically to support the UAE's national companies. The new account builds on the bank’s ongoing commitment towards supporting the UAE’s SME sector, which represent 94 percent of the total companies and institutions op- erating in the country and contribute more than 50 percent to the coun- try’s GDP. The Small and Medium Enterprises (SMEs) sector is a key contributor to the national economy, and helps boost the UAE’s global competitive- ness while contributing to increase the non-oil GDP and advancing eco- nomic diversification. Commenting on the launch, Farid Al Mulla, Head of Consumer Banking and Wealth Management at Emirates Islamic, said, "As a leading Islamic bank in the region, we recognise the crucial role that the Emarati business community plays in driving eco- nomic growth in the UAE, and are committed to supporting their needs. We understand the unique require- ments of this business segment and through our new Emarati Business Account, we would like to empower our UAE national clients and assist them through each part of their busi- ness journey." Fitch Ratings Fitch Ratings AFFIRMS RAKBANK'S 'BBB+' RATING; OUTLOOK STABLE Fitch Ratings has affirmed the long-term issuer default rating (IDR) of the National Bank of Ras Al Khaimah (RAKBANK) at 'BBB+', with a stable outlook. Affirming the bank's rating re- flects low default risk and ade- quate capacity for payment of financial commitments. It is noteworthy to mention that in 2021, RAKBANK recorded a 50% year-on-year (YoY) rise in net profits to AED 758.3 million, compared to AED 505.4 million. the BANKING EXECUTIVE 36 ISSUE 160 APRIL 2022