The National Bank of Ras Al-Khaimah (RAKBANK), one of the UAE’s fastest-growing banks, has strategically partnered with CRIF, a global leader in risk management with extensive regional experience, to successfully develop IFRS 9 ECL models (which require entities to estimate and report potential future credit losses on financial assets over their lifetime) across their retail and business banking portfolios. This collaboration ensures full alignment with the CBUAE Model Management guidelines and standards.
CRIF’s proven IFRS 9 methodologies, coupled with global best practices, helped RAKBANK achieve regulatory compliance and optimize Expected Credit Loss (ECL) estimates. The CRIF team adhered to all regulatory requirements related to model development and documentation, ensuring alignment and collaboration between teams, resulting in project completion on time and within budget.
Nivedita Khanna, Head of Risk Analytics at RAKBANK, commented: "CRIF’s knowledge of the local market, their advanced IFRS 9 methodologies, and their expertise, experience, and reputation made them our ideal partner. The CRIF team’s support and close integration with our own teams enabled seamless project delivery."
Subramanya S N, Head of UAE Market from CRIF added: "At CRIF, we are deeply committed to the region, and we are proud to partner with RAKBANK in this strategic journey toward aligning with CBUAE mandates. We are delighted that RAKBANK can leverage our experience and industry-leading IFRS 9 approach to achieve their objectives."
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE. We’re a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX).
RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments. With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
