Financial Services
From The Report: Ras Al Khaimah 2015
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RAK’s financial services sector has posted robust growth in recent years. New regulations in line with Basel III standards are set to stabilise and protect banks, setting new capital and liquidity standards, while changes to the insurance sector are expected to limit investment losses in the UAE’s equities markets. While local banks are increasingly focusing on retail and SME lending, construction development in the region continues to bode well for the sector, with events such as Dubai’s World Expo 2020 and FIFA World Cup 2022 in Qatar set to generate greater investment and financing demand.

This chapter contains an interview with Peter England, CEO, National Bank of Ras Al Khaimah.

Articles from this Chapter

Overview

Fertile soil: Financial services sector ready to reap the benefits of economic expansion and regulatory changes
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In recent years, Ras Al Khaimah’s financial services sector has posted robust growth, driven by a rising population and new infrastructure projects. The industry has expanded beyond the emirate and of the four largest players – the National Bank of RAK (RAKBANK), Commercial Bank International (CBI), RAK Insurance and United Insurance Company (UIC) – three recorded positive results in 2014. However, there are several challenges as well. Impaired loan provisions cut into banking profits in 2014,…

Interview

In good standing: OBG talks to Peter England, CEO, National Bank of Ras Al Khaimah
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Interview:Peter England In what ways has the establishment of Al Etihad Credit Bureau benefitted the sector as a whole? PETER ENGLAND: The establishment of Al Etihad Credit Bureau is a step in the right direction towards a more transparent credit environment. While the bureau will not do away with each bank’s independent assessment tools for loan applications, it will ensure that banks have all the information they need to make accurate lending decisions. Moreover, customers with good credit…

Analysis

Regulatory rewrite: Prioritising balance sheet health for banks and insurers
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Regulatory changes in the UAE’s banking and insurance industries have picked up in recent years. In the banking sector, new regulations in line with Basel III standards are set to stabilise and protect banks, setting new capital and liquidity standards, while changes to the insurance sector are to limit investment losses in the UAE’s equities markets. Insurance In February 2015 the Insurance Authority issued a series of new regulations for Islamic and conventional insurers operating in the…