Dubai, United Arab Emirates, 3 October 2021: In its constant efforts to contribute and promote a sustainable environment, the National Bank of Ras Al Khaimah (RAKBANK) signed an agreement with Ras Al Khaimah Municipality to launch green financing solutions in Ras Al Khaimah. The Municipality oversees the implementation of Ras Al Khaimah Energy Efficiency and Renewables Strategy 2040, which drives and promotes sustainability as a source of competitiveness for the emirate, by reducing the cost of energy and water for businesses, residents and the government. The agreement facilitates several financing options at preferential rates for green housing initiatives, green auto industry, as well as green personal financing solutions.
The Bank aligned its vision with that of the Ras Al Khaimah government by supporting Barjeel, the green building regulations of the emirate that aims to reduce 30% of energy and water consumption of new buildings. RAKBANK will offer an exclusive green mortgage loan at a competitive interest rate – to salaried and self-employed customers interested in buying Barjeel compliant homes with residual financing options, free pre-approvals, attractive discounts on processing and valuation fees, minimal paperwork and more.
RAKBANK will also present to customers based in Ras Al Khaimah with the ability to gain instant access to green auto loans on the condition that they purchase an electric or hybrid vehicles from Ras Al Khaimah based dealers at extremely competitive interest rates, including exclusive discounts on insurance rates. Furthermore, the Bank will extend, to Ras Al Khaimah based customers, a new personal loan at exclusive rates, to finance various green initiatives, such as, solar panel installations and purchase of energy efficient appliances, equipment and devices from licensed vendors in Ras Al Khaimah.
Commenting on the Green Loan Agreement, Peter England, CEO of RAKBANK said: "In line with RAKBANK's environmental values of Preservation of Natural Resources, the Bank is proud to partner with the Ras Al Khaimah Municipality to encourage UAE Nationals and Expatriates alike to purchase a Barjeel compliant house, an electric or hybrid car, or even undertake home improvement projects to install solar panels that ultimately aim at reducing energy, water and gas consumption. At RAKBANK, we believe that our long-term success as a national bank lies in growing people's trust in us by increasing our social responsibility towards our community and especially our environment."
H.E. Munther Mohammed Bin Shekar, Director General of Ras Al Khaimah Municipality, said: "Our collaboration with RAKBANK to expand green finance in the emirate is one of the many steps we are taking to encourage sustainable lifestyles and business practices in Ras Al Khaimah. With this initiative, buying green becomes cheaper and more accessible. We would like to encourage residents and businesses who are about to invest in a new building or in improvements of their existing buildings, purchasing solar systems or new electric or hybrid vehicles, to explore how this initiative can help. Introduction of green financing practices is expected to draw more participation to our sustainability programs and therefore accelerate achievement of our strategic goals."
The collaboration is expected to promote more sustainable purchase behaviors among residents and businesses, which in turn will contribute to the broader sustainability targets of Ras Al Khaimah, as part of the Ras Al Khaimah Energy Efficiency and Renewables Strategy 2040. The Strategy, established under the patronage of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, targets 30% energy savings, 20% water savings, and 20% contribution of electricity from renewable sources by 2040.
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 27 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
About Ras Al Khaimah Municipality and Reem
Ras Al Khaimah Municipality was established in 1959 by an Emiri decree issued by His Highness Sheikh Saqr bin Mohammed Al Qasimi and since then works on providing a comfortable environment in which people can live and work. Reem, the Energy Efficiency and Renewables Office at Ras Al Khaimah Municipality coordinates the implementation of the RAK Energy Efficiency and Renewables Strategy 2040, established under the patronage of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah. The Strategy targets 30% energy savings, 20% water savings, and 20% generation from renewable energy sources by 2040.
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