RAK value collection proposition (individuals)‎

Fatawa Question

The fatwa and sharia supervisory board of RAKBANK-AMAL ("Sharia Board") has reviewed the terms and conditions, forms, welcome letters and marketing materials in respect of RAK value collection proposition, offered to individual customers by RAKBANK-AMAL. The sharia board hereby issues the sharia pronouncement / fatwa considering the following : 1. RAK value proposition includes provision of bundled banking services (demand drafts, manager's cheques, cheque collection, international remittances, local remittances, etc.) to individual customers at a special package fee. 2. RAK value bundled services will be divided into tiers such as "Extra", "Superior" or "ultimate" and each tier will have different monthly fee and package of services. 3. RAK value proposition will also include special features in addition to the above referred bundled banking services and such features will include life Takaful, travel Takaful, car registration service, airport pick and drop, roadside assistance, rent a car assistance and a number of discount coupons every month. 4. All the aforementioned features will be provided free of cost (or at a discount) depending on the respective tier of RAK value services each customer has subscribed. 5. All documents and other materials (such as terms and conditions, forms, leaflets, welcome letters, marketing materials and other documents) were reviewed by Dar al Sharia prior to submission to the Sharia Board.

Fatwa

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Publisher

The National Bank Ras al-Khaimah Islamic Banking Division (RAKislamic) Fatwa and Sharia Supervisory Board

Publication Date

2013-12-19

Country of Publication

United Arab Emirates

Main Subjects

Financial and Accounting Sciences
Religion
Law
Islamic Studies

Topics

• Islamic jurisprudence
• Financial transactions
• Banking services

No. of Pages

5

Data Type

Fatawa

Language

English

Record ID

BIM-722959

• APA
• MLA
• AMA