The National Bank of Ras Al Khaimah (RAKBANK) has partnered with MI CAPITAL, a leading corporate finance and business advisory firm. The partnership will bring specialized services to RAKBANK Business Banking customers through a dedicated channel. Customers will have access to VAT and accounting advisory, VAT compliance tools, in-house accounting and remote accounting services.
Commenting on the partnership Mahadevan Radhakanthan, Chief Credit Officer at RAKBANK, said:
“Following the introduction of VAT last year, we recognized a need to support our Business Banking customers in navigating the intricacies of the tax system and other accounting challenges. This partnership with MI Capital will provide our customers access to several value-added services on preferential terms, including compliance, advisory and accounting support. Our business customers will now benefit from hands-on support and convenient, secure and simple VAT, compliance and accounting tools – in line with our strategic aim for delivering a more complete set of financial services.”
Khalid Abdulla Janahi, Senior BOD member of MI CAPITAL Group said:
“UAE Economy is going through several structural reforms in recent times and that has impacted SME sector. It is wonderful initiative on part of RAKBANK for its business customers and creating further awareness on Tax, Accounting, International Financial Reporting Standards (IFRS), Compliance and Regulatory Matters".
The partnership agreement was signed by Mahadevan Radhakanthan, Chief Credit Officer; Dhiraj Kunwar, Managing Director of Business Banking; and Kunal Roy, Senior Manager of Business Banking at RAKBANK; with Senior Board Members of MI CAPITAL, Mr. Khalid Abdulla Janahi and Ala Khannak; and MI Capital CEO, Sheetal Soni.
