Ras Al Khaimah Economic Zone (RAKEZ) has officially signed a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB), marking a strategic step to simplify banking for investors and accelerate business growth across the UAE.
The partnership enables RAKEZ clients, including startups and SMEs, to open business bank accounts seamlessly while accessing tailored Sharia-compliant banking products.
Key Developments
- Partnership Signed: July 2, 2025
- Stakeholders: RAKEZ & Abu Dhabi Islamic Bank (ADIB)
- Objective: Simplify bank account opening and expand financial access for SMEs
- Target Audience: Startups, entrepreneurs, and small businesses in the UAE
What the Partnership Brings
Streamlined Banking Onboarding
- ADIB will fast-track account setup for RAKEZ-registered businesses.
- Entrepreneurs can access digital onboarding tools tailored to their needs.
Full Suite of Banking Solutions
- Sharia-compliant business accounts
- Digital banking platforms for real-time financial management
- Custom financing options and working capital support
End-to-End Support
This collaboration aligns with RAKEZ’s vision to offer a one-window solution — from licensing and registration to post-setup banking.
Voices from the Stakeholders
Ramy Jallad, Group CEO of RAKEZ:
“At RAKEZ, we are always looking for ways to improve our service offering and enhance the overall investor experience. Our collaboration with ADIB is part of our commitment to providing end-to-end support for our clients, from business licensing to banking facilitation. With this added layer of support, clients can transition quickly from set-up to success, focusing more on growth opportunities and less on administrative tasks.”
Amit Malhotra, Global Head of Retail Banking, ADIB:
“Our partnership with RAKEZ demonstrates our unwavering commitment to empowering SMEs, the backbone of the UAE’s economy. ADIB is committed to facilitating the growth of SMEs and has been constantly supporting them through several initiatives that enable business owners to reach their full potential. This collaboration not only enhances our ability to provide advanced Sharia-compliant banking solutions but also solidifies our role as a trusted partner for growth-oriented businesses. Through this initiative, we are extending our support to SMEs with tailored financing options and comprehensive banking services that cater to their unique needs, enabling them to scale, innovate, and contribute to the UAE’s long-term economic vision.”
Why It Matters
For Entrepreneurs & Startups:
This partnership reduces time-to-market by integrating essential banking support early in the setup journey.
For the UAE Economy:
With SMEs serving as the backbone of the UAE’s economic diversification strategy, the deal reinforces national efforts to boost ease of doing business.
For the Financial Sector:
The partnership highlights a broader shift toward digital-first, Sharia-compliant, and SME-centric banking services.
Conclusion
The RAKEZ and ADIB partnership is a strategic leap in empowering UAE-based SMEs with faster banking access and end-to-end business support. With this initiative, both institutions reaffirm their commitment to entrepreneurship and economic diversification in the region.
