The National Bank of Ras Al-Khaimah (RAKBANK), one of the UAE’s fastest-growing banks, has strategically partnered with CRIF, a global leader in risk management with extensive regional experience, to successfully develop IFRS 9 ECL models (which require entities to estimate and report potential future credit losses on financial assets over their lifetime) across their retail and business banking portfolios. This collaboration ensures full alignment with the CBUAE Model Management guidelines and standards.
CRIF’s proven IFRS 9 methodologies, coupled with global best practices, helped RAKBANK achieve regulatory compliance and optimise Expected Credit Loss (ECL) estimates. The CRIF team adhered to all regulatory requirements related to model development and documentation, ensuring alignment and collaboration between teams, resulting in project completion on time and within budget.
Nivedita Khanna, head of risk analytics at RAKBANK, commented: "CRIF’s knowledge of the local market, their advanced IFRS 9 methodologies, and their expertise, experience, and reputation made them our ideal partner. The CRIF team’s support and close integration with our own teams enabled seamless project delivery."
Subramanya S N, head of UAE market from CRIF added: "At CRIF, we are deeply committed to the region, and we are proud to partner with RAKBANK in this strategic journey toward aligning with CBUAE mandates. We are delighted that RAKBANK can leverage our experience and industry-leading IFRS 9 approach to achieve their objectives."
With its long-standing reputation for luxury, tradition, and personal connections, Kanz Jewels continues to be the preferred destination for discerning jewellery lovers
kt network2 days ago
TallyPrime 5.0 provides a seamless and complete multilingual interface, fluent in both Arabic as well as English
kt network2 days ago
The company’s entry into Dubai marks a significant milestone in its mission to enhance healthcare delivery and improve patient outcomes through technology
kt network2 days ago
The showroom features more than 30,000 jewellery designs from 25 exclusive brands, showcasing collections in gold, diamond, and precious gems from 20 countries
kt network2 days ago
The event was hosted by prominent Indian anchors who brought their unique insights and engaging presence to the ceremony
kt network3 days ago
The awards honoured those who closed significant deals in some of Dubai’s most prestigious developments
kt network3 days ago
The Grovy Real Estate developer and U Square Real Estate developer joint venture feature premium 1, 2 and 3-bedroom residences at the upcoming Golf Community in Dubai.
kt network3 days ago