RAKBANK Joins Al Manassah Sukuk Platform with National Bonds

Photo: WAM

In a major step to enhance the reach of Islamic digital finance across the UAE, National Bonds has announced that the National Bank of Ras Al Khaimah, commonly known as RAKBANK, is now officially a part of its Al Manassah Sukuk Trading Platform. This partnership is considered highly significant for the country’s growing interest in Sharia-compliant financial services, and it marks a new chapter in the fintech transformation of the Islamic finance sector.

Al Manassah, which has already made a strong impact in the field, will now have even more strength and reach with the inclusion of RAKBANK—one of the key retail and commercial banks in the region.

What is Al Manassah and How Does It Work?

Al Manassah is one of the first platforms in the Middle East that allows electronic trading of Mudaraba-based Sukuk. Sukuk are Islamic investment certificates, similar to bonds in Western finance, but they follow Sharia principles, meaning they avoid interest and are based on real economic activity.

Launched in 2013, Al Manassah was built to provide licensed financial institutions with a fully automated, digital platform where they can subscribe to, transfer, or redeem Sukuk at any time. This 24/7 access gives banks and financial partners a fast, efficient, and secure way to participate in Sharia-compliant investments. Since its launch, the platform has processed over AED 199 billion worth of transactions, including more than AED 33 billion in 2024 alone.

This high transaction volume proves that the platform is not just functional—it is also widely trusted and used. With RAKBANK now becoming a partner, the number and size of transactions are expected to grow further.

The Importance of Mudaraba-Based Sukuk in Modern Finance

Mudaraba is a form of Islamic finance where one party provides capital, and the other offers expertise and labor to manage the investment. Profits are shared according to a pre-agreed ratio, and losses are typically borne by the capital provider unless the manager is proven negligent.

Mudaraba-based Sukuk allow Islamic banks to offer customers a way to invest in Sharia-compliant products that reflect ethical and socially responsible business activities. These financial instruments do not involve interest and are backed by real assets or business ventures, making them a preferred choice for investors who want to follow Islamic values while also growing their wealth.

By making this system available digitally, Al Manassah is bringing convenience and modern speed to what was earlier a slow and paperwork-heavy process. This is especially important in today’s world where most users expect financial services to be fast, digital, and mobile.

National Bonds’ Vision: Making Islamic Finance More Accessible

National Bonds, which created and runs the Al Manassah platform, has long been at the forefront of innovation in Sharia-compliant investments in the UAE. The company’s goal has always been to combine technology with Islamic finance to create a user-friendly system that respects faith-based principles while keeping up with global fintech standards.

Speaking about the new partnership with RAKBANK, Mohammed Qasim Al Ali, the Group CEO of National Bonds, expressed confidence that this collaboration will help broaden access to Islamic investment options in the UAE.

He said that the decision to bring RAKBANK into the platform supports National Bonds’ long-term vision to use digital innovation as a way to offer more ethical financial products. He stressed that financial inclusion and trust can only be achieved when such platforms are made easy to use, transparent, and open to more institutions.

RAKBANK’s Digital and Ethical Finance Strategy

For RAKBANK, this partnership fits perfectly with its current mission to offer more innovative and customer-focused Islamic financial services. Over the years, RAKBANK has expanded its reach by investing in modern digital technologies and by strengthening its portfolio of Sharia-compliant products.

According to Raheel Ahmed, Group CEO of RAKBANK, joining the Al Manassah platform is a natural move that aligns with the bank’s commitment to serve its customers with better, smarter, and more ethical financial choices. He mentioned that digital solutions like Al Manassah allow them to offer services that are not only fast and secure but also in line with the growing demand for faith-based financial alternatives.

By joining this platform, RAKBANK can now give its customers the ability to invest in Sukuk directly through a verified and secure channel, all while following Islamic rules.

How This Move Benefits the UAE’s Economy

The UAE has become one of the leading countries in promoting Islamic banking and fintech at the same time. With the entry of RAKBANK into the Al Manassah ecosystem, this approach is now gaining more strength.

Financial experts say that the move will help in two major ways: first, it increases the availability of Islamic financial products to everyday customers, and second, it builds investor trust in Sharia-compliant digital platforms.

This combination of ethics and technology also supports the UAE’s national strategy to become a global hub for Islamic finance. With platforms like Al Manassah going mainstream, more banks are expected to adopt similar systems in the near future.

Security, Automation, and 24/7 Accessibility

One of the major advantages of Al Manassah is its secure and fully automated process. Once a financial institution joins the platform, it can offer services to its clients round-the-clock. Transactions are processed through a real-time system with minimal human error and maximum transparency.

Customers can access investment services without visiting branches or filling out long forms. The platform makes investing in Islamic Sukuk as easy as using a mobile app, something that younger generations especially appreciate.

As more banks like RAKBANK join this digital journey, the overall financial ecosystem becomes more efficient, inclusive, and future-ready.

What’s Next for Al Manassah and Digital Sukuk?

With RAKBANK now on board, Al Manassah is likely to expand its coverage further. More institutions could be added in the coming months, and new features may be launched to cater to individual investors as well.

There’s also a possibility of the platform being used beyond the UAE in the future, especially in other countries where Islamic finance is growing rapidly, such as Saudi Arabia, Malaysia, and Indonesia.

This long-term potential gives National Bonds and its partners a solid base to innovate, grow, and lead the Islamic fintech space for years to come.

A Milestone in UAE’s Islamic Fintech Growth

The partnership between National Bonds and RAKBANK for the Al Manassah Sukuk Trading Platform is a major moment in the story of Islamic finance in the UAE. It brings together the power of digital technology and the ethical strength of Sharia-compliant financial principles.

For the customers, this means more investment opportunities, more trust, and more convenience. For the industry, it signals a shift toward smarter, more inclusive, and more modern Islamic banking services. And for the country, it’s a strong step toward becoming the global capital of Islamic digital finance.