RAKBANK Partners with CRIF for IFRS 9 model development and alignment to CBUAE Model Management Guidelines and Standards

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 optimize 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."