Raheel Ahmed has been selected as one of the Top 34 GCC banking CEOs 2024.
With over three decades of experience in the banking industry, Ahmed has worked across the Middle East, Asia, Africa and Europe with global banks. His extensive international experience has given him a deep understanding of banking models and cultures, which he brings to his leadership at RAKBANK.
Ahmed started his career as a graduate at Citigroup in 1991 and has since held senior executive roles at Citi, Standard Chartered and Barclays. His career has been defined by his ability to lead teams through complex transformations while embracing the diversity of over 70 cultures and banking systems. This wealth of experience laid the foundation for his appointment as the CEO of RAKBANK in January 2022.
As the CEO of RAKBANK, Ahmed has been tasked with steering the bank through a pivotal phase of its evolution, with a clear mandate to drive growth and profitability. His leadership is centred on innovation and digital transformation, with a key focus on customer-centric service. Under his leadership, RAKBANK has embarked on an ambitious strategy to become a “digital bank with a human touch.” This vision has translated into real, actionable changes within the bank, from enhancing customer experiences through data and technology to fostering a high-performance culture built on collaboration and agility.
“Throughout my journey, I’ve had the privilege of working with people from different cultures and backgrounds, which has greatly enriched my perspective and fostered a strong sense of unity and collaboration”
Raheel Ahmed
One of Ahmed’s key contributions at RAKBANK has been leading a digital and cultural transformation. He has overseen the alignment of the entire organisation around delivering exceptional customer service—what he terms “Mission Zero,” which aims for zero delays, zero errors and zero complaints. In addition to technological advancements, Raheel has emphasised creating a “liquid organisation” where seamless collaboration across teams and fast decision-making processes are the norm. This cultural shift has empowered employees at every level, fostering a dynamic environment that thrives on diversity of thought and experience.
Beyond digital transformation, Raheel has spearheaded several other initiatives that have positioned RAKBANK for long-term success. These include expanding the bank’s focus on scalable personalisation for retail customers, supporting the growth of SMEs and developing a world-class wholesale banking division. His forward-thinking approach also extends to sustainability, with the bank setting a roadmap to achieve net zero emissions by 2030 and launching innovative financial products like green loans and social bonds. In H1 2024, the bank recorded a net profit before tax of AED 1.2 billion ($326.7 million) and a total income of AED 2.3 billion ($626.1 million), up 33% and 8.7%, respectively. This was supported by a net interest margin of 4.6%.
