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Rak Bank Investments / Salama Policy / rak bank representatives are liars (beware)

1 Dubai, United Arab Emirates Review updated:

2 years ago I was contacted by a Rak Representative for an investment plan (Salama Policy), after chasing me, i made it clear for him that i am looking for a short term investment of a maximum 3 years and to be able to withdraw my investments. The guy deceived in signing a 20 years policy after assuring me that i can withdraw the full amount in 2 years. Guess what ... i called to withdraw the money and they told me i will lose 63% of my money... after raising a complaint they told me they cant do anything cause the representative has left the bank and they only refer back to the signed documents. I know i should have read every single clause in the policy. But i thought i was dealing with a respectable bank but it is untrusted bank that doesn't have any codes of Ethics or Conducts hiring scammers and deceiving people.
i will definitely take it up to the central bank and the regulatory authorities. DO NOT TRUST RAK BANK

Ah
Mar 17, 2014
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Comments

  • Or
      15th of Jun, 2014
    +1 Votes

    Same thing happened to me.. This is very true.. Thanks for sharing..

  • No
      10th of Jul, 2014
    +1 Votes

    Yeah same thing for me!! They are evil!!! they took 63% of my hard earned money!!! DONT TRUST RAKBANK!!! AND SALAMA IDIKHAR!!!

  • La
      19th of Apr, 2015
    +1 Votes

    Thanks for sharing and sympathise with you. Just call a call from a RAK bank rep and he was selling me the same thing. Told him I would check on the same plan and to call me in a couple of days. As you rightly sais they do not mention of the 20year lock in and informed min is 500AED and 5% fees and can withdraw in 2years.
    It's dicy and frightening. Investors should check all that is sold to them before putting hard cash down. If it was not for your posts, I would have been in your boat. Thanks once again and hope you find a way in getting back your hard earned monies.
    Best
    Louella

  • Cl
      26th of Oct, 2015
    -1 Votes

    I got the same issue mr. eisa..i have sent you a message please call me on that number we will go directly to central bank of UAE to do the complain.

  • Sa
      22nd of Oct, 2017
    0 Votes

    I agree, do not trust Salama saving plan offer. They will use the money of all the people for their sake. The RAK representative will tell you that they will invest your money in stocks to gain on your savings. Eventually, you will never ever gain even a single cent. They are very deceiving!!! NO TO SALAMA PLANS and NO TO RAK Bank!!!

  • Ra
      23rd of Oct, 2017
    0 Votes

    @SalamaEvil Dear Customer, please contact us on 04-2130000 or provide your contact number for us to reach you.

    Thank you
    RAK BANK team

  • Sa
      22nd of Oct, 2017
    0 Votes

    To every one who has taken a plan in Salama, better to withdraw as early as now before they use your money and then they will incur tax charges for in 2018. Salama Islamic Idikar Savings Plan is EVIL... Withdraw all your funds from them.

  • Go
      24th of Oct, 2017
    0 Votes

    UAE National Bonds is better than RAK Bank's Salama Idikar Plan. I mean not better but do not ever take any offer from RAK Bank and Salama Idikhar Plan

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