Opening a bank account is an arduous, but essential, procedure in the UAE if you want to get paid or apply for credit.
New clients are required to fork over a range of documents, including a letter from an employer and copies of visas and passports. For workers in the UAE, it is a necessary process that requires patience.
But what about those without a residency visa, such as students, stay-at-home parents and teenagers?
Bling and Loaded, the latest offerings from RakBank, could change the local banking industry through its innovative pre-paid credit-card scheme.
After filling out an application on the bank's website - www.rakbank.ae/rakbank/rakprepaid - clients can immediately gain access to either of these flashy, glow-in-dark cards, which do not require a credit check or documentation.
Customers can then add credit and monitor their balance online.
Eyad Al Kourdi, the vice president and country manager for MasterCard Worldwide, says prepaid cards, which provide added convenience, security and flexibility, are gaining in popularity in the Middle East.
"It also provides a valuable and cost-effective tool for customers and enables them to supervise their spending, budget and bill payments, thereby simplifying their money-management process," he adds.
With a no-strings-attached approach, prepaid cards replace cash and allow clients to make transactions much like a conventional credit or debit card. They are not linked to any specific account and, therefore, are available to anyone.
Bling and Loaded can also be used internationally and while shopping online.
Graham Honeybill, the general manager of RakBank, says these cards serve as a "major leap forward" in the local banking scene. Those who couldn't open a conventional bank account, such as students, stay-at-home parents or anyone not on a permanent resident visa, can now go about their financial business with more ease, he says.
In addition to the online account, clients of the prepaid cards can also add funds through RakBank ATMs and any UAE Exchange, Al Ansari Exchange, Sharaf Exchange and Al Fardan Exchange outlet.
Each card has a one-time cost of Dh25 and a courier delivery fee of Dh15. Alternatively, customers can avoid the courier fee by picking up their plastic at any RakBank location.
And until May 31, new cardholders will have the chance to win Dh500 credit on a prepaid card. There are 50 winners each month, and the lucky few will be notified via SMS.
jtodd@thenational.ae
Confirmed%20bouts%20(more%20to%20be%20added)
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Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
More on Quran memorisation:
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
The%20specs
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Company%20profile
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