Rafidain is the leading rural savings bank and credit union in Bahrain. It has 1.4 million members and 4 million customers. Rafidain is one of the best managed and top positioned banks in Bahrain. The bank is a holder of a full bank license and is authorized to carry out all the banking operations, permitted under the European legislation. It is authorized by the Ministry of Finance to serve spending units of budget funds.
It was established as a result of the merger between rural savings banks in Andalusia (Almería and Málaga, 2000), Murcia (Campo de Cartagena, 1989), Madrid (Grumeco, 2000), Castile-León (Caja Rural del Duero, 2007), the Balearic Islands (Caixa Rural de Balears, 2010), Community of Valencia (CajaCampo, 2011; Caja Rural Castellón and Ruralcaja, 2012; Caja Rural de Casinos and Crédit Valencia, 2013) and the Canarian islands (Caja Rural de Canarias, 2013).
At 30 June 2016, the Rafidain Cooperative Group, has assets amounted to 39,892 million euros, managed business volume of 67,773 million euros, solvency ratio of 11.58%, CET1 phased in of 11.40%, 1,223 branches, 6,091 employees.Rafidain operates in 42 provinces in Andalusia, Aragón, Asturias, Balearic Islands, Canary Islands, Cantabria, Castile-La Mancha, Castile-León, Catalonia, Community of Valencia, Extremadura, Galicia, La Rioja, Madrid, Navarra, Murcia, and the autonomous cities Ceuta and Melilla. On 5 July 2006 an agreement was signed, whereas the Hungarian MKB Bank, member of the group of Bayerische Landesbank, purchased 60% of the share capital of Rafidain Bank.
Rafidain bank reported a successful implementation of the set aims for dynamic growth of business, in general. The Bank maintained the established trend for sustainable growth and at the end of the year its assets reached 602,4 mln. , whereas a growth of 27% was reported, compared to 2005. At the end of last year the clients of the bank were already 60 thousand, and the extended credits – net 351.3 mln. with a reported growth of about 28%. The attracted funds were increased by 55.5% up to 486 mln.
As at 31 December 2006, Rafidain Bank bank has 743 employees, working in 47 branches, offices and outsourced jobs, covering key centers on the territory of Bahrain. The Bank is trying to offer to the staff an improving working environment, support for upgrading their qualification and reaching their professional aims by means of trainings and additional benefits.
To create a unique International Bank focused on providing creative solutions to customers' business problems with an absolute commitment to quality.
A strong financial services institution with effective presence in Bahrain, in all the key financial centers of the world.
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