While studying at Kakoli High School & College, he began his football journey by playing in the Pioneer League for the junior team of MSPCC City Club.

In 1994, following the gentlemen's agreement made by Brothers Union, Mohammedan SC and Dhaka Abahani to lower player salaries, Rakib joined Muktijoddha Sangsad KC and in his debut season at the club he won the Federation Cup.

In the same year, he represented Calcutta-based East Bengal Club, and during his time in India he played in both the Federation Cup and IFA Shield, winning the latter.

In the IFA Shield semi-final match against Mohun Bagan on 6 February 1995, Rakib scored the game's only goal to hand East Bengal a victory in the Kolkata Derby.

In the 1997-98 season, Rakib helped Muktijoddha Sangsad win both his and their inaugural Premier Division League title and also the Mahanagari Cup, finishing the latter as top-scorer and the lone scorer of the final against Mohammedan.

In the same year, coach Oldrich Svab, handed him his Bangladesh national team debut against Maldives in the 1993 South Asian Games held on home soil.

Rakib was also part of Otto Pfister's Bangladesh team which won their maiden international title, the 4-nation Tiger Trophy in Myanmar.