Ruya digital Community Islamic Bank launched in UAE

Ruya

Ruya, a modern digital-native Islamic community bank, announced today its plans to launch in the UAE market, with its first community banking centre and head office located in the Marsa area in the emirate of Ajman.

Ruya aims to seamlessly blend innovative technology with the core principles of Islamic finance, catering to the needs of both individuals and businesses.

Licenced by the Central Bank of the UAE as a Specialised Bank, Ruya will offer a frictionless digital banking experience, built on strong security and intuitive design. The brand ‘Ruya’ takes inspiration from the Arabic word for ‘vision’ or ‘foresight’. It reflects the company’s long-term view and its focus on fulfilling customers’ goals.

The Islamic finance industry continues to grow in size worldwide having surpassed AED 16.5 trillion in 2022 and is forecast to grow to AED 24.5 trillion by 2027. The UAE is the world’s fourth-largest Islamic finance market with Islamic banking assets representing 23 percent of the total banking assets in the country.

"We are incredibly excited to launch Ruya in the UAE market," said Naser Mohamed Almur Al Zaabi, Chairman of Ruya. "Choosing Ajman as our base from where we serve the whole UAE reflects our commitment to supporting vibrant and evolving communities. Ruya embodies our values of ethical investment and social responsibility, and we are confident it will have a positive impact on the UAE's financial landscape.”

Offering a groundbreaking approach to banking, Ruya seeks to revolutionise the modern banking experience based on its core values of prosperity, integrity, partnership and community. Ruya’s purpose is clear; to empower individuals, businesses and communities in the UAE to help achieve their goals in life.

Marwan Obaid Al Muheiri, Vice Chairman of Ruya, "Ruya is not just another bank. We are a new style of Islamic bank, catering to the growing demand for more ethical, convenient and digital-first banking solutions, particularly among younger customers. Our user-friendly app will be paired with open-door branches that will serve as educational and collaborative community centres, fostering financial literacy and inclusivity."

Ruya's Community Centres (branches) will redefine the traditional banking experience by combining innovative banking solutions with community engagement. Designed as open house forums, these branches will encourage informal interactions between customers, community members and the bank. Each branch is led by a dedicated Community Manager, whose primary role is to facilitate Ruya's engagement with the local community at large.