Digital-native Islamic community bank Ruya has unveiled plans to launch in the UAE, with its first community banking centre and head office in Ajman.
Ruya aims to seamlessly blend innovative technology with the core principles of Islamic finance, catering to the needs of both individuals and businesses.
“We are incredibly excited to launch Ruya in the UAE market,” said Naser Mohamed Almur Al Zaabi, Chairman of Ruya. “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.”
The neobank, which is licenced by the Central Bank of the UAE as a specialised bank, 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’.
Offering a groundbreaking approach to banking, the Shariah-complaint bank seeks to revolutionise the modern banking experience based on its core values of prosperity, integrity, partnership and community.
Ruya seeks to empower individuals, businesses and communities in the UAE to help achieve their goals in life.
The digital bank’s community centres (branches) will redefine the traditional banking experience by combining innovative banking solutions with community engagement.
The Islamic finance industry continues to grow in size worldwide having surpassed AED 16.5 trillion in 2022 and is forecasted 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% of the total banking assets in the country.
