ruya Launches Shari’ah-Compliant Commodity Murabaha With DDCAP Group

In a significant step towards innovation in Islamic banking, the UAE's pioneering digital-first Islamic bank, ruya, has joined forces with DDCAP Group, a provider of Shari'ah-compliant financial solutions.

This collaboration is set to introduce an advanced Commodity Murabaha service to ruya's customers. Designed to meet the growing demand for ethical and inclusive financial options, this offering leverages DDCAP's acclaimed ETHOS AFP platform.

This technology aids in structuring and executing transactions that adhere to Islamic finance principles, ensuring a transparent and Shari'ah-compliant process from start to finish.

The partnership between ruya and DDCAP Group marks a milestone in the quest to digitalize Islamic financial services.It aligns perfectly with the UAE's ambitious goal to establish itself as a leading center for Islamic finance and the halal economy globally.

This is part of a larger strategy, underscored by the UAE National Strategy for the Islamic Economy and Halal Industry, which focuses on financial innovation, inclusivity, and the digitalization of Islamic services.

The introduction of this Commodity Murabaha solution comes at a crucial time, aligning with these national priorities and contributing to the country's positioning in the Islamic financial world.

Christoph Koster, CEO of ruya, expressed enthusiasm about the partnership, stating, "At ruya, our ambition is to empower our customers through principled, accessible banking. Partnering with DDCAP enables us to bring to market a product that is not only digitally advanced and ethically grounded but also aligned with the UAE's national strategic direction for Islamic Finance."

This statement underscores ruya's commitment to providing its customers with not just digital banking solutions, but also ones that are ethically responsible and in line with Islamic principles.

Stella Cox CBE, FCSI(Hon), Managing Director of DDCAP Group, also shared her views on the collaboration: "Our partnership with ruya underlines our joint commitment to advancing Islamic banking through responsibly aligned digital transformation. By integrating ETHOS AFP™, DDCAP's Shari'ah compliant asset-facilitation platform, with ruya's digital banking architecture, our API connectivity brings a new generation of inclusive, Shari'ah compliant financial solutions to serve digital native, faith focused and values-conscious customers."

This highlights the seamless integration of DDCAP's ETHOS AFP with ruya's digital infrastructure, a move that promises to enhance the Islamic banking experience for customers by providing accessible, compliant, and transparent financial services.

This strategic alliance not only supports the UAE's vision to become a worldwide leader in Islamic finance but also advances the broader goals of financial inclusion and sustainable growth within the sector.

By introducing a next-generation Commodity Murabaha offering, ruya and DDCAP Group are setting a new standard for Islamic banking services, emphasizing the importance of innovation, ethics, and digital transformation in creating a more inclusive financial ecosystem.

The partnership between ruya and DDCAP Group represents a significant step forward in the digitalization and innovation of Islamic banking services.

By harnessing the power of technology and a shared commitment to Shari'ah-compliant financial solutions, this collaboration is poised to make a lasting impact on the Islamic finance industry, aligning with the UAE's strategic goals and providing customers with accessible and ethically-grounded financial products.