RAKEZ Collaborates With Ruya To Provide Shari'ah-Compliant Digital Banking Solutions For Businesses

Ras Al Khaimah Economic Zone (RAKEZ) has entered into a Memorandum of Understanding (MoU) with ruya, a digital-first Islamic community bank in the UAE. This partnership aims to expand banking options for RAKEZ clients by introducing Shari'ah-compliant digital banking solutions. These services are specifically designed to meet the needs of RAKEZ's varied business community.

ruya, an app-based provider of Islamic financial services, allows users to open and manage corporate bank accounts easily while following Islamic finance principles. Through this collaboration, RAKEZ clients can access digital-first Shari'ah-compliant banking along with other significant benefits. These include quick account setup without hidden fees or minimum balance requirements.

The offerings from ruya include both current and savings accounts in AED. This aligns with RAKEZ’s commitment to providing flexible and customer-oriented banking solutions. The partnership is particularly beneficial for clients seeking Islamic financial services that align with their principles.

Ramy Jallad, Group CEO of RAKEZ, expressed satisfaction with the partnership, stating, "We’re pleased to partner with ruya to expand the range of banking solutions available to our business community." He highlighted that the collaboration is valuable for clients seeking Islamic financial services aligned with their principles.

Christoph Koster, CEO of ruya, shared his enthusiasm for the partnership: "We are thrilled to partner with RAKEZ, reflecting our commitment to empowering the community through business growth." He emphasised that offering Shari'ah-compliant financial solutions supports the region’s dynamic business ecosystem and contributes to a more inclusive environment.

Enhanced Financial Services

In addition to enhancing financial services through this partnership with ruya, RAKEZ continues to support its clients' diverse needs. They offer customised and cost-effective solutions that deliver optimal value. This strategic move underscores RAKEZ's dedication to fostering business efficiency and growth within its economic zone.

The collaboration between RAKEZ and ruya marks a significant step towards providing tailored banking options that support businesses' efficiency and growth within RAKEZ. By embracing innovative solutions like the ruya app, both organisations aim to empower businesses in the region further.

With inputs from WAM