Ruya Digital Islamic Bank Debuts In UAE With A Vision For Future Finance

Ruya, a pioneering digital-native Islamic community bank, has officially announced its entry into the UAE market, marking a significant milestone with the opening of its first community banking centre and head office in the Marsa area, Ajman. This move is set to redefine the banking experience by integrating advanced technology with the foundational principles of Islamic finance, catering to both individual and business needs. Licensed by the Central Bank of the UAE as a Specialised Bank, Ruya promises a seamless digital banking journey underscored by robust security measures and an intuitive design framework.

The name 'Ruya', derived from the Arabic word for 'vision' or 'foresight', encapsulates the bank's forward-looking ethos and its commitment to achieving customer objectives. The global Islamic finance industry, having exceeded AED 16.5 trillion in 2022, is projected to reach AED 24.5 trillion by 2027. Within this burgeoning sector, the UAE stands out as the world's fourth-largest Islamic finance market, with Islamic banking assets constituting 23 percent of the nation's total banking assets.

Naser Mohamed Almur Al Zaabi​, Chairman of Ruya, expressed enthusiasm about the launch, highlighting Ajman as the chosen base for its strategic significance in serving the entire UAE. He emphasized Ruya's dedication to ethical investment and social responsibility, projecting a positive influence on the UAE's financial landscape. Marwan Obaid Al Muheiri, Vice Chairman of Ruya, further elaborated on Ruya's unique position as a new breed of Islamic bank aimed at meeting the increasing demand for ethical, convenient, and digital-first banking solutions, especially among younger demographics.

The introduction of Ruya's Community Centres (branches) is set to transform traditional banking paradigms by merging cutting-edge banking solutions with active community engagement. These branches are envisioned as open house forums that promote informal interactions among customers, community members, and the bank itself. Each branch will be spearheaded by a dedicated Community Manager tasked with fostering Ruya's engagement with the broader community.

In essence, Ruya is not merely introducing another banking option but is establishing a novel Islamic banking model that prioritizes prosperity, integrity, partnership, and community. Through its user-friendly app coupled with accessible branches that double as educational and collaborative spaces, Ruya aims to enhance financial literacy and inclusivity across the UAE. This innovative approach positions Ruya as a key player in empowering individuals, businesses, and communities to achieve their life goals through ethical and digital-first banking solutions.

With inputs from WAM