Ruya, a modern digital-native Islamic community bank, has announced 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.
The bank aims to seamlessly blend innovative technology with the core principles of Islamic finance, catering to the needs of individuals and businesses.
Ruyas has been licenced by the Central Bank of the UAE as a specialised bank. Its name takes inspiration from the Arabic word for ‘vision’ or ‘foresight’, and “reflects the company’s long-term view and its focus on fulfilling customers’ goals”.
“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.”
Ruya’s community centres (branches) have been designed as open house forums to encourage informal interactions between customers, community members and the bank.
“Ruya is not just another bank,” added Marwan Obaid Al Muheiri, Vice Chairman of Ruya. “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.”
The Islamic finance industry has surpassed Dh16.5 trillion in 2022 and is forecast to grow to Dh24.5 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.
