In a significant development in the financial sector, Ruya, a modern digital-native Islamic community bank, has announced its plans to enter the UAE market. The bank will establish its first community banking center and head office in the Marsa area of Ajman.
Ruya aims to revolutionize banking by blending innovative technology with the core principles of Islamic finance. As a specialized bank licensed by the Central Bank of the UAE, Ruya is committed to offering a seamless digital banking experience characterized by robust security measures and intuitive design. The brand name ‘Ruya’ draws inspiration from the Arabic word for ‘vision’ or ‘foresight,’ signifying its commitment to forward-thinking solutions.
The global Islamic finance industry has witnessed significant growth, with assets surpassing Dh16.5 trillion in 2022 and projected to reach Dh24.5 trillion by 2027 (Source: ICD-LSEG Islamic Finance Development Report 2023). In the UAE, Islamic banking assets represent 23 percent of the total banking assets, making it the world’s fourth-largest Islamic finance market (Source: Central Bank of the UAE).
Moreover, there is a growing trend toward ethical consumerism, prompting increased interest in Islamic banking products. The Higher Shariah Authority issued guidance for sustainability at Islamic financial institutions in the UAE in 2023, reflecting this shift. According to a Deloitte report, 71 percent of consumers are more likely to choose a bank with a positive social impact.
Naser Mohamed Almur Al Zaabi, Chairman of Ruya, expressed his excitement about the launch, emphasizing the choice of Ajman as their base to serve the entire UAE. Al Zaabi highlighted Ruya’s commitment to supporting vibrant communities and promoting ethical investment and social responsibility.
Marwan Obaid Al Muheiri, Vice Chairman of Ruya, emphasized the bank’s innovative approach to cater to the evolving needs of customers, particularly the younger demographic. Ruya’s user-friendly app and open-door branches will provide convenient and educational banking solutions, fostering financial literacy and inclusivity.
Ruya’s Community Centers, designed as open house forums, will encourage informal interactions between customers, community members, and the bank. Each branch will be led by a dedicated Community Manager tasked with facilitating Ruya’s engagement with the local community.
In conclusion, Ruya Bank’s entry into the UAE market marks a significant milestone in the country’s banking sector. With its focus on technology-driven solutions, ethical banking practices, and community engagement, Ruya aims to make a positive impact on the financial landscape of the UAE.
