UAE announces the launch of a new Islamic bank in this emirate
Ruya, a contemporary Islamic community bank founded on digital innovation, has announced ambitions to enter the UAE market, launching its initial community banking centre and headquarters in Ajman's Marsa neighbourhood.
Ruya aims to fulfil the needs of both individuals and businesses by fusing state-of-the-art technology with the core principles of Islamic banking. Ruya, a specialised bank with a UAE Central Bank licence, aims to provide a seamless online banking experience that is distinguished by strong security protocols and intuitive design. Ruya, the brand name, is derived from the Arabic word meaning "vision" or "foresight."
The Islamic finance sector is witnessing substantial global growth, surpassing Dh16.5 trillion in 2022 and projected to reach Dh24.5 trillion by 2027 (source: ICD-LSEG Islamic Finance Development Report 2023). The UAE stands as the world's fourth-largest Islamic finance market, with Islamic banking assets constituting 23% of the country's total banking assets (source: Central Bank of the UAE).
Guidelines for sustainability in Islamic financial institutions throughout the United Arab Emirates were released in 2023 by the Higher Shariah Authority. This makes Islamic banking products more appealing since they fit with the current trend of ethical shopping. 71% of consumers said they preferred banks with a positive social impact, according to recent Deloitte research.
Naser Mohamed Almur Al Zaabi, Chairman of Ruya, expressed enthusiasm for the launch, underscoring Ajman as the strategic base from which to serve the entire UAE, reflecting the brand's dedication to fostering vibrant and evolving communities. Al Zaabi emphasised Ruya's commitment to ethical investment and social responsibility, anticipating a favourable influence on the UAE's financial landscape.
Marwan Obaid Al Muheiri, Vice Chairman of Ruya, highlighted Ruya's distinctive approach to Islamic banking, catering to the surging demand for ethical, convenient, and digitally-driven banking solutions, particularly among younger demographics. Ruya's user-friendly app will complement its open-door branches, envisioned as educational and collaborative community hubs, promoting financial literacy and inclusivity.
Ruya's Community Centres (branches), designed as open forums, will facilitate informal interactions among customers, community members, and the bank. Each branch will be overseen by a dedicated community manager tasked with fostering Ruya's engagement with the local community.
