A new Islamic bank will open in the UAE

Ruya, a modern digital-based Islamic local bank, announced tomorrow that it plans to launch in the UAE market with its first local banking center and head office located in Marsa area in Ajman.

Ruya aims to meet the needs of both individuals and businesses by blending innovative technology with the core principles of Islamic finance. Licensed as a specialized bank by the Central Bank of the UAE, Ruya aims to provide a seamless digital banking experience built on strong security and intuitive design. The word 'Ruya' is inspired by the Arabic word meaning 'vision' or 'foresight'.

The Islamic finance sector continues to grow globally, exceeding 16.5 trillion Dirhams in 2022 and is estimated to reach 24.5 trillion Dirhams by 2027 (Source: ICD-LSEG Islamic Finance Development Report 2023). The UAE is the fourth largest Islamic finance market in the world with Islamic banking assets representing 23% of total banking assets in the country (Source: Central Bank of the UAE).

In 2023, the Supreme Shariah Authority issued a guideline for sustainability in Islamic financial institutions in the UAE. This coincides with a trend towards more ethical consumerism resulting in a higher attractiveness for Islamic banking products. A recent Deloitte report found that 71% of consumers are more likely to choose a bank with a positive social impact.

Consumers across generations are looking for brands that meet the needs of their fast-paced lives and want to partner with banks that are easily accessible from anywhere in the world and can complement a lifestyle driven by increased mobility.

"We are very excited to introduce Ruya to the UAE market," said Naser Mohamed Almur Al Zaabi, Chairman of Ruya. "Our choice of Ajman as our base, from which we serve the entire UAE, reflects our commitment to supporting vibrant and thriving societies. Ruya embodies our values of ethical investment and social responsibility and we are confident it will make a positive impact on the UAE's financial landscape."

Marwan Obaid Al Muheiri, Vice President of Ruya, said: "We are a new style of Islamic bank that meets the growing demand for more ethical, convenient and digital-first banking solutions, especially among younger customers. Our user-friendly app will be paired with open-door branches that will serve as educational and collaborative community centers that promote financial literacy and inclusion."

Designed as open house forums, Ruya's branches will encourage informal interactions between customers, community members and the bank. Each branch is managed by a dedicated Local Center Manager whose primary role is to facilitate Ruya's interaction with the local community.