Ras Al Khaimah, 29 October 2024: Ras Al Khaimah Economic Zone (RAKEZ) signed a Memorandum of Understanding (MoU) with ruya, the UAE’s digital-first Islamic community bank, to enhance the banking options for its clients. This strategic partnership provides Sharia-compliant, digital banking solutions.
App-based Islamic financial service provider, ruya, allows users to seamlessly open and manage their corporate bank accounts, adhering to Islamic finance principles directly through their innovative app. Through this collaboration, RAKEZ clients can experience the convenience of digital-first Sharia-compliant banking along with other significant benefits such as the ease of setting up their accounts quickly and efficiently, without the burden of hidden costs or a minimum balance requirement. The bank’s offering also includes both current and savings account options in AED, which aligns with RAKEZ’s commitment to providing flexible, customer-centric banking solutions.
“We’re pleased to partner with Ruya to expand the range of banking solutions available to our business community,” said Ramy Jallad, RAKEZ Group CEO. “This collaboration is especially valuable to clients who seek Islamic financial services aligned with their principles. With the innovative Ruya app, we’re providing easier access to tailored banking options that support the efficiency and growth of businesses within RAKEZ.”
Commenting on the partnership, Christoph Koster, CEO of ruya, said, “We are very excited about our partnership with RAKEZ as it highlights our commitment to empowering the community through business growth. By providing Shariah-compliant financial solutions to businesses operating in RAKEZ, we aim to contribute to the region’s vibrant business ecosystem. This collaboration will also help drive a more inclusive and prosperous business environment for all.”
Alongside enhancing the financial services offered by RAKEZ through its partnership with ruya, the economic zone continues to provide steady support to meet the diverse needs of its clients through customised, cost-effective solutions that deliver optimal value.
About Ras Al Khaimah Economic Zone (RAKEZ):
RAKEZ is a powerhouse business and industrial hub established by the Government of Ras Al Khaimah in the United Arab Emirates. It currently hosts over 25,000 companies coming from over 100+ countries and operating in more than 50 industries.
RAKEZ offers entrepreneurs, startups, SMEs and manufacturers a wide-range of solutions, including free zone and non-free zone licences, customisable facilities, and first-class services provided in a one-stop shop. Furthermore, RAKEZ has specialised zones that are tailored to specific needs of investors: Al Nakheel and Al Hamra Business Zones for commercial and service companies; Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers and industrialists; and an Academic Zone for educational providers.
A leading economic zone, RAKEZ aims to continue attracting diversified investment opportunities that will contribute to the economic growth of Ras Al Khaimah.
About ruya
Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support.
