Ras Al Khaimah, UAE — In a move to expand digital Islamic banking services within the UAE, Ras Al Khaimah Economic Zone (RAKEZ) has signed a Memorandum of Understanding (MoU) with ruya, the UAE’s first digital-first Islamic community bank. This strategic partnership enables RAKEZ clients to access Sharia-compliant, app-based banking solutions designed for seamless account management and quick setup, all with no hidden fees or minimum balance requirements.
Through ruya’s innovative mobile app, RAKEZ clients can open and manage both current and savings accounts in AED. Ruya’s digital-first approach to Islamic banking aligns closely with RAKEZ’s mission to offer tailored, customer-centric solutions that foster efficiency and ease of doing business in Ras Al Khaimah.
“We’re pleased to partner with ruya to expand the range of banking solutions available to our business community,” said Ramy Jallad, Group CEO of RAKEZ. “This collaboration is especially valuable for clients seeking Islamic financial services aligned with their values. With the innovative ruya app, we’re enabling easier access to digital-first Sharia-compliant banking that supports the growth and efficiency of businesses within RAKEZ.”
Christoph Koster, CEO of ruya, echoed these sentiments, highlighting the partnership’s alignment with ruya’s mission to drive inclusive growth within the UAE’s business ecosystem. “This collaboration is a testament to our commitment to empowering the community through Sharia-compliant financial solutions. We’re thrilled to support the growth of businesses operating within RAKEZ, helping foster a more inclusive and vibrant economic environment for all.”
Alongside the partnership, RAKEZ continues to meet the diverse needs of its clients by offering a comprehensive suite of customised, cost-effective solutions tailored to entrepreneurs, startups, SMEs, and manufacturers. From its business and industrial hubs in Al Nakheel and Al Hamra to its specialised zones for manufacturing and education, RAKEZ remains committed to supporting the success of over 25,000 companies across more than 50 industries.
For further inquiries, please contact:
Cleo Eleazar, Public Relations & Events Manager, RAKEZ
Email: c.eleazar@rakez.com
About Ras Al Khaimah Economic Zone (RAKEZ):
Established by the Government of Ras Al Khaimah, RAKEZ serves as a thriving business and industrial hub, offering tailored solutions in both free zone and non-free zone licensing, customisable facilities, and comprehensive services. With a commitment to fostering investment and economic growth, RAKEZ is home to over 25,000 companies from 100+ countries.
About ruya:
Founded in 2024, ruya (Ruya Islamic Community Bank LLC) is based in Ajman and operates as a digital-first Islamic bank licensed by the Central Bank of the UAE. Integrating technology with Islamic banking principles, ruya serves individuals and businesses by providing fair, transparent, and socially responsible banking options.
