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.

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