Ruya
Ruya Community Islamic Bank is a UAE Central Bank-licensed, digital-first Islamic bank offering Shari'ah-compliant personal, business, and kids banking products via a mobile app, with 5-minute onboarding through UAE PASS and biometric verification.
- Company typePrivate
- Founded2024
- HeadquartersAl Ajman, United Arab Emirates
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Ruya does
Ruya Community Islamic Bank L.L.C. is a digital-first Islamic bank licensed by the Central Bank of the UAE as an Islamic Specialized Bank under Circular No. 13/2021, headquartered at Marsa Ajman Mall in Ajman. The bank serves UAE residents (nationals and expatriates aged 18+) and small/medium businesses with a full Shari'ah-compliant retail and business banking suite, including Current Accounts (Qard Hasan), Savings Accounts (Unrestricted Mudaraba), Kids Savings Accounts, Joint Accounts, Term Investment Deposits, Personal Finance (Murabaha), Debit Cards, and Credit Cards. All products are approved by an Internal Shari'ah Supervision Committee.
The platform is built on a mobile-first architecture with native iOS and Android apps, an online banking portal, and telephone banking (800ruya). Onboarding is enabled through UAE PASS digital identity integration, achieving 5-minute account opening, with biometric face verification and liveness detection via Apple's TrueDepth API. The bank is integrated into all major UAE payment networks — UAE Switch, GCC Net, Visa Net, and Mastercard — and operates its own ATM network. Key partners include Zand Bank (inward remittances), Lulu International Exchange (outward international transfers), Mastercard (FX and card issuance), and Al Etihad Credit Bureau (mandatory KYC).
Revenue is generated from a diversified mix of Mudaraba profit-sharing as Mudarib, transaction and service fees (transfers, ATM withdrawals, statements, cheque services), credit card Murabaha margins (3.5% on retail and cash), personal finance documentation fees (1.05%), membership tier fees (AED 40/month when salary/balance conditions are not met), and foreign exchange markup. The go-to-market model is product-led growth with a freemium current account (no minimum deposit or balance), app-store-led acquisition, and social media community engagement. The bank is privately held with no disclosed funding rounds, revenue figures, or headcount data.
Ruya firmographics
Firmographics- Name
- Ruya
- Legal name
- Ruya Community Islamic Bank L.L.C.
- Website
- https://ruyabank.ae
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Ruya Community Islamic Bank is a UAE Central Bank-licensed, digital-first Islamic bank offering Shari'ah-compliant personal, business, and kids banking products via a mobile app, with 5-minute onboarding through UAE PASS and biometric verification.
- Ownership category
- akta.pro rank
Ruya industry classification
Industry- Product category
- Islamic Retail Banking
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218), Commercial Banking (52211)
- SIC
- Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)
- akta.pro primary industry
- Islamic Retail Banking (FSABAGAA)
- akta.pro secondary industries
- Islamic Corporate Banking (FSABAGAC), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI)
Keywords
Where Ruya is headquartered
LocationHeadquarters
- HQ city
- Al Ajman
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices2 records
Markets served
Ruya business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Transaction & Service Fees: Fees charged for various banking services including transfers, ATM withdrawals, account statements, cheque services, and card-related services. Fees vary by membership tier (Standard vs Max).
- Personal Finance Documentation Fees: 1.05% documentation fee (Min AED 525 - Max AED 2,625) for personal finance products, plus 1.05% early settlement fees.
- Credit Card Fees: Annual fee of AED 313.95 if annual spend is less than AED 30,000. Murabaha profit rate of 3.5% on retail and cash transactions. ATM cash withdrawal fee of 3.15%.
- Mudharaba Profit Distribution: As a Mudarib, ruya takes a share of profits generated from investing depositor funds in Shari'ah-compliant investments. Mudarib Profit Share is approved by ISSC.
- Membership Tier Fees: Monthly plan fee of AED 40 for Standard tier if minimum salary transfer (AED 20,000/month) or average minimum balance (AED 10,000) requirements are not met.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Standard Monthly Plan - Free with conditions |
| Subscription | Monthly | Max Monthly Plan |
| Freemium | Monthly | Current Account - No minimum deposit or balance |
| Usage-based | Quarterly | Savings Account - Mudaraba-based profit sharing |
| Transaction based/ take rate | Pay-as-you-go | UAE Local Transfers |
| Freemium | Pay-as-you-go | Debit Card |
| Subscription | Annual | Credit Card |
| Transaction based/ take rate | Pay-as-you-go | Personal Finance |
| Transaction based/ take rate | Pay-as-you-go | Account Closure |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels8 records
Ruya product offering
Product offeringCore offering
Ruya is a digital-first Islamic bank offering Shari'ah-compliant retail and business banking products, including current accounts, savings and kids savings accounts based on Mudaraba profit-sharing, term investment deposits, Murabaha-based personal finance and credit cards, debit cards, and a business banking account. All services are delivered through a mobile app, online banking portal, telephone banking, and a network of ruya ATMs, with onboarding completed in approximately five minutes via UAE PASS and biometric verification.
Product overview
Ruya is a digital-first Islamic bank offering a comprehensive suite of Shari'ah-compliant banking products and services. The core product portfolio includes Current Account, Savings Account, Kids Savings Account (Minor Account), Joint Account, and Term Investment Deposit — all structured on Islamic finance principles including Mudaraba and Qard Hasan. The bank provides Personal Finance and Credit Card products with Murabaha-based pricing. Digital access is delivered through Mobile Banking App, Online Banking, and Telephone Banking platforms. All products are supervised by the Internal Shari'ah Supervision Committee and operate under Central Bank of UAE licensing as an Islamic Specialized Bank.
Differentiator
Problem solved
Functional benefit
Products and services
- Current Account
- Savings Account
- Kids Savings Account (Minor Account)
- Joint Account
- Term Investment Deposit
- Personal Finance
- Credit Card
- Debit Card
- Mobile Banking App
- Online Banking
- Telephone Banking
- Business Banking Account
Quantifiable outcome
- Account opening in less than 5 minutes with UAE PASS
- +3 more outcomes
Companies that use Ruya
Customer profileSegments3 records
Ideal customer profiles3 records
Ruya technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
AI capability2 records
Feature3 records
Ruya partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core, supporting and regulatory.
- Zand Bank PJSCcoreZand Bank processes overseas and foreign currency inward remittance transactions for ruya customers. Funds received from overseas are converted to AED by Zand at prevailing exchange rates. This is a core operational partnership for international fund transfers.
- Lulu International ExchangesupportingForeign currency transfers to bank accounts outside the UAE are processed through Lulu International Exchange, enabling international remittance services for ruya customers.
- MastercardcoreExchange markup applied by Mastercard on the date of conversion for non-AED transactions. Foreign exchange fees of 3% of transaction value added to Mastercard's spot rate.
- UAE PASScoreUAE PASS integration enables quick 5-minute account opening through identity verification using Emirates ID, eliminating need for physical documents.
- Al Etihad Credit BureauregulatoryRequired under law to request information from and provide information to Al Etihad Credit Bureau when opening accounts and providing services for KYC and credit assessment.
Scale indicators1 record
Recent moves6 records
Expansion highlights3 records
Ruya competitors and assessment
Company assessmentDirect peers
- Emirates Islamic Bank: One of the largest Islamic banks in the UAE, offering full Shari'ah-compliant retail and corporate banking. Directly comparable to ruya as an Islamic bank; differs by being a long-established incumbent with a full branch network versus ruya's digital-only model.
- Dubai Islamic Bank: UAE's first Islamic bank and largest by assets, providing comprehensive Shari'ah-compliant retail, corporate, and treasury products. Operates in the same regulatory sandbox and target market as ruya, with a much larger established footprint.
- Abu Dhabi Islamic Bank (ADCB Islamic): Major UAE Islamic banking franchise offering retail, corporate, and wealth products under Shari'ah principles. Competes with ruya for UAE retail and SME Islamic banking customers, especially in Abu Dhabi and federal segments.
- Sharjah Islamic Bank: Sharjah-based Islamic bank offering retail and corporate Shari'ah-compliant products. Geographically adjacent to ruya's Ajman HQ and competes for similar UAE-resident customer segments.
- Al Hilal Bank: UAE Islamic bank with a strong digital and branch footprint, serving retail, corporate, and government segments. Comparable to ruya as a UAE-focused Islamic bank with an emphasis on digital service channels.
- Zand Bank: UAE-licensed digital-first bank focused on corporate and SME banking. ruya actually partners with Zand for remittances, but Zand is also a direct competitor in the digital-banking space targeting UAE businesses.
- Wio Bank: UAE-licensed digital banking platform (joint venture including ADCB) offering personal and business banking. Comparable to ruya as a digital-first UAE bank pursuing mobile-led customer acquisition, though not fully Islamic.
Emerging players
- Mashreq Neo: Digital banking proposition from Mashreq, one of the largest UAE banks. Similar digital-first, mobile-led acquisition model to ruya, targeting UAE retail and SME customers; overlapping value proposition on speed and lower fees.
- Liv. by Emirates NBD: Digital-only lifestyle banking app from Emirates NBD targeting younger UAE customers. Comparable to ruya in its mobile-first, no-branch, app-store-driven acquisition strategy, though conventional rather than Islamic.
Regional players
- Kuwait International Bank (KIB): Kuwaiti Islamic bank offering Shari'ah-compliant retail and corporate banking across the GCC. Comparable to ruya as a regional Islamic bank with digital channels, though operating in a different primary geography.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Ruya social profiles
Digital presenceRuya compliance and trust
Trust signalCompliance3 records
Ruya financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ruya leadership team
Management profileNumber of profiles
Ruya funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ruya M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ruya
What does Ruya do?
Ruya is a digital-first Islamic bank offering Shari'ah-compliant retail and business banking products, including current accounts, savings and kids savings accounts based on Mudaraba profit-sharing, term investment deposits, Murabaha-based personal finance and credit cards, debit cards, and a business banking account. All services are delivered through a mobile app, online banking portal, telephone banking, and a network of ruya ATMs, with onboarding completed in approximately five minutes via UAE PASS and biometric verification.
Is Ruya a public or private company?
Ruya is a private company. It is classified as unknown and is currently operating.
When was Ruya founded?
Ruya was founded in 2024. It employs 51 to 100 people.
Where is Ruya based?
Ruya is headquartered in Al Ajman, United Arab Emirates, in the Middle East region.
How does Ruya make money?
Five revenue lines are on record. Transaction & Service Fees are the primary driver. The others are personal Finance Documentation Fees, credit Card Fees, mudharaba Profit Distribution and membership Tier Fees.
Who are Ruya's main competitors?
Direct peers on record are Emirates Islamic Bank, Dubai Islamic Bank, Abu Dhabi Islamic Bank (ADCB Islamic), Sharjah Islamic Bank, Al Hilal Bank, Zand Bank and Wio Bank. Emerging players are Mashreq Neo and Liv. by Emirates NBD. Kuwait International Bank (KIB) is listed as a regional player.
Does Ruya have an API?
No public API is recorded for Ruya.
What industry is Ruya in?
Ruya's product category is Islamic Retail Banking. Its primary akta.pro industry code is FSABAGAA, Islamic Retail Banking, with a secondary code of FSABAGAC, Islamic Corporate Banking. Its NAICS code is 5221 and its SIC code is 6035.