Ruya

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.

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

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

• Islamic banking
• Shari'ah compliant banking
• Digital banking
• Personal banking
• Business banking

Headquarters

HQ city

Al Ajman

HQ country

United Arab Emirates

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. 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).
2. 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.
3. 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%.
4. 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.
5. 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

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core, supporting and regulatory.

• Zand Bank PJSCcoreTechnology or IntegrationZand 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 ExchangesupportingChannel Partner/ Reseller/ DistributorForeign currency transfers to bank accounts outside the UAE are processed through Lulu International Exchange, enabling international remittance services for ruya customers.
• MastercardcoreTechnology or IntegrationExchange 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 PASScoreTechnology or IntegrationUAE PASS integration enables quick 5-minute account opening through identity verification using Emirates ID, eliminating need for physical documents.
• Al Etihad Credit BureauregulatoryTechnology or IntegrationRequired 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

Direct 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

• Xx.com/myruyabank
• YouTubeyoutube.com/channel/UCSaRDe3osffvQoAyThjdjmQ
• Facebookfacebook.com/MyRuyaBank
• LinkedInlinkedin.com/company/ruyabank
• Instagraminstagram.com/myruyabank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ruya