Ras Al Khaimah Economic Zone (RAKEZ) has signed a Memorandum of Understanding (MoU) with ruya, the UAE’s digital-first Islamic community bank, to broaden banking options for its clients. This strategic partnership introduces Shari'ah-compliant digital banking solutions tailored for RAKEZ’s diverse business community.

ruya, an app-based provider of Islamic financial services, enables users to open and manage corporate bank accounts seamlessly while adhering to Islamic finance principles. Through this partnership, RAKEZ clients gain access to digital-first Shari'ah-compliant banking along with other significant benefits, such as rapid account setup without hidden fees or minimum balance requirements. ruya’s offering includes both current and savings account options in AED, aligning with RAKEZ’s commitment to providing flexible, customer-oriented banking solutions.

“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 to clients seeking 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.”

Christoph Koster, CEO of ruya, commented, “We are thrilled to partner with RAKEZ, reflecting our commitment to empowering the community through business growth. By offering Shari'ah-compliant financial solutions to businesses operating in RAKEZ, we aim to support the region’s dynamic business ecosystem and contribute to a more inclusive and prosperous environment for all.”

Alongside enhancing financial services through this partnership with ruya, RAKEZ continues to support the diverse needs of its clients with customised, cost-effective solutions that deliver optimal value.