Hybrid digital challenger Ruya Bank readies for debut in UAE
Digital challenger Ruya Bank is preparing to launch in the UAE with a community-focused, digital-first proposition that hopes to bridge both a virtual and physical presence with the financially underserved.
Ruya Bank to launch in the UAE
The Ajman-based start-up, which is licenced by the Central Bank of the UAE (CBUAE) as a specialist bank, is set to introduce an offering of both retail and business banking services paired with brick-and-mortar community centres.
The majority of its account services require no minimum income to establish, a process the start-up claims can be completed in five minutes using only a national identity card.
With its first location “opening soon” in Ajman, according to the start-up’s website, the corresponding community centres are designed to function as “open house forums”, in which customers will have the opportunity to interact in person with the bank and other members of their community.
Ruya Bank is betting on this unique selling point carrying its entry into the Islamic finance industry – which is forecast to reach a value of AED 24.5 trillion ($6.6 trillion) by 2027 – by positioning itself in the niche between branch-heavy incumbents and exclusively digital challengers.
Marwan Obaid Al Muheiri, its vice chairman, previously stated in February that the start-up marks “a new style of Islamic bank, catering to the growing demand for more ethical, convenient and digital-first banking solutions, particularly among younger customers”.
However, currently, all of its account services, including its smart accounts, current accounts, savings accounts and kids accounts, remain subject to waiting lists.
Ruya Bank did not immediately respond to FinTech Futures‘ inquiry into when its services would become publicly available.
