How Ruya Is Redefining Faith-Aligned Financial Services in the UAE

In an interview with Christoph Koster, CEO ruya we dive deep into how Ruya is blending technology, transparency, and Islamic principles to shape the future of finance in the UAE.

Could you take us through the journey of Ruya and what sets Ruya’s digital infrastructure apart from other digital or neo banks in the region?

 In 2024, ruya emerges as the UAE’s digital-first Islamic community bank, aiming to integrate modern financial technology with the principles of Islamic banking. The bank’s mission is to provide ethical, transparent, and inclusive financial services tailored to the diverse needs of its community.

A significant milestone in ruya’s journey is becoming the first Islamic bank globally to offer customers direct access to virtual asset investments, including Bitcoin, through its mobile app. This service is made possible through a strategic partnership with Fuze, a VARA-licensed leader in virtual asset service provider (VASP). Together, ruya and Fuze aim to provide a secure and ethical entry point into the digital economy for all Muslims, ensuring that the services are fully Shari’ah-compliant and aligned with the principles of Islamic finance.

Could you walk us through the customer journey—what does buying or selling crypto through ruya’s app actually look like?

The customer experience is designed to be straightforward and user-friendly. Customers can log into the ruya mobile app using secure authentication methods, navigate to the ‘Investments’ section, and select ‘Virtual Assets.’ First-time users complete a streamlined onboarding process, including understanding the terms and conditions and confirming their agreement to the terms and conditions. Subsequently, customers can buy or sell approved virtual assets, such as Bitcoin, with transactions executed in real-time. Users can monitor their virtual asset holdings, view transaction history. All transactions are conducted within a closed-loop system, ensuring security and compliance with Islamic banking principles.

Unlike many crypto platforms that encourage short-term trading, ruya promotes long-term wealth building—how is this being achieved in practice?

ruya’s approach to virtual asset investment focuses on promoting long-term wealth accumulation. Each virtual asset offered is vetted and approved by the bank’s Internal Shari’ah Supervisory Committee, ensuring alignment with Islamic ethical standards. The platform discourages speculative trading by focusing on assets with long-term growth potential and provides tools to support goal-oriented investment strategies. Through community centers and customer support channels, ruya offers personalized guidance to help customers align their investments with their financial goals.

What metrics or indicators does Ruya use to evaluate financial resilience and long-term value for customers investing in virtual assets?

To assess and enhance financial resilience, ruya monitors several key indicators, including customer engagement, investment behavior patterns, portfolio performance over time, and customer feedback gathered through surveys and support interactions. These metrics help the bank continuously improve its services and support mechanisms.

Ruya emphasizes a “customer-first” approach. How are you ensuring that customers feel informed, supported, and in control of their virtual asset investments?

The bank’s customer-first philosophy is implemented through transparent communication about investment options and associated risks, educational initiatives such as webinars and tutorials, personalized support via in-app chat, call centers, and community centers, and a user-friendly app interface that allows customers to easily navigate their investment options and monitor their portfolios.

What’s next for ruya—will we see expansion into other Shari’ah-compliant asset classes such as tokenized sukuks or digital gold?

Looking ahead, ruya is committed to expanding its suite of Shari’ah-compliant investment offerings. The bank is actively working on the integration of Shari’ah-compliant stocks & ETF trading, enabling access to over 60,000 instruments both local and global as well as tokenized sukuks to provide customers with access to Islamic bonds in a digital format, enhancing liquidity and accessibility. Development is also underway to offer gold investments, allowing customers to invest in gold through the platform in a manner that aligns with Islamic financial principles. These initiatives aim to diversify investment options for customers, enabling them to build robust, ethical, and future-ready portfolios.

In summary, ruya’s journey reflects a commitment to innovation, ethical banking, and community engagement. By integrating Shari’ah-compliant virtual asset investments into its digital platform, the bank provides customers with secure, ethical, and accessible financial services. The focus on long-term wealth building, financial resilience, and customer support ensures that ruya meets the evolving needs of its clientele while adhering to Islamic banking principles.