Digital Islamic bank ruya and Ignyte form a strategic partnership to boost UAE’s start-up ecosystem through ethical finance and innovation.
Ajman: ruya, the UAE’s Shari’ah-compliant digital bank, has entered into a strategic partnership with Ignyte, Dubai’s government-backed start-up platform, to support the growth and sustainability of the Emirates’ start-up ecosystem. The collaboration, formalised at the Dubai AI Festival in April, aims to combine ethical banking with holistic entrepreneurial support.
ruya, licensed by the Central Bank of the UAE, has redefined the banking experience with its digital-first model rooted in fairness, transparency, and accessibility. Catering to start-ups, freelancers, SMEs and family businesses, ruya eliminates minimum balance requirements and hidden fees, simplifying access to financial services. In parallel, Ignyte—launched in October 2024 under the Dubai Digital Economy Strategy by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum—serves as a launchpad for founders, providing mentoring, funding access, and over 250 exclusive benefits.
This alliance will see ruya embedding itself within Ignyte’s founder ecosystem through co-hosted events, mentorship programmes, and a presence across Ignyte’s platforms. By integrating Islamic finance principles into Dubai’s innovation agenda, the partnership aims to empower founders with the tools to grow responsibly and confidently.
“For founders navigating fast-moving markets, combining digital agility with values-based banking is transformative. Our partnership with Ignyte ensures ethical finance is part of every entrepreneur’s journey,” said Christoph Koster, CEO of ruya.
Mohammad Alblooshi, CEO of DIFC Innovation Hub, added: “Our collaboration with ruya enhances our founders’ capacity to build responsibly, with the right support network and financial tools. Together, we are laying the foundation for the UAE’s future economy.”
With 188 start-up funding rounds recorded in 2024—the highest in MENA—and Dubai ranked among the world’s top five FinTech hubs, the UAE’s start-up landscape is thriving. The ruya-Ignyte partnership supports the national goal of doubling the digital economy to AED 280 billion by 2031.
By aligning ethical Islamic banking with a fast-growing entrepreneurial infrastructure, this partnership underscores how public-private collaboration can shape a resilient, innovation-led economy. It also reinforces the UAE’s leadership in digital transformation and inclusive economic growth.
Visit www.ruyabank.ae to learn more about ruya’s offerings for start-ups and
