UAE-based ruya Bank is spearheading a transformative approach to Islamic finance through its fully digital operating model that combines technological innovation with strict ethical compliance. As global Islamic financial assets surge beyond $4.5 trillion with projections indicating growth to $6.7 trillion by 2027, the institution represents a new generation of financial entities leveraging automation while maintaining core religious principles.
Chief Executive Christoph Koster emphasizes that technology serves as an enhancement rather than replacement for traditional Shariah governance. “Automation and AI are tools, not substitutes for Shariah compliance,” Koster states. “Our model integrates digital efficiency with human oversight, ensuring transparency and purpose remain fundamental to our operations.”
The bank’s technological infrastructure enables account opening in under five minutes through UAE Pass verification, yet maintains rigorous oversight through a traditional Shariah Supervisory Board that reviews every product, contract, and disclosure. This dual approach combines digital agility with ethical accountability, creating what Koster describes as “auditable algorithmic decisions” that maintain human interpretation.
ruya’s Retail Islamic Wealth platform provides accessible entry to Shariah-compliant investment portfolios including stocks, ETFs, gold, sukuk, and digital assets. Simultaneously, the institution addresses the financing needs of small entrepreneurs through a fully digital SME platform, targeting a segment historically underserved by conventional lenders.
Koster highlights that financial inclusion extends beyond basic access, noting that while only 3% of UAE adults remain unbanked, approximately 31% are under-banked using just one financial product. “Our mission transcends account opening to deliver meaningful access to wealth creation and growth opportunities,” he explains.
The bank’s Banking-as-a-Service (BaaS) infrastructure extends its ethical financial approach to fintech partners, embedding Islamic-compliant solutions into digital ecosystems targeting youth, women, and micro-enterprises. Koster advocates for collaborative ecosystem development, asserting that “to unlock inclusion at scale, Islamic banks must partner with the ecosystem rather than compete against it.”
Beyond financial services, ruya’s Nature Protect initiative demonstrates the institution’s commitment to broader social responsibility, conserving one square foot of primary forest for every Dh1,000 maintained in customer accounts for a decade. This initiative reinforces Koster’s conviction that faith-based finance must serve higher purposes, asserting that “profit and purpose represent two sides of the same Shariah coin.”