ruya announces strategic partnership with Ignyte to empower the UAE's Start-up ecosystem - Middle East Business News and Information
The UAE's start-up scene remains the region's most active, recording 188 funding rounds in 2024—the highest in MENA and Dubai is now recognised as one of the top five cities worldwide for FinTech.
Launched in early 2024 and licensed by the Central Bank of the UAE, ruya has quickly redefined banking with a fully Shari'ah-compliant digital platform and community centres that blend cutting-edge technology with a commitment to fairness, transparency and social responsibility. By eliminating hidden fees, minimum-balance requirements and lengthy onboarding, ruya ensures that entrepreneurs—from fintech start-ups and SME founders to freelancers and family businesses—can access the financial tools they need without friction.
Ignyte, launched under Dubai's Digital Economy Strategy by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in October 2024, has grown into the Emirates' premier ecosystem for founders, connecting more than 2,500 start-ups with mentors, investors and over 250 exclusive perks designed to drive growth and global expansion. This partnership will see ruya championing that ecosystem through co-hosted events, mentorship programmes and a branded presence across Ignyte's channels, embedding ethical Islamic finance at the heart of Dubai's entrepreneurial journey.
'For founders navigating a fast-evolving market, the fusion of digital agility and principled banking is game-changing,' said Christoph Koster, CEO of ruya. 'Our alliance with Ignyte means that ethical financing and community support go hand-in-hand, empowering the UAE's next generation of innovators to scale with confidence'.
'By partnering with ruya, we are ensuring that our founders achieve success with integrity and community support. This collaboration equips entrepreneurs with the resources to innovate while promoting a culture of sustainable growth. Together, we aim to establish a strong foundation for the UAE's rapidly growing start-up scene, driving both local and global success.' said Mohammad Alblooshi Chief Executive Officer of DIFC Innovation Hub.
Looking ahead, this strategic collaboration will not only enhance access to capital and expertise but also reinforce the UAE's vision to double its digital economy to AED 280 billion by 2031. By weaving together, the strengths of ruya's community-focused Islamic banking model and Ignyte's dynamic startup platform, the partnership exemplifies how public-private synergy can fuel sustainable growth and position the Emirates as a global leader in fintech and entrepreneurship.
For more information on how to start investing in virtual assets through ruya , please visit www.ruyabank.ae .
About ruya (رويا):
Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support.
For media inquiries: pr@ruyabank.ae
Website: http://www.ruyabank.ae
Twitter/X: myruyabank
Instagram: myruyabank
LinkedIn: ruya
Facebook: myruyabank
TikTok: @myruyabank
YouTube: @myruyabank
Snapchat: myruyabank
About Ignyte:
Ignyte is part of the Dubai Digital Economy Strategy under the vision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. It is a leading global start-up ecosystem that empowers founders. As a digital hub for innovation, investment, and entrepreneurship, it provides access to world-class mentors, investors, and over 250 exclusive perks and resources from leading corporates and industry partners. Ignyte aims to transform the start-up landscape and position the region as a global centre for innovation and business acceleration.
It bridges the gap between entrepreneurs and opportunities by fostering collaborations, offering tailored programmes, and facilitating access to capital. Ignyte's mission is to empower 100,000 start-ups, connect over 5,000 investors, and unite 5,000 industry-leading mentors. Key initiatives include streamlining business setup, supporting future founders, and accelerating corporate innovation.
For more details, visit www.ignyte.ae
For media inquiries: jean@ignyte.ae
Website: http://www.ignyte.ae
Twitter/X: Ignyte_AE
Instagram: @ignyte.ae
LinkedIn: https://www.linkedin.com/company/ignyte-ae/
Facebook: @ignyte.ae
YouTube: @Ignyte-ae
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