back Back

Mastercard partners with ruya to launch Islamic banking cards in the UAE

By Gloria Methri

January 22, 2025

  • card issuance
  • Digital islamic banking services
  • Financial Inclusion
Share

ruya, Mastercard, FinTech news, FinTech solutions, Financial Technology, Digital Payments Technology, Islamic Banking, Fintech MENA, Fintech Africa, Fintech Middle East,Mastercard has initiated a collaboration with ruya, a new digital Islamic community bank in the UAE, to launch debit and credit card products for individual and commercial customers.

Mastercard has become ruya’s single scheme partner for all card issuance and beyond. The bank will also benefit from the services of Mastercard Advisors, which employs more than 3,000 consultants in 53 countries.

The cards will facilitate fast, seamless and secure transactions across millions of locations worldwide, wherever Mastercard is accepted. In addition, cardholders will be able to access special deals and unique experiences through Mastercard’s platform, priceless.com.

“ruya is committed to serving the UAE community and addressing the financial needs of today’s consumers and businesses in line with the highest ethical principles. We are delighted to join forces with Mastercard to leverage its global network, advanced technology and extensive expertise to help us enhance our offerings, grow our footprint and realise our ambition of transforming the Islamic banking landscape,” said Christoph Koster, CEO, ruya.

“At Mastercard, we pride ourselves on forging dynamic partnerships to co-create locally relevant products and solutions that focus on the requirements of each market. Islamic finance is a great example of how we innovate and collaborate to build robust and inclusive payment ecosystems. With its concept of a digital-first Islamic community bank, ruya, a new entrant to the market, aligns with our objective of driving financial inclusion. We look forward to working together towards our common goals,” added Gina Petersen-Skyrme, Senior Vice President, Country Manager, UAE and Oman at Mastercard.

Headquartered in Ajman, ruya brings a modern spin to Islamic finance by blending cutting-edge technology with the principles of Islamic banking. Launched in 2024, this disrupter in the finance industry distinguishes itself by providing a digital banking experience guided by the pillars of fairness, transparency, equality and social responsibility. Deeply ingrained in the community, ruya places a high priority on providing support to families, entrepreneurs, and small businesses.

Previous Article

January 22, 2025

Omnea partners with Thought Machine to enhance procurement governance

Read More
Next Article

January 22, 2025

Vertice secures $50m in Series C to expand procurement platform

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Red Hat & neoleap drive application modernisation in Saudi Arabia

Read More

Today

Backbase & Feedzai partner to enhance fraud prevention in digital banking

Read More

February 05, 2025

Tap, pay, spend: How digital payments are surging in Southeast Asia & India

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More