Network International & ruya Bank team to fuel Islamic banking

By Gloria Mathias

Network International (Network), an enabler of digital commerce in the Middle East and Africa, has announced a partnership with ruya, UAE’s digital-first Islamic community bank, to transform Islamic banking with digital payment technology.

The partnership will enable ruya to offer customers a smooth and secure digital banking experience by seamlessly integrating advanced digital technology with Islamic banking principles. Leveraging Network’s payment solutions, ruya will introduce features including instant transaction processing, customised user interactions, and a comprehensive suite of digital services.

As the UAE’s payment solutions company, Network will drive a digital-first approach in providing services, enhancing transaction speed, convenience, and the overall customer experience. Additionally, Network will offer value-added services such as tokenisation, card control and fraud solutions while supporting ruya’s Shariah-compliant services and their ethical and Islamic banking practices.

Christoph Koster, CEO of ruya, said, “As we aim to seamlessly blend innovative technology with the core principles of Islamic finance, we are confident this collaboration with Network International will further enhance our ability to provide secure digital-first banking products and exemplary customer service to support individuals, businesses and communities around the UAE.”

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, shared, “We are delighted to partner with ruya to transform digital Islamic banking in the UAE. As a payment solutions leader in the UAE and the wider MEA region, our capabilities and experience allow us to be the partner of choice for governments, banks, fintechs, merchants and public sector organisations. We are committed to supporting Ruya’s growth strategy with our cutting-edge technology and expanding the bank’s footprint in the country.”

The partnership is set to enhance Shariah-compliant banking standards and foster more incredible innovation and financial inclusion within the UAE’s growing digital economy. By combining their expertise, Network International and ruya aim to offer a new level of convenience and security in ethical banking.