Mastercard has initiated a collaboration with ruya, a new digital Islamic community bank in the UAE, to launch innovative debit and credit card products for individual and commercial customers.
The global technology company in the payments industry 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 realize 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.
