Islamic digital bank ruya has partnered with financial solutions company DDCAP Group, the company announced Tuesday in an official press release. Created in 2024, ruya connects digital banking and Shariah-compliant financial services. The company is officially licensed by the Central Bank of UAE.
Headquartered in London, DDCAP Group brings specific expertise in Shariah-compliant financial solutions and will provide assistance in helping the Islamic bank develop its own set of Commodity Murabaha solutions.
For the collaboration, ruya will rely on the ETHOS AFP platform provided by DDCAP group to create its Commodity Murabaha service.
Murabaha is a common financing solution used by Shariah-compliant banks to earn profit on their lending practices. Under the scheme, Banks buy assets and sell them to customers in exchange for profit. Murabaha operates similarly to loans given by conventional banks, but avoids the practice of lending for interest, which is not allowed under Shariah Law.
“At ruya, our ambition is to empower our customers through principled, accessible banking. Partnering with DDCAP enables us to bring to market a product that is not only digitally advanced and ethically grounded but also aligned with the UAE’s national strategic direction for Islamic Finance,” said Christoph Koster, CEO of ruya.
Islamic Banking is now a trillion-dollar sector globally, with Saudi Arabia and Iran occupying the largest share of the market. As per estimates provided by the Central Bank of the UAE (CBUAE), the Islamic Banking sector has achieved growth rates of 11% with $3.38 trillion in assets.