ruya Bank is making a significant investment in the future of Islamic finance. With global assets in this sector surpassing $4.5 trillion and potentially reaching over $6.7 trillion by 2027, Christoph Koster, CEO of ruya Bank, envisions the next growth wave stemming from digital-native institutions that blend automation with ethical objectives.
“Automation and AI are tools, not replacements for Shariah governance,” Koster emphasizes. “At ruya, we integrate both; prioritizing digital, but with human oversight, transparency, and purpose ingrained.”
This UAE-based bank, designed as a fully digital Islamic institution, allows account setup in less than five minutes through UAE Pass. Behind its modern interface is a traditional Shariah Supervisory Board that reviews every product, contract, and disclosure. “Every algorithmic decision is subject to audit,” Koster states. “Our systems enhance speed and transparency, but they never replace human judgment.”
This combination of digital flexibility and ethical responsibility is central to ruya’s business approach. Its Retail Islamic Wealth platform offers customers easy access to Shariah-compliant portfolios, including stocks, ETFs, gold, sukuk, and digital assets. Simultaneously, small entrepreneurs, often overlooked by conventional banks, can pursue Shariah-compliant financing through a fully digital SME platform.
Koster argues that financial inclusion is about depth and reach. “While only about 3% of UAE adults are unbanked, around 31% are under-banked, using just one financial product,” he points out. “Our goal is not just to open accounts, but to provide meaningful access to wealth creation and growth.”
ruya’s Banking-as-a-Service (BaaS) infrastructure extends this philosophy to fintech partners, embedding Islamic-compliant finance into digital ecosystems aimed at youth, women, and micro-enterprises. “To achieve widespread inclusion, Islamic banks must partner with the ecosystem, not compete against it,” he asserts.
Beyond finance, ruya’s Nature Protect initiative, which preserves one square foot of primary forest for every Dh1,000 a customer holds for ten years, underscores Koster’s belief that faith-based finance should serve a higher purpose. “Profit and purpose are not opposites,” he insists. “They are two sides of the same Shariah coin.”
