Dubai, UAE – ruya Community Islamic Bank has announced a strategic partnership with Lulu Exchange to enable the development of a first-of-its-kind proposition for Lulu’s SME customers through ruya’s market-leading Banking as a Service (BaaS) platform.
Through this collaboration, ruya is empowering Lulu Exchange to extend seamless, Shari’a-compliant digital banking solutions to its SME ecosystem—helping businesses manage their financial operations with greater efficiency, transparency, and convenience.
By leveraging ruya’s advanced BaaS capabilities and Lulu Exchange’s strong presence in the financial services sector, the partnership aims to deliver integrated solutions that support SME growth and strengthen the wider business community in the UAE.
“At ruya, we are reimagining what it means to be a community bank in a digital era,” said Christoph Koster, Chief Executive Officer, ruya Community Islamic Bank. “Through our market-leading BaaS platform, we are enabling trusted partners like Lulu Exchange to offer Shari’a-compliant digital financial solutions tailored for their customers. Together, we’re creating opportunities that help SMEs thrive and contribute to a more inclusive financial ecosystem.”
“LuLu Exchange’s commitment has always been to empower communities and businesses through accessible & innovative financial solutions. The partnership with ruya Community Islamic Bank allows us to extend this vision to the SME sector while providing entrepreneurs with Shari’a-compliant, digitally enabled banking tools that simplify operations & support sustainable growth. We are building a future-ready ecosystem together and that promotes financial inclusion and strengthens the backbone of the nation’s economy,” said Thampi Sudarsanan, Chief Executive Officer, LuLu Exchange.”
This partnership represents a shared commitment to innovation and collaboration—setting a new benchmark for how technology and financial expertise can come together to empower the SME sector in the UAE.
Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support.
