Mastercard, a global leader in payments technology, has partnered with Ruya, a new digital Islamic community bank headquartered in Ajman, UAE. This strategic collaboration aims to revolutionize the Islamic banking experience by introducing innovative debit and credit card products for both individual and commercial users. These products combine the principles of Islamic finance with cutting-edge technology to enhance accessibility, security, and efficiency in financial transactions.
Revolutionary Features for Cardholders
The partnership will empower Ruya customers with Mastercard-powered debit and credit cards, enabling secure and seamless transactions at millions of locations worldwide. These cards are designed to provide customers with fast, reliable, and globally accepted payment options. Moreover, cardholders will gain access to exclusive deals and unique experiences through Mastercard’s Priceless.com platform. From luxury travel packages to curated lifestyle offers, this platform adds significant value to the cardholder experience.
Ruya will also benefit from the services of Mastercard Advisors, a consultancy team consisting of over 3,000 experts operating in 53 countries. This advisory support will help Ruya optimize its financial solutions, grow its footprint, and fulfill its ambition of becoming a leading name in Islamic banking.
Christoph Koster, CEO of Ruya, expressed his excitement about the partnership, stating, “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.”
A Blend of Tradition and Innovation
What sets Ruya apart is its unique approach to Islamic banking, blending traditional principles with cutting-edge digital solutions. The bank’s vision is to cater to the needs of modern customers who value both convenience and compliance with Islamic financial principles.
Gina Petersen-Skyrme, Senior Vice President and Country Manager for UAE and Oman at Mastercard, highlighted the company’s dedication to innovation and collaboration. She said, “Islamic finance is a great example of how we innovate and collaborate to build robust and inclusive payment ecosystems.” Petersen-Skyrme emphasized Mastercard’s commitment to delivering locally relevant solutions that meet the needs of diverse markets.
The partnership between Mastercard and Ruya marks a pivotal moment for the Islamic banking sector in the UAE. By combining Ruya’s customer-focused Islamic finance model with Mastercard’s global expertise and technology, this collaboration promises to redefine the future of digital banking in the region, setting new benchmarks for innovation, inclusivity, and convenience.