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UAE SMEs get new Shariah-compliant account from Pemo
Issued by ruya and structured in line with Shariah-compliant principles, the account allows businesses to place surplus funds into a Wakala deposit with an expected profit rate of up to 3.75%
- PUBLISHED: Tue 4 Aug 2026, 8:55 PM
The UAE’s small and medium-sized enterprise (SME) sector is set for further growth as the country works towards its target of one million SMEs by 2030. SMEs currently account for 94 per cent of companies operating in the UAE, employ 86 per cent of the private-sector workforce and contribute an estimated 63.5 per cent of the country’s non-oil GDP. However, many smaller businesses still face limited access to financial management and treasury tools typically available to larger companies.
In response to the growing needs of SMEs, UAE fintech Pemo has launched a new Shariah-compliant business account in partnership with ruya, enabling businesses to manage spending, payments, corporate cards and surplus cash through a single platform.
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Issued by ruya and structured in line with Shariah-compliant principles, the account allows businesses to place surplus funds into a Wakala deposit with an expected profit rate of up to 3.75 per cent, with no minimum balance requirement or lock-in period.
The account is integrated into Pemo’s existing spend management platform, where AI-powered insights help businesses identify surplus cash that could potentially be allocated to a Wakala deposit while maintaining day-to-day liquidity.
“This is a big moment for Pemo and we are extremely happy to build it in a partnership with ruya. However, it is one step, not the destination. Small businesses have been underserved for too long, made to choose between tools that each do one thing. We are building the financial operating system that brings it all together, and a Wakala Deposit where idle cash may earn an expected profit of up to 3.75% is a major part of that. It is the foundation for much more to come. We are just getting started!” said Ayham Gorani, Co-Founder and CEO of Pemo.
The business account is issued by Ruya Community Islamic Bank, the Ajman-headquartered digital-first Islamic bank licensed and regulated by the Central Bank of the UAE, bringing Shariah-compliant banking infrastructure to SMEs through Pemo’s platform.
“At ruya, we believe ethical Islamic finance and modern technology should work together to serve the communities and businesses that are too often left behind. Small businesses are the backbone of the UAE economy, yet they have rarely had access to the tools larger corporates take for granted. Our partnership with Pemo gives SMEs access to a Shariah-compliant business account where their idle cash may earn an expected profit if they proceed with opening a Wakala deposit with us, and where day-to-day finances are simpler to run. This is exactly the kind of inclusive, principled innovation ruya was built to deliver.” said Christoph Koster, CEO of ruya.
“Bringing spend, cards and payments into a single platform is exactly the kind of simplification a fast-growing finance team wants. That is why we signed on early with Pemo, and we are looking forward to seeing this new product in action.” said Mohammad Al Zaben, CEO, ClearGrid.
The launch comes as businesses increasingly seek integrated financial platforms that combine banking, payments and expense management into a single interface, reducing the need to manage multiple financial tools while improving visibility over cash flow.
Pemo said the new account is intended to help SMEs make more effective use of idle cash while preserving access to funds through a flexible structure based on Wakala deposits.
The company has grown to serve more than 6,000 businesses across the UAE and has secured more than $19 million in funding to support its expansion.
Over the past few years, Pemo has introduced more than 200 product releases, including AI-powered automation, smart cards, automated expense management and invoice management capabilities, many of which the company says were developed in response to customer feedback. It currently holds a 4.8 rating on G2.
