ruya bank’s digital-first Islamic model aims to redefine finance with ethics and inclusion

ruya Bank is betting big on the future of Islamic finance. As global assets in this space surge past $4.5 trillion and could exceed $6.7 trillion by 2027, Christoph Koster, CEO of ruya Bank, believes the next phase of growth will come from digital-native institutions that marry automation with ethical intent.

"Automation and AI are tools, not substitutes for Shariah governance,” says Koster. "At ruya, we integrate both; digital-first, but with human oversight, transparency and purpose baked in."

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The UAE-based bank, conceived as a fully digital Islamic institution, offers account opening in under five minutes via UAE Pass. But behind the sleek interface sits a traditional Shariah Supervisory Board that reviews every product, contract and disclosure. "Every algorithmic decision is auditable," Koster says. "Our systems improve speed and transparency, but never replace human interpretation."

This duality of digital agility and ethical accountability is at the heart of ruya’s business model. Its Retail Islamic Wealth platform gives customers low-barrier access to Shariah-screened portfolios spanning stocks, ETFs, gold, sukuk and digital assets. Meanwhile, small entrepreneurs, a segment often underserved by conventional lenders, can access Shariah-compliant financing through a fully digital SME platform.

Financial inclusion, Koster argues, is as much about depth as reach. "While only around 3% of UAE adults are unbanked, about 31% are under-banked, using just one financial product," he notes. "Our mission is not simply to open accounts, but to give meaningful access to wealth creation and growth."

ruya’s Banking-as-a-Service (BaaS) infrastructure extends this ethos to fintech partners, embedding Islamic-compliant finance into digital ecosystems targeting youth, women and micro-enterprises. “To unlock inclusion at scale, Islamic banks must partner the ecosystem, not compete with it,” he says.

Beyond finance, ruya’s Nature Protect initiative, which conserves one square foot of primary forest for every Dh1,000 a customer holds for a decade, reinforces Koster’s belief that faith-based finance must serve a higher purpose. "Profit and purpose are not opposites," he insists. “They are two sides of the same Shariah coin."