The UAE’s startup ecosystem remains the most vibrant in the region, recording 188 funding rounds in 2024—the highest in MENA. Dubai is now ranked among the top five global cities for fintech innovation.
Launched in early 2024 and licensed by the Central Bank of the UAE, ruya has rapidly transformed Islamic banking with a fully digital, Shari’ah-compliant platform and community hubs that blend advanced technology with fairness, transparency, and social responsibility. By removing hidden fees, minimum balance requirements, and lengthy onboarding processes, ruya empowers entrepreneurs—from fintech founders and SME owners to freelancers and family businesses—to access essential financial tools without friction.
Ignyte, launched under Dubai’s Digital Economy Strategy by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in October 2024, has become the UAE’s leading startup platform. The initiative connects over 2,500 startups with mentors, investors, and more than 250 exclusive benefits to accelerate growth and global expansion.
This partnership will see ruya supporting Ignyte’s ecosystem through co-hosted events, mentorship programmes, and branded initiatives across Ignyte’s channels. The collaboration aims to embed ethical Islamic finance into Dubai’s entrepreneurial landscape and nurture sustainable innovation.
“For founders navigating a fast-evolving market, the fusion of digital agility and principled banking is game-changing,” said Christoph Koster, CEO of ruya. “Our alliance with Ignyte ensures ethical financing and community support go hand in hand, empowering the UAE’s next generation of innovators to scale with confidence.”
“By partnering with ruya, we are helping founders achieve success with integrity and robust community support,” said Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub. “This collaboration equips entrepreneurs with the resources they need to innovate while fostering a culture of sustainable growth. Together, we aim to build a strong foundation for the UAE’s rapidly expanding startup scene and drive local and global success.”
Looking ahead, this strategic alliance will not only broaden access to capital and expertise but also advance the UAE’s vision to double its digital economy to AED 280 billion by 2031. By combining ruya’s community-focused Islamic banking with Ignyte’s dynamic startup support, the partnership demonstrates how public-private collaboration can fuel sustainable growth and position the Emirates as a global leader in fintech and entrepreneurship.
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