Ruya and Ignyte Partner to Boost Ethical Startup Innovation in UAE

Ruya and Ignyte have formalised a strategic partnership to accelerate innovation in the UAE, uniting ruya’s digital-first, Shari’ah-compliant banking platform with Ignyte’s government-backed startup ecosystem. The collaboration aims to support Dubai’s thriving entrepreneurial landscape, which recorded 188 funding rounds in 2024 — the highest in the MENA region — and is now ranked among the world’s top five FinTech hubs.

Released in early 2024 under a license from the UAE's Central Bank, ruya has swiftly redefined banking for founders by eliminating surprise charges, minimum balance requirements, and lengthy onboarding, and combining technology with Islamic principles of fairness, transparency, and social responsibility. According to Christoph Koster, CEO or ruya,"For founders in a rapidly changing market, the combination of digital flexibility and values-based banking is revolutionary."

Key Highlights-

• Ruya and Ignyte join forces to support ethical fintech growth in Dubai
• Partnership aims to strengthen UAE startup ecosystem with Shariah compliant banking
• Collaboration targets UAE digital economy expansion to AED 280 billion by 2031

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Ignyte, developed under the Digital Economy Strategy of Dubai in October 2024, brings together more than 2,500 startups with investors, mentors, and over 250 growth-oriented benefits. Mohammad Alblooshi, DIFC Innovation Hub Chief Executive Officer, said, "By collaborating with ruya, we are ensuring our founders succeed with integrity and community backing. Together we want to lay a solid foundation for the UAE's fast-expanding startup ecosystem." The collaboration will include co-hosted activations, mentorship programs, and ruya's presence on all of Ignyte's platforms, instilling ethical Islamic finance at the center of Dubai's startup community.

 In the future, the collaboration will enhance access to capital and knowledge while backing the UAE's ambitions to double its digital economy to AED 280 billion by 2031 to make the Emirates a global fintech and innovation leader.