UAE’s ruya Community Islamic Bank has entered into a strategic partnership with Lulu Exchange to enable the development of a first-of-its-kind proposition for Lulu’s SME customers through ruya’s market-leading Banking as a Service (BaaS) platform.
Through this collaboration, ruya Community Islamic Bank is empowering Lulu Exchange to extend seamless, Shari’a-compliant digital banking solutions to its SME ecosystem, helping businesses manage their financial operations with greater efficiency, transparency, and convenience.
By leveraging ruya’s advanced BaaS capabilities and Lulu Exchange’s strong presence in the financial services sector, the partnership aims to deliver integrated solutions that support SME growth and strengthen the wider business community in the UAE.
Statements from Key Leaders: Ruya Community Islamic Bank-Lulu Exchange Partnership
Christoph Koster CEO – ruya
“At ruya, we are reimagining what it means to be a community bank in a digital era. Through our market-leading BaaS platform, we are enabling trusted partners like Lulu Exchange to offer Shari’a-compliant digital financial solutions tailored for their customers. Together, we’re creating opportunities that help SMEs thrive and contribute to a more inclusive financial ecosystem.”
Thampi Sudarsanan, Chief Executive Officer of LuLu Exchange, said that, “LuLu Exchange’s commitment has always been to empower communities and businesses through accessible & innovative financial solutions.”
“The partnership with ruya Community Islamic Bank allows us to extend this vision to the SME sector while providing entrepreneurs with Shari’a-compliant, digitally enabled banking tools that simplify operations and support sustainable growth. We are building a future-ready ecosystem together that promotes financial inclusion and strengthens the backbone of the nation’s economy,” stated Sudarsanan.
This partnership represents a shared commitment to innovation and collaboration, setting a new benchmark for how technology and financial expertise can come together to empower the SME sector in the UAE.
