The Free Zones Authority of Ajman has announced a strategic partnership with Ruya, the UAE’s digital-first Islamic bank, to offer comprehensive business banking services tailored for startups and small to medium-sized enterprises (SMEs). This initiative is part of a broader effort to simplify business operations in the UAE, ensuring new enterprises can function smoothly from the start.
This collaboration allows business customers to open digital accounts easily, with no minimum balance requirements or hidden fees. The services are specifically designed for micro, small, and medium-sized businesses, freelancers, entrepreneurs, and startups. With Ruya’s advanced business internet banking platform, these businesses will now be able to manage their finances more effectively.
A key benefit of this partnership is the immediate bank account opening process, which can be completed upon receipt of business licenses from any integrated free zones under the Ajman Free Zones Authority. This streamlined process is expected to facilitate smoother business operations and financial management, allowing companies to focus on growth and success.
Ismail Al Naqi, Director General of the Free Zones Authority of Ajman, expressed his enthusiasm about the partnership with Ruya. He stated, “As part of our intensive efforts to develop an integrated ecosystem to attract entrepreneurs and find proactive solutions that ensure they obtain the resources and support necessary for sustainable growth, and to contribute to advancing the economy in the emirate, the memorandum of understanding with Ruya is considered an important step towards achieving these goals.
“This cooperation is expected to enhance financial and banking services and provide solutions that greatly simplify banking operations and procedures for new companies within our free zones, which will enhance the ease of doing business, empowering companies to concentrate on their growth and success.”
Ruya’s CEO, Christoph Koster, also highlighted the bank’s commitment to supporting the business community. “We are committed to extending our banking solutions to the business community, providing the same high standards of service and ethical Islamic banking principles that our individual customers expect. Our digital-first strategy ensures a seamless, user-friendly and efficient banking experience. Consistent with our commitment to transparency and accessibility, we have eliminated minimum balance requirements and hidden fees for business accounts.”
Koster further emphasized the significance of the partnership, saying, “Our partnership with the Free Zones Authority of Ajman demonstrates our dedication to supporting the UAE’s dynamic business environment. We aim to facilitate smoother business operations and financial management for companies within these free zones. This collaboration is intended to drive economic growth and create an efficient business environment in the UAE.”
This partnership marks a significant step towards creating a supportive and efficient business environment in the UAE, reflecting both organizations’ commitment to innovation and growth. By providing essential banking services with ease and transparency, the collaboration between Ajman Free Zones Authority and Ruya aims to empower businesses to thrive and contribute to the UAE’s economic development.
