The digital-first Islamic community bank in the UAE, ruya, has entered into a strategic partnership with LuLu Exchange, a prominent financial services company in the UAE. This partnership enables ruya customers to deposit cash instantly and directly into their accounts at any of the 140 LuLu Exchange customer engagement centers across the UAE, at no cost. In a statement, ruya, based in Ajman, emphasized its ongoing efforts to revolutionize banking services through a broad array of financial offerings via innovative, secure, and swift technologies. LuLu Exchange has been a leader in transforming cross-border payments by utilizing cutting-edge technology, expanding its service network, and focusing on customer-centric solutions. This collaboration further solidifies LuLu Exchange's existing partnerships with digital banks and tech firms, enhancing its fintech offerings.
Beyond this new service, ruya already facilitates account openings in under five minutes using UAE Pass. This arrangement additionally benefits ruya customers by providing the ease of cash deposits at any LuLu Exchange branch in the UAE. Christoph Koster, CEO of ruya, expressed, “This alliance with LuLu Exchange underscores our dedication to improving customer experience and broadening our service range. By facilitating cash deposits through LuLu Exchange branches, we are enhancing banking accessibility and convenience for our customers.” Thampi Sudarsanan, CEO of LuLu Exchange UAE, added, “We are thrilled to partner with ruya, an innovative digital-first Islamic bank. This collaboration expands our service offerings and reinforces our commitment to innovative financial solutions that serve the community.”
