Ruya and Lulu Exchange Team Up to Launch Shari’a-Compliant SME Banking Platform

It’s always refreshing to see collaboration driving real value for small and medium-sized businesses, and the latest partnership between ruya Community Islamic Bank and Lulu Exchange is a solid example of that in action. The two have teamed up to roll out a new digital banking solution for Lulu’s SME customers, powered by ruya’s Banking-as-a-Service (BaaS) platform, which is said to be one of the most advanced in the region.

Now, this isn’t just another tech integration dressed up with buzzwords. The goal here is pretty straightforward: to make Shari’a-compliant financial tools easier to access and use for SMEs, the very backbone of the UAE’s economy. Through this collaboration, Lulu Exchange will now be able to offer its business clients slick digital banking features—think smoother transactions, better transparency, and quicker access to financial services that actually fit their needs.

Christoph Koster, the CEO of ruya Community Islamic Bank, pointed out that the bank sees itself as a “community bank for the digital era.” His view is that the BaaS model gives trusted partners like Lulu Exchange the ability to offer tailored Shari’a-compliant digital solutions, creating more opportunities for local businesses to thrive. On the flip side, Lulu Exchange’s CEO, Thampi Sudarsanan, framed the move as a continuation of Lulu’s long-standing mission to make finance more accessible to everyone—from households sending remittances to entrepreneurs keeping their startups afloat.

I reckon what’s quite clever here is how both parties are playing to their strengths. Ruya brings the tech and regulatory expertise, while Lulu contributes its strong customer reach across the region. Together, they’re setting up what looks like a “future-ready” ecosystem—well, their words, not mine—that could genuinely simplify how SMEs manage daily finances.

From what I’ve seen through Arageek’s work with young founders in the MENA region, many still find corporate banking a bit of a faff, especially when trying to stay compliant with Islamic finance rules. If this partnership delivers as promised, it could help ease that burden considerably. That said, success will hinge on how user-friendly the new tools are once they’re out in the wild—because, let’s be honest, even the best platform means little if busy entrepreneurs can’t figure it out in two minutes flat.

Still, it’s hard not to be optimistic. The UAE has been pushing for greater financial inclusion for years, and collaborations like this are spot on in supporting that agenda. I’m quietly chuffed to see banks and exchanges stepping up to build bridges, not barriers, for the region’s tireless business community. And if this model catches on, we might soon see more homegrown fintech partnerships redefining what it means to bank “with purpose.” Well… here’s hoping, anyway.

(And yes, it’s definately a step in the right direction.)

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