ruya Community Islamic Bank has signed a Memorandum of Understanding (MoU) with Dubai-based fintech firm Peko to help small and medium-sized enterprises (SMEs) grow in the UAE.
Through this partnership, ruya will roll out a comprehensive digital platform designed to simplify business setup and operations for entrepreneurs. Powered by Peko’s innovative technology, the platform will provide more than 50 integrated services—including company formation, license renewals, bill payments, HR tools, eSIM provisioning, travel services, software subscriptions, WhatsApp Business integration, and automated financial reporting.
Ruya’s business customers will gain direct access to these services, enabling them to start and run their businesses more efficiently, while ensuring full compliance with Islamic banking values.
Christoph Koster, CEO of ruya Community Islamic Bank, said:
“At ruya, we believe in empowering entrepreneurs by offering more than just financial products—we provide practical solutions that help businesses grow. This partnership with Peko is part of our broader vision to make it easier for SMEs to launch, operate, and succeed in the UAE, all within a Shari’a-compliant framework.”
Kashif Khan, Founder and CEO of Peko, added:
“We’ve built Peko as an all-in-one platform to simplify and supercharge the way SMBs operate. By partnering with visionary institutions like ruya, we’re enabling banks to offer not just banking—but an entire suite of essential business services. This collaboration is a glimpse into the future of SME banking—where financial services and day-to-day business tools come together seamlessly.”
This initiative adds to ruya’s expanding range of SME-focused services, which already include business banking accounts, Shari’a-compliant financing, digital invoicing, and tools designed for modern business needs.
With this collaboration, ruya reinforces its mission to create a supportive, technology-driven ecosystem for entrepreneurs—combining innovation with Islamic ethical principles.
