Startups
Ruya Community Islamic Bank Partners with Peko Supporting SME Growth
ruya Community Islamic Bank, the UAE’s purpose-driven Islamic bank, has signed a Memorandum of Understanding (MoU) with Dubai-based fintech company Peko, announcing the launch of a new strategic initiative to support small and medium-sized enterprises (SMEs) across the country.
ruya Community Islamic Bank, the UAE’s purpose-driven Islamic bank, has signed a Memorandum of Understanding (MoU) with Dubai-based fintech company Peko, announcing the launch of a new strategic initiative to support small and medium-sized enterprises (SMEs) across the country.
Through this partnership, ruya will introduce a comprehensive digital platform aimed at simplifying business setup and daily operations for entrepreneurs. Powered by Peko’s innovative infrastructure, the platform will offer more than 50 integrated business services—ranging from company formation and license renewals to bill payments, HR tools, eSIM provisioning, travel services, software subscriptions, WhatsApp for Business integration, and automated financial reporting.
ruya’s business customers will gain seamless access to these services, enabling them to launch and manage their operations efficiently and in full compliance with Islamic values.
Christoph Koster – Chief Executive Officer of ruya Community Islamic Bank, commented: “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 builds on ruya’s growing suite of SME-focused offerings, including business banking accounts, Shari’a-compliant financing, digital invoicing, and innovative tools tailored for modern entrepreneurs.
