The UAE is the fourth largest market for Islamic finance in the world, with Islamic banking assets representing 23% of the total banking assets in the country, according to the Central Bank of the UAE.
Roya Local Islamic Bank announced today, Thursday, its plans to provide its digital Islamic banking services in the UAE markets.
“Roya” is the first digital Islamic bank licensed by the Central Bank of the Emirates, and aims to seamlessly combine advanced technology with the basic principles of Islamic finance, to meet the needs of individuals and companies alike.
The new bank offers a seamless digital banking experience, designed to provide the highest levels of security and modernity, through an advanced digital platform that allows customers to access a wide range of Islamic banking products and services from anywhere and at any time.
The launch of “Roya” comes in light of the growth of the Islamic finance industry significantly around the world, exceeding 16.5 trillion dirhams in 2022, and is expected to grow to 24.5 trillion dirhams by 2027, according to the Islamic Finance Development Report for 2023.
“Roya” contributes to enhancing diversity in the UAE banking sector, and providing advanced Islamic banking options that meet the growing needs of customers, with a focus on innovation and technology.
