Page 73 - AAE PR REPORT - APRIL 2025

4/15/25, 9:27 AM Al Ansari Exchange and ruya Partner to Offer Free Cash Deposit Services Across the UAE

Apr 14, 2025 202 20

Al Ansari Exchange And Ruya Partner To Offer Free Cash

Deposit Services Across The UAE

In a significant move to promote financial inclusion and convenience, Al Ansari Exchange, the UAE’s leading remittance and
foreign exchange company, has entered into a strategic partnership with ruya, a digital-first Islamic community bank. The
agreement allows Ruya customers to make instant, fee-free cash deposits at more than 260 Al Ansari Exchange
branches across the UAE.

The collaboration aligns with both institutions’ shared commitment to delivering accessible, customer-centric financial solutions,
particularly aimed at underserved communities and individuals seeking more flexible banking services.

Supporting Innovation And Accessibility

The initiative allows Ruya account holders to deposit cash through Al Ansari Exchange’s domestic remittance system without
incurring any service charges. This development is expected to benefit a wide range of users, from individuals and small
businesses to larger community-based organizations, by offering a more convenient and cost-effective method of managing their
finances.

Ali Al Najjar, Chief Operating Officer at Al Ansari Exchange, emphasized the mutual benefits of the partnership:

“We are excited to collaborate with ruya, an innovative institution that shares our dedication to customer satisfaction and
innovation. This seamless and fee-free cash deposit using our domestic remittance option is an excellent opportunity to extend
our trusted services to a broader audience, ensuring that more people can benefit from the convenience and efficiency we offer.”

Christoph Koster, CEO of Ruya, added:

“Our partnership with Al Ansari Exchange is a testament to our mission of providing seamless and inclusive financial services to
our customers. The no-charge cash deposit service at over 260 locations across the UAE is a significant step towards making
banking more accessible and straightforward for everyone.”

Advancing The UAE’s Digital Banking Vision

This partnership reflects the UAE’s continued progress in becoming a regional and global leader in financial innovation. By
combining Al Ansari Exchange’s extensive nationwide presence with Ruya’s digital-first Islamic banking model, the initiative
bridges traditional and modern banking systems to create a more inclusive financial environment.

As the financial sector increasingly embraces technology-driven services, collaborations like this one highlight the potential of
synergistic efforts between established financial institutions and fintech innovators to deliver tangible benefits for everyday
customers.

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