| Annual Fee | Islamic Banking | Minimum Balance | Multiple Currencies | |
|---|---|---|---|---|
Ruya Community Islamic Bank - Business Account
|
Annual Fee: AED 948 | Islamic Banking: Yes | Minimum Balance: AED 0 | Multiple Currencies: No |
Overview:
The Ruya Business Account is designed for SMEs, startups, and entrepreneurs seeking ethical, Shariah-compliant banking solutions. With no minimum balance requirement, seamless digital onboarding, and value-added services such as WPS and Investment Wakala, businesses can manage their finances efficiently and focus on sustainable growth.
Key Benefits:
Documents Required:
The Ruya Business Account is designed for SMEs, startups, and entrepreneurs seeking ethical, Shariah-compliant banking solutions. With no minimum balance requirement, seamless digital onboarding, and value-added services such as WPS and Investment Wakala, businesses can manage their finances efficiently and focus on sustainable growth.
Key Benefits:
- No minimum balance requirement
- Shariah-compliant Islamic business account
- Digital account opening and smooth onboarding
- Business Debit Card with daily cash withdrawal of AED 70,000
- Dedicated Relationship Manager
- Cheque book facility
- WPS (Wage Protection System) for salary payments
- Investment Wakala with competitive rates to grow surplus business funds
- Online & mobile banking access (24/7)
- VIP Segment Upgrade – 10M & Above
Documents Required:
- Valid Trade License
- Commercial Registration certificate
- VAT Registration Certificate (if applicable)
- Articles of Association (AOA) / Memorandum of Association (MOA)
- Certificate of Incorporation
- Board Resolution and/or Power of Attorney (POA) (if applicable)
- Ejari (tenancy contract)
- Last six (6) months’ company bank statements
- Emirates ID and Passport copies of all shareholders and authorized signatories
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
