ruya, the UAE-based digital bank, has announced the launch of its new ruya Mastercard Cashback Credit Card, aiming to capture a share of the competitive consumer finance market. The Shari’ah-compliant card is designed to offer straightforward rewards on daily expenditures without complex terms.
Quick Facts
- Flat 2% cashback on most purchases
- Shari’ah-compliant financial product
- No minimum spend required for rewards
- Cashback redemption via mobile app
A Straightforward Approach to Cashback
Breaking from tiered or category-specific rewards programs, ruya’s new card offers a flat 2% cashback on all purchases, including groceries, fuel, dining, and online shopping.
The bank confirmed that the only exception to the cashback offer is for government-related transactions. A key feature is the absence of a minimum spend requirement, allowing customers to earn rewards on every eligible transaction, regardless of its value.
Digital-First Banking with a Focus on Transparency
The product launch is part of ruya’s strategy to expand its digital-first banking services while adhering to Islamic finance principles. The card aims to simplify the rewards process for consumers in the UAE.
Christoph Koster, Chief Executive Officer of ruya Bank, said:
“We wanted to create a product that removes the complexity from rewards, offering a transparent, Shariah-compliant way for our customers to realise genuine value from their daily spending. This card is about making financial empowerment accessible and straightforward.”
Integrating Rewards into Digital Banking
Cardholders can manage their finances entirely through the ruya mobile banking app, which allows them to track and redeem their earned cashback directly against unbilled transactions.
The card operates on a monthly billing cycle, with statements issued on the 25th of each month and payments due by the 18th of the following month. This launch aligns with the bank’s stated values of prosperity, integrity, partnership, and community.
About ruya
ruya is a digital-first Islamic bank operating in the United Arab Emirates. It focuses on providing Shari’ah-compliant financial products and services through a modern, user-friendly digital platform, catering to the everyday banking needs of individuals in the region.
Source: Fintech News UAE
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