UAE digital-first Islamic community bank Ruya has partnered with enterprise AI company Magure to implement agentic artificial intelligence across its banking operations, enhancing efficiency and customer service.
Ruya, a digital-first Islamic community bank based in the UAE, has announced a long-term strategic partnership with Magure, an enterprise AI company, to expand the use of agentic artificial intelligence throughout its banking operations.
This collaboration follows the successful deployment of three agentic AI use cases developed by Magure, which are now in production at Ruya. The bank reports that this technology is streamlining processes such as business account onboarding and various everyday transactions, while still ensuring that human employees are involved in decision-making where necessary.
For business customers opening accounts, the AI-supported process can efficiently analyze documents, conduct verification checks, and prepare case summaries. This allows Ruya’s employees to concentrate on decision-making rather than being bogged down with paperwork, according to the companies involved.
In addition to account onboarding, several other transaction workflows have been designed to process information more quickly and accurately. Each of these workflows includes a human reviewer, ensuring that final decisions remain with people.
Christoph Koster, CEO of Ruya, emphasized the bank’s commitment to integrating intelligence into its foundation rather than merely running AI projects. He noted that Ruya’s approach to AI is influenced by its ethical, Shari’ah-compliant status and a strong focus on customer data protection.
The AI capabilities operate within Ruya’s private cloud infrastructure, utilizing open-source large language models that are integrated with the bank’s existing systems. Both companies assert that Ruya retains ownership and control over its AI capabilities, ensuring that personally identifiable information remains secure within the bank’s infrastructure.
Instead of developing separate AI systems for individual banking functions, Ruya and Magure are collaborating to create a single governed AI framework using Magure’s MagOneAI platform. This platform is designed to support a range of AI applications across customer service, operations, risk management, compliance, and employee functions.
The roadmap for this partnership includes potential applications for collections, compliance, credit support, a customer AI assistant, personalization, customer analytics, and Ruya AI, a private employee assistant aimed at utilizing Ruya’s internal knowledge.
According to the companies, this shared platform is intended to facilitate the rapid deployment of new AI capabilities, allowing them to move into production in weeks instead of months. The platform also includes auditability for actions taken through various AI workflows.
Akhil Koka, CEO of Magure, stated that the most challenging aspects of the project are now behind them, with the platform, governance, and foundational elements in place. He expressed confidence that every new capability will be seamlessly integrated into the existing framework.
The partnership aligns with the UAE’s broader initiative to advance artificial intelligence and meets the expectations set forth by the Central Bank of the UAE for responsible AI use among licensed financial institutions. These expectations encompass board-level governance and accountability, transparency and explainability, human oversight for high-impact decisions, and consumer protection.
MagOneAI incorporates human review into its workflows through designated task nodes that can pause an AI process for human approval, review, or override. The platform also features role-based access controls, centralized monitoring, cost tracking, and audit trails through a unified governance layer.
Magure holds several certifications, including ISO 9001, ISO 27001, and ISO 42001, as well as SOC 2 Type II attestation, which cover quality, information security, and AI governance.
“Our customers, including the UAE’s entrepreneurs, SMEs, families, and communities, experience a bank that operates more efficiently and understands their needs better,” Koster remarked. “Accounts are opened in a fraction of the time, transactions are processed without delay, and service is available around the clock.”
Ruya Islamic Community Bank LLC, known as Ruya, is headquartered in Ajman and was launched in 2024. The bank is licensed by the Central Bank of the UAE as a Specialized Bank and provides digital banking services for both individuals and businesses. It also operates open-door branches aimed at educating and supporting its community.
Magure, headquartered in Dubai and registered with the Dubai International Financial Centre (DIFC), is an enterprise AI company with delivery centers in India and a presence in the United States. Its flagship platform, MagOneAI, is designed to build, deploy, and govern AI agents on an organization’s own infrastructure using various large language models.
Magure serves over 80 enterprise customers across sectors including government, financial services, healthcare, and large conglomerates, with more than 60 AI deployments currently in production. Its technology and deployment partners include industry leaders such as NVIDIA, AWS, Microsoft Azure, Oracle, and Huawei.
According to The American Bazaar, this partnership marks a significant step forward in the integration of AI within the banking sector in the UAE.