To bolster the UAE's goal of reaching one million SMEs by 2030, fintech firm Pemo has partnered with ruya to launch a new, Shariah-compliant business account. While SMEs serve as the backbone of the local economy—accounting for over 90% of businesses—they have historically struggled to access the sophisticated treasury and financial management tools enjoyed by larger corporations. This new digital-first solution integrates seamlessly into Pemo’s existing spend management platform, allowing business owners to consolidate payments, corporate cards, and expense tracking into one unified interface.

Beyond streamlined operations, the account offers a practical way for companies to maximize their idle cash. Through a Wakala deposit structure, businesses can earn an expected profit rate of up to 3.75% without the burden of minimum balance requirements or restrictive lock-in periods. By utilizing Pemo’s AI-driven insights, users can easily identify surplus funds to invest while maintaining the necessary liquidity for daily operations. This collaboration with Ruya Community Islamic Bank represents a significant step toward providing inclusive, ethical financial infrastructure to the small businesses that drive the nation’s non-oil growth.