ruya partners with 4most for IFRS 9 advisory and implementation support
UAE-based ruya, a digital-first Islamic bank, has partnered with 4most to design and implement its IFRS 9 Expected Credit Loss framework, supporting the bank’s initial portfolio launch and strengthening its credit risk governance capabilities.
Headquartered in Ajman and launched in 2024, ruya is a Sharia-compliant provider of banking and financial services to consumers and business segments such as entrepreneurs, corporates and organizations.
The bank’s IFRS 9 Expected Credit Loss (ECL) framework has been designed to build a robust, transparent credit risk processes and covers the development of IFRS 9 models across retail, SME and corporate portfolios.
As ruya expands its product offering, the framework has been designed to evolve alongside the business – a flexible ECL solution supports the onboarding of additional portfolios over time, with provision for updating models and documentation for newly launched portfolios.
The development of the model was guided by 4most, which continues to provide ongoing support for the execution of ruya’s ECL processes over a 12-month period. This includes quarterly production of ECL numbers, onsite support from 4most experts, and presentation of results at governance committees to enable approval and completion of the end-to-end ECL process.
Commenting on the project, Mohamed Siddique Lair, Head of Risk at ruya, said: “This development reflects ruya’s commitment to building robust, transparent credit risk processes from inception, combining strong technical foundations with practical execution capability.”
“Our collaboration with 4most has been instrumental in establishing a solid IFRS 9 ECL framework as we grow our portfolio. Their pragmatic approach, deep technical expertise, and hands-on support have helped us implement models and processes that are both regulator-ready and operationally efficient. The knowledge transfer and governance support provided have ensured our internal stakeholders are fully equipped to manage ECL on an ongoing basis.”
Jarred Lloyd, Head of Analytics at 4most, added: “We’re proud to support ruya on this important phase of their journey. Establishing IFRS 9 capability early, with scalable models and clear governance, puts banks in a strong position as portfolios evolve. Our focus has been on delivering a practical ECL framework that combines regulatory rigour with real-world usability.”
