ruya, the UAE’s digital-first Islamic bank, has become the first Islamic bank worldwide to allow customers to buy and sell Bitcoin directly through its mobile app. The service is part of ruya’s larger investment platform, which is meant to help people develop wealth in an ethical way and expand their money over time by integrating new ideas with Shari’ah-compliant rules.
ruya collaborates with licensed virtual asset provider Fuze to ensure the platform is secure, user-friendly, and compliant with all Islamic finance regulations. The UAE is emerging as a prominent financial hub, and global interest in cryptocurrencies continues to increase.
UAE is experiencing an increase in cryptocurrencies and receiving support from the government.
Chainalysis’s 2024 Geography of Crypto Report indicates that the UAE experienced over US$30 billion in cryptocurrency inflows from July 2023 to June 2024, representing a 42% increase compared to the previous year. The value of decentralised finance (DeFi) services increased by 74%, while the value of decentralised exchanges rose by 87% to US$11.3 billion.The Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) have implemented exhaustive regulatory frameworks, which Chainalysis attributes to this expansion.
Christoph Koster, CEO of Ruya, stated, By facilitating our customers’ ability to invest in Bitcoin via our platform, we enable them to engage responsibly in the digital economy. All Bitcoin investments are entirely compliant with Shari’ah principles, ensuring confidence and transparency.
Responsible investing via innovation
Unlike speculative platforms, Ruya’s Bitcoin service is incorporated within a carefully curated investment framework aimed at promoting sustainable long-term wealth accumulation. Some of the key features include:
- You are able to acquire and exchange Bitcoin directly and securely via the mobile application.
- Under the oversight of Ruya’s Shari’ah committee, there is complete transparency and effective governance.
- We are collaborating with Fuze to guarantee that the digital asset experience remains both secure and compliant.
- Fees that are competitive and among the most affordable in the market.
- Prioritise responsible investing, avoid conjecture, and enhance your financial stability.
- Assistance with learning is offered through in-app guidance, seminars, and personalised customer support.
Our collaboration with Ruya consolidates expertise in digital assets and Shari’ah-compliant banking, establishing a platform that is both secure and ethically sound’, stated Mo Ali Yusuf, Co-Founder and CEO of Fuze.