UAE-based Digital Islamic bank ruya is now offering customers the option to buy and sell virtual assets, including Bitcoin, directly through it’s mobile app. It is the first Islamic bank to do so. ruya’s latest offering comes from a partnership with virtual asset firm Fuze. ruya’s virtual assets service is to be part of an investment framework that is focused on long-term wealth building.
“At ruya, we are committed to transforming the financial landscape in the UAE by offering forward-thinking services while staying true to our mission of ethical Islamic banking. By integrating virtual assets into our investment platform, we aim to empower our customers to participate in the digital economy in a sustainable and responsible way. We can also assure our customers that the virtual assets we are offering on our ruya investment platform are Shari’ah-compliant, providing much-needed certainty,” said Christoph Koster, CEO of ruya.
Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, shared: “Partnering with ruya is a big step towards making virtual assets a seamless part of everyday banking. Together, we’re combining Fuze’s cutting-edge infrastructure with ruya’s commitment to ethical Islamic banking. We are excited to be at the forefront of providing simple, secure, and ethical digital asset solutions for the future.”
UAE banks keen to adopt crypto investments
Multiple banks in the UAE have already moved into the crypto space, but ruya is officially the first Islamic bank to offer virtual assets, including Bitcoin, for investment purposes.
The Islamic bank’s offering comes at a time when multiple countries and official banks are looking to partner with crypto entities to expand their reach into new developing markets.
In December last year, crypto.com entered into a partnership with Dubai Islamic Bank to explore multiple opportunities to introduce Sharia-compliant platforms including tokenized Islamic Sukuks and real-world asset tokenization. Emirates NBD, WioInvest, and RakBank are some banks that have some form of crypto investment services or virtual asset trading in place.
