- UAE‘s digital-first Islamic bank ruya becomes the first Islamic bank globally to offer cryptocurrency trading through its mobile app.
- The service is provided in partnership with licensed virtual asset platform Fuze and adheres to Islamic financial principles.
- Both companies emphasize ethical investing while enabling customers to participate in the growing digital economy.
ruya, the UAE’s digital-first Islamic bank, has made history by becoming the world’s first Islamic banking institution to offer cryptocurrency trading services directly through its mobile application. The new feature allows customers to buy and sell virtual assets, including Bitcoin, while maintaining compliance with Islamic financial principles. This development represents a significant advancement in Islamic fintech, combining traditional ethical banking values with modern digital asset capabilities.
Islamic Banking Meets Digital Economy
The cryptocurrency trading service is positioned as part of ruya’s broader investment portfolio, specifically designed to promote ethical Islamic wealth building and long-term financial growth. In a statement, Christoph Koster, CEO of ruya, emphasized, “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 sustainably and responsibly.”
Koster further clarified that all virtual assets available through the platform are Shari’ah-compliant, addressing potential concerns from customers about adhering to Islamic financial principles while investing in cryptocurrencies.
Strategic Partnership Powers Innovation
To ensure security and regulatory compliance, ruya has partnered with Fuze, a licensed leader in the virtual asset sector. This collaboration enables ruya to offer a secure, user-friendly interface for cryptocurrency transactions while maintaining alignment with Islamic financial requirements.
Mohammed Ali Yusuf, Co-Founder and CEO of Fuze, highlighted the significance of the partnership: “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.”
The introduction of cryptocurrency trading services comes amid growing global interest in virtual assets, with increasingly more investors looking to diversify their portfolios. ruya’s innovative approach specifically caters to customers who wish to explore cryptocurrency investments while adhering to values of transparency and ethical investing within an Islamic framework.
This development positions the UAE further as a leading fintech hub in the Middle East, bringing together traditional Islamic banking principles with cutting-edge digital financial technology.
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