In a global first, UAE-based Islamic bank ruya launches Shari’ah-compliant cryptocurrency investment services.

UAE’s first digital Islamic Bank, ruya, has announced a groundbreaking service that allows clients to buy and sell cryptocurrencies such as Bitcoin through its mobile application. This innovative collaboration with Fuze Finance, a UAE-regulated digital assets infrastructure provider and crypto broker, aligns with ethical Islamic financial principles, making cryptocurrency investment accessible and compliant with Shari’ah law. Christoph Koster, CEO of ruya, emphasized the bank’s commitment to transforming the financial landscape in the UAE, stating, 'By offering crypto in our investment platform, we aim to empower our customers to participate in the digital economy sustainably and responsibly.' The UAE’s virtual asset sector is witnessing significant growth, accumulating more than $30 billion, a 42% rise compared to the previous year, indicating the region's potential as a digital finance hub. The significant interest in cryptocurrency is complemented by the fact that ruya is not alone in this venture; Liv digital bank, another prominent financial entity in the UAE under Emirates NBD, has recently launched similar crypto trading services. Liv bank describes its crypto offerings as a trusted investment opportunity with guidance on secure trading practices. This upward trend indicates a shift towards integrating digital assets in traditional banking frameworks, aiming to cater to the growing demand for cryptocurrency. Importantly, ruya positions its services as ethical, focusing on transparency and long-term growth rather than speculative trading. The bank intends to offer comprehensive support for its clients by establishing community centers and hybrid call options, where expert guidance will be provided for virtual asset investing. This approach echoes the wider adoption of cryptocurrencies within a structured and morally responsible framework, further enhancing user trust and participation in the market. The strategic shift reflects broader trends in UAE’s economy, which is becoming a significant player in the virtual asset landscape. Regulatory clarity and the rise of Shari’ah-compliant investment options mark a pivotal evolution in Islamic finance that may well influence similar institutions across the region. Overall, the news presents a promising future for cryptocurrency adoption within Islamic banking, highlighting the balance between innovation and tradition.