In a groundbreaking move, Ruya, a digital bank based in the UAE, has become the world’s first Islamic bank to directly offer Bitcoin and other cryptocurrency investments through its mobile app. This bold initiative is part of the bank’s strategy to merge the rapidly growing cryptocurrency market with the ethical framework of Islamic banking.

Shari’ah-Compliant Approach to Crypto Assets

This move is made possible through a partnership between Ruya and Fuze, a licensed digital asset infrastructure provider. The partnership ensures that the bank’s offerings are fully Shari’ah-compliant, adhering to Islamic finance principles that focus on ethical investing, fairness, and transparency. This is a significant step toward ensuring that Islamic investors can safely and confidently access the burgeoning world of crypto assets without compromising their religious principles.

Christoph Koster, CEO of Ruya, expressed the company’s commitment to transforming the financial landscape in the UAE. He emphasized that Ruya’s mission is deeply rooted in ethical Islamic banking, ensuring that the platform aligns with the values of fairness and transparency. The service provides customers peace of mind that their investments are in line with Islamic principles while also offering access to an emerging market.

Supporting the UAE’s Virtual Asset Growth

The introduction of Ruya’s crypto investment service comes at a time when the UAE is rapidly emerging as a significant hub for digital finance. In the year leading up to June 2024, the UAE saw an explosive growth in crypto assets, with the country receiving over $30 billion in digital assets—marking a 42% increase compared to the previous year. This surge underscores the UAE’s growing influence in the Middle East and North Africa (MENA) region as a leader in virtual assets.

Ruya aims to integrate cryptocurrency investments into everyday banking by offering a more sustainable and responsible approach compared to the speculative and high-risk investments typically associated with digital currencies. Unlike many other platforms that focus on short-term trading, Ruya’s model emphasizes long-term, responsible participation in the digital economy.

The bank is also focused on providing exceptional customer support, ensuring that users have access to expert guidance when making investment decisions. This is achieved through a combination of community resources and hybrid call centers, where customers can learn about both the opportunities and risks involved in crypto asset investments.

In summary, Ruya’s innovative approach to offering Shari’ah-compliant cryptocurrency investments positions the bank as a trailblazer in the Islamic banking sector. By combining traditional Islamic finance with modern digital assets, Ruya is providing customers with a unique opportunity to participate in the digital economy while maintaining their ethical and religious values. With the UAE’s continued growth as a digital finance hub, Ruya is poised to play a crucial role in the region’s crypto asset landscape.