UAE's ruya becomes first global Islamic bank to offer Shari'ah-compliant crypto trading
UAE's digital-first Islamic bank ruya announced enabling customers to buy and sell cryptocurrencies such as Bitcoin directly through its mobile app.
The new service is offered in partnership with Fuze, a licensed and well-established leader in the virtual asset space, to ensure that it is secure, user-friendly, and fully aligned with ethical Islamic financial principles, the bank said.
Islamic bank's crypto service
The move makes it the first Islamic bank globally which allows customers to transact in virtual currencies.
This service is part of the bank's broader investment offering, designed to promote ethical Islamic wealth building and long-term financial growth, it said.
With the global surge in interest around virtual assets, the bank's latest offering caters to customers who seek to diversify their portfolios responsibly, while adhering to values of transparency, fairness and ethical investing.
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'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,' said Christoph Koster, CEO of ruya.
'By integrating virtual assets into our investment platform, we aim to empower our customers to participate in the digital economy sustainably and responsibly,' he added.
Mohammed Ali Yusuf, Co-Founder and CEO of Fuze, said 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,' he said.
Unlike platforms encouraging speculative trading, the bank's virtual assets service is part of a carefully curated investment framework, creating lasting value and supporting their customers' financial goals, the bank said.
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