Latest news with #ruya
Al Etihad
02-05-2025
- Business
- Al Etihad
ruya becomes world's first Islamic bank to offer virtual asset investments
2 May 2025 14:19 REDDY (ABU DHABI)ruya, the UAE's digital-first Islamic bank, has become the first Islamic bank globally to allow customers to buy and sell cryptocurrencies directly through its mobile milestone was made possible through a collaboration with Fuze, an Abu Dhabi-based, VARA-licensed virtual asset service provider. In a freewheeling conversation with Aleithad, ruya CEO Christoph Koster explained the mission of the youngest Islamic digital community bank in the country, which was set up as recently as 2024.'ruya combines cutting-edge digital banking with community engagement,' Koster said. 'What that means is we have full digital onboarding and a completely mobile-first banking experience. It's digital native and cloud native, for both individuals and businesses in the country.' 'But we also have physical community centres. The first one is here in Ajman, where our head office and main community centre are located. We're building one in Abu Dhabi as well, and we're looking at a place in Dubai too.'Elaborating on ruya's community concept, Koster said: 'We have this hybrid approach of a 21st-century digital experience — the way it's supposed to be in this day and age — but at the same time, we provide that physical space where people can come and experience the brand, where they can learn about financial literacy. We even have co-working-like spaces. Customers can sit here with us, have a coffee during the day, and get personal advice from real human beings.'He likened ruya's centres to Apple stores, 'You don't go into an Apple store to buy a new phone, right? You go into an Apple store to experience the brand, to experience the products, to ask questions, to learn, to connect with other people — and that's what these community centres are for.''We are transparent, inclusive, and rooted in giving back to our community,' he it comes to cryptocurrencies, Koster said ruya customers can buy and sell approved crypto on the mobile app securely and seamlessly. At the moment, bitcoin and ethereum are available for purchase and sale.'Assets are split between hot wallets (online, 20%) and cold custody (offline, 80%) to ensure liquidity and safety,' he said. Cold custody is handled by Tungsten, a regulated custodian based in Abu Dhabi Global Market (ADGM), while hot wallets are managed using Fireblocks technology, trusted by leading financial institutions.'A closed-loop system means no external wallet deposits or withdrawals, further protecting customers,' Koster the tech partner, executes buy and sell orders and handles custody.'Everything happens inside the ruya app — no external redirection. ruya handles customer onboarding, while Fuze powers the regulated backend. You always stay within the ruya experience, but transactions are executed securely via Fuze,' he the question of Shariah compliance, Koster — a seasoned banker who spent 10 years at Emirates NBD and later helped build investment platforms for the Abu Dhabi government and G42 — said: 'Our Internal Shariah Supervisory Committee has issued a resolution allowing customers to buy and sell virtual assets, including bitcoin, through our platform in partnership with Fuze.'Every asset offered is explicitly reviewed and approved from an ethical Islamic banking perspective. 'We focus on long-term investments, not speculative trading — aligning fully with ethical Islamic finance principles,' he said. 'We operate within a very clear and independently validated ethical Islamic banking framework.'ruya has been expanding its footprint across the UAE. It has welcomed approximately 60,000 customers during its first year of operation. 'At the current growth rate, we are onboarding around 100,000 customers per year. By the second anniversary in 2026, the bank will have well over 160,000 customers,' the CEO about ruya's exposure to the Abu Dhabi market, Koster said almost 25% of its customers are from the capital, the second highest after Dubai. ruya is also building a community centre at Mohammed bin Zayed City in Abu Dhabi, which will be completed by the second half of choice of Ajman as headquarters may appear unconventional, but Koster pointed out: 'An innovation-first approach, strong support from local authorities, combined with community values that match our mission, was what made us choose Ajman.'Regarding ownership, Koster didn't name individuals but noted: 'ruya is privately owned by a group of strategic investors from the UAE. They share a common vision for ethical Islamic digital banking and community development.''We're not affiliated with any other bank or corporate, but stand alone and are fully licensed by the Central Bank of the UAE,' he whether the bank is planning an IPO, Koster said: 'It's too early — our focus right now is on building a strong foundation and delivering value to our customers.' For Koster, a German national who has lived in the UAE for 15 years, ruya is more than a job. 'Leading ruya combines my passion for financial innovation, ethical banking and community impact.'
Gulf Insider
26-04-2025
- Business
- Gulf Insider
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. 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. '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. This move comes at a time when the UAE is experiencing rapid growth in virtual asset activity, positioning itself as a leading virtual asset hub in the Middle East and North Africa (MENA) region.
Arabian Business
25-04-2025
- Business
- Arabian Business
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. View this post on Instagram A post shared by ruya (@myruyabank) '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.
Mid East Info
24-04-2025
- Business
- Mid East Info
ruya Becomes First Islamic Bank Globally to Offer Virtual Asset Investments Including Bitcoin - Middle East Business News and Information
ruya Becomes First Islamic Bank Globally to Offer Virtual Asset Investments Including Bitcoin Ajman, UA E – 24 Ap ril, 2025: ruya (رويا), the UAE's digital-first Islamic bank, is proud to announce a pioneering step in the region's banking industry. In an unprecedented move, ruya has become the first Islamic bank globally to enable customers to buy and sell virtual assets, commonly known as 'cryptocurrencies' including Bitcoin, directly through its mobile app. This service is part of ruya's broader investment offering, designed to promote ethical Islamic wealth building and long-term financial growth. In partnership with Fuze, a licensed and well-established leader in the virtual asset space, ruya ensures that this innovative service is secure, user-friendly, and fully aligned with ethical Islamic financial principles. With the global surge in interest around virtual assets, ruya's latest offering caters to customers who seek to diversify their portfolios responsibly while adhering to values of transparency, fairness and ethical investing. This move comes at a time when the United Arab Emirates is experiencing rapid growth in virtual asset activity, positioning itself as a leading virtual asset hub in the Middle East and North Africa (MENA) region. In the year ending June 2024, the country received more than $30 billion in virtual assets, with a remarkable 42% growth, nearly four times higher than the region's average of 11.7%. '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.' Unlike platforms that encourage speculative trading, ruya's virtual assets service is part of a carefully curated investment framework, fostering long-term wealth building. This aligns with ruya's core mission to provide customers with financial solutions that create lasting value and support their financial goals. Key highlights of the service include: Direct access to buy and sell Shari'ah-compliant virtual assets securely through the ruya mobile app. Integrated transparency and governance, ensuring adherence to ethical Islamic principles. Partnership with Fuze, offering a trusted, licensed and seamless digital asset experience. Focus on responsible investing, avoiding speculative behaviour and promoting financial resilience. Christoph Koster added, 'By partnering with Fuze, we've ensured that our customers will benefit from a robust and trusted platform to access the opportunities in the virtual asset space. This service reflects our promise to innovate while maintaining the highest standards of ethical Islamic banking.' As part of ruya's customer-first approach, dedicated support is available through its community centres and hybrid call centre model, ensuring customers receive expert guidance on this new offering. This milestone marks a new chapter in the UAE's banking industry and reinforces ruya's position as a trailblazer in the digital Islamic banking space. For more information on how to start investing in virtual assets through ruya, please visit
Zawya
24-04-2025
- Business
- Zawya
Ruya becomes first Islamic bank globally to offer virtual asset investments including Bitcoin
Ajman, UAE: ruya (رويا), the UAE's digital-first Islamic bank, is proud to announce a pioneering step in the region's banking industry. In an unprecedented move, ruya has become the first Islamic bank globally to enable customers to buy and sell virtual assets, commonly known as 'cryptocurrencies' including Bitcoin, directly through its mobile app. This service is part of ruya 's broader investment offering, designed to promote ethical Islamic wealth building and long-term financial growth. In partnership with Fuze, a licensed and well-established leader in the virtual asset space, ruya ensures that this innovative service is secure, user-friendly, and fully aligned with ethical Islamic financial principles. With the global surge in interest around virtual assets, ruya 's latest offering caters to customers who seek to diversify their portfolios responsibly while adhering to values of transparency, fairness and ethical investing. This move comes at a time when the United Arab Emirates is experiencing rapid growth in virtual asset activity, positioning itself as a leading virtual asset hub in the Middle East and North Africa (MENA) region. In the year ending June 2024, the country received more than $30 billion in virtual assets, with a remarkable 42% growth, nearly four times higher than the region's average of 11.7%. '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." Unlike platforms that encourage speculative trading, ruya 's virtual assets service is part of a carefully curated investment framework, fostering long-term wealth building. This aligns with ruya 's core mission to provide customers with financial solutions that create lasting value and support their financial goals. Key highlights of the service include: Direct access to buy and sell Shari'ah-compliant virtual assets securely through the ruya mobile app. Integrated transparency and governance, ensuring adherence to ethical Islamic principles. Partnership with Fuze, offering a trusted, licensed and seamless digital asset experience. Focus on responsible investing, avoiding speculative behaviour and promoting financial resilience. Christoph Koster added, 'By partnering with Fuze, we've ensured that our customers will benefit from a robust and trusted platform to access the opportunities in the virtual asset space. This service reflects our promise to innovate while maintaining the highest standards of ethical Islamic banking.' As part of ruya 's customer-first approach, dedicated support is available through its community centres and hybrid call centre model, ensuring customers receive expert guidance on this new offering. This milestone marks a new chapter in the UAE's banking industry and reinforces ruya 's position as a trailblazer in the digital Islamic banking space. For more information on how to start investing in virtual assets through ruya, please visit
