Ruya becomes the first Islamic bank to offer investment in Bitcoin and virtual assets
According to the announcement, UAE’s digital-first Islamic bank Ruya (et section), has become the world’s first Islamic bank to access directly through its mobile app, including Bitcoin, based on a landmark development project for Islamic finance and digital banking.
This new service becomes possible by building a strategic partnership with Fuze, a licensed leader in virtual asset infrastructure. Ruya and Fuze jointly aim to provide a safe and ethical entrance to the digital economy, and these services are fully in line with the principles of Islamic Islamic finance.
“At Ruya, we are committed to transforming the UAE’s financial landscape by providing forward-looking services while staying true to our ethical Islamic banking mission,” said Ruya CEO Christoph Koster. “By integrating virtual assets into our investment platform, we aim to enable our customers to participate in the digital economy with a sustainable and responsible attitude. We can also assure customers that the virtual assets we offer on the Ruya investment platform are Sharia-based, which provides a responsible certainty.”
The launch is at a time when the UAE virtual asset industry is growing rapidly. As of the year ended June 2024, the country received more than According to the announcement, virtual assets were $30 billion, a year-on-year increase of 42%, significantly surpassing the 11.7% average. The move highlights the emergence of the UAE, a major hub for digital financing in North Africa.
“Partnering with Ruya is an important step in making virtual assets a seamless part of everyday banking,” said Mohammed Ali Yusuf, Fuze co-founder and CEO. “Together, we combine Fuze’s cutting-edge infrastructure with Ruya’s commitment to the ethical Islamic banking industry.”
Unlike other platforms that encourage speculative crypto trading, Ruya’s products are embedded in a select investment framework designed to support long-term financial growth, the company said in its announcement. It will focus on transparency, fairness and ethical investment, which is the tenet of Islamic finance.
To ensure accessibility and informed decision-making, Ruya is also powered by community centers and hybrid call centers where customers can get expert guidance on investing in virtual assets.
