UAE's Ruya: First Islamic Bank for Crypto
UAE's Ruya Bank Makes History: First Islamic Bank to Offer Crypto Investments
In a significant development for the Islamic finance sector, Ruya, the UAE's digital-first Islamic bank, has become the first globally to offer direct access to Shari'ah-compliant cryptocurrency investments. This allows customers to buy and sell digital assets like Bitcoin through Ruya's mobile app.
Partnership with Fuze for Ethical Crypto Trading
Ruya partnered with Fuze, a licensed virtual asset infrastructure provider, to create a platform ensuring ethical and Shari'ah-compliant crypto trading. This collaboration prioritizes transparency and security, adhering strictly to Islamic financial principles.
- Shari'ah Compliance: All crypto investments offered are rigorously vetted to ensure alignment with Islamic law.
- Secure Platform: Fuze’s technology provides a secure and user-friendly trading environment.
- Sustainable Investments: Ruya focuses on long-term, sustainable value creation rather than speculative trading.
Ruya’s CEO, Christoph Koster, emphasized the bank's commitment to providing customers access to the digital economy responsibly, while adhering to Islamic banking principles. Fuze co-founder and CEO, Mohammed Ali Yusuf, highlighted the significance of this partnership in bridging the gap between traditional banking and the digital asset world, guided by Islamic finance principles.
UAE's Booming Crypto Market
This launch comes during a period of rapid growth in the UAE's virtual asset market. The country saw over $30 billion in virtual asset transactions from January to June 2024, representing a 42% increase—significantly outpacing the MENA region's average growth. This makes Ruya’s initiative strategically well-timed.
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