UAE-based digital Islamic bank ruya begins offering crypto investment services

UAE’s first digital Islamic Bank, ruya has partnered with Fuze Finance, a UAE-regulated digital assets infrastructure provider and crypto broker, to allow the bank’s clients to buy and sell crypto such as Bitcoin using the mobile application.

As per the announcement, this is part of the bank’s investment offering that is secure, user-friendly, and aligned with ethical Islamic financial principles.

In the year ending June 2024, the UAE received more than $30 billion in virtual assets, with a 42% growth, nearly four times higher than the region’s average of 11.7%.

ruya joins UAE Liv digital bank in offering crypto trading solutions

According to Christoph Koster, CEO of ruya, the bank is committed to transforming the financial landscape in the UAE. By offering crypto in its investment platform, it is also empowering customers to participate in the digital economy.

He adds, “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.”

Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, stated, “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.”

ruya is not the first bank to embrace crypto in the UAE. Liv digital bank, a subsidiary of the UAE’s Emirates NBD bank, also started offering its clients crypto trading services on its application.

Liv bank has openly showcased its entrance into the crypto era, competing with already regulated UAE crypto exchanges. UAE Liv Bank touts itself as a trusted partner to invest in crypto because it has directions for how users in the UAE can trade securely with the Liv app for fees as low as 0.5% with guided modules and the security that Emirates NBD Bank brings.

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