Ruya, the UAE’s digital-first Islamic bank, has made history by becoming the first Islamic bank globally to let customers buy and sell virtual assets, including Bitcoin, directly through its mobile app.
First-of-its-kind: Shari’ah-compliant crypto investing
Partnering with digital asset infrastructure leader Fuze, Ruya’s new offering enables customers to invest in cryptocurrencies while adhering to Islamic finance principles. The move supports Ruya’s broader mission of promoting ethical, long-term wealth building through responsible investing.
“At Ruya, we are committed to transforming financial services with forward-thinking, ethical solutions,” said Christoph Koster, CEO of Ruya. “Integrating Shari’ah-compliant virtual assets empowers our customers to participate in the digital economy in a sustainable way.”
UAE’s virtual asset surge sets the stage
The launch comes as the UAE accelerates its role as a major virtual asset hub. In the year ending June 2024, the country received over $30 billion in virtual assets, boasting a 42% growth rate—nearly four times the regional average.
Ruya’s platform emphasizes responsible investing over speculative trading, offering customers a secure, transparent, and Shari’ah-compliant environment for digital asset investments. Key features include direct access through the Ruya app, governance built on Islamic ethical standards, and Fuze’s secure technology backbone.
Building the future of ethical digital banking
“We’re thrilled to partner with Ruya to integrate virtual assets seamlessly and ethically into everyday banking,” said Mo Ali Yusuf, CEO of Fuze.
With dedicated support through community centers and hybrid call centers, Ruya ensures customers have expert guidance at every step. This milestone cements Ruya’s leadership at the intersection of Islamic finance and digital innovation.
