The UAE’s digital-first bank, Ruya, announced its partnership with Fuze, a licensed and well-known leader in the virtual asset space. The partnership aims to transform the financial landscape in the UAE by offering simple, secure, and ethical digital asset solutions for the future.
Ruya has made history by being the first Islamic bank in the world to allow users to purchase and sell virtual assets, also referred to as cryptocurrencies, such as Bitcoin, directly through its mobile application. Part of Ruya’s wider investment portfolio, this service aims to support long-term financial growth and the development of traditional Islamic wealth.
Ruya guarantees that this cutting-edge technology is safe, easy to use, and completely compliant with moral Islamic financial standards.
As per the reports, Christoph Koster, CEO of Ruya, stated, “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.”
The UAE is establishing itself as a major virtual asset center in the Middle East and North Africa (MENA) region at a time when virtual asset activity is expanding rapidly there. Over $30 billion in virtual assets were received by the nation in the year that ended in June 2024, representing an astonishing 42% growth, nearly four times greater than the average of 11.7% for the region.
Ruya’s well-crafted investment framework, allowing long-term wealth building, sets it apart from other general banks. This is part of Ruya’s core mission to deliver to users financial solutions that complement their financial objectives and add additional value in the long run.
This historic move solidifies Ruya’s status as a leader in the digital Islamic banking and ushers in a new era in the UAE’s banking sector.
Also read: Central Bank of UAE to Roll Out Digital Dirham in 2025
