Key Highlights
- Ruya now offers Sharia-compliant Bitcoin trading through its app, focusing on responsible investing and long-term wealth growth.
- The UAE sees booming crypto interest, with inflows up 42% and DeFi activity rising, creating opportunities for regulated digital investments.
- Ruya partners with Fuze to provide secure, transparent Bitcoin trading, emphasizing ethics, low fees, and guidance for informed investing.
Ruya, a digital-first Islamic bank in the United Arab Emirates (UAE), now allows customers to buy and sell Bitcoin through its mobile app. Based in Ajman, it is the first Islamic bank to offer fully Sharia-compliant Bitcoin trading.
According to a local report, the new offering introduces ethical digital investment opportunities in furtherance of Ruya’s more general mission of long-term wealth creation in accordance with Islamic finance principles. It is powered through a partnership with Fuze, a licensed digital asset platform, to ensure security, transparency, and ease of use.
In addition, Ruya focuses on responsible investing and avoids speculative trading. According to Christoph Koster, CEO of Ruya, “By enabling our customers to invest in Bitcoin through our platform, we enable them to participate responsibly in the digital economy.” Its platform provides educational resources, webinars, and in-app guidance that will help users make informed decisions.
Strategic partnership enhances compliance and security
The collaboration with Fuze brings together expertise in virtual assets and Sharia-compliant banking. Mohammed Ali Yusuf, Co-Founder and CEO of Fuze, commented, “The Ruya and Fuze partnership brings together expertise in digital assets and Shari’ah-compliant banking, creating a platform that is both secure and ethically grounded.” Thus, customers have a strong trading environment consistent with Islamic principles, under the auspices of Ruya’s Shari’ah Supervision Committee.
The platform also has low fees compared to others, making it practical for ethical digital investing. The bank maintains clear rules and transparency, giving investors confidence for long-term planning. Unlike many platforms that push short-term speculation, Ruya focuses on helping users grow wealth steadily over time.
The UAE’s crypto landscape and market growth
The launch comes as interest in cryptocurrencies grows across the UAE. According to Chainalysis’ 2024 report, crypto inflows rose 42%, reaching over US$30 billion between July 2023 and June 2024.
At the same time, DeFi activity rose by 74%, and volumes on decentralized exchanges surged 87% to US$11.3 billion. This has been driven by the enabling regulatory environment of the UAE, shaped by the SCA and, in Dubai, by VARA.
The same has been done by other UAE-based banks, such as RAK Bank and Liv Bank, through partnerships with crypto exchanges for offering trading services.
Furthermore, Mashreq Capital launched BITMAC, a multi-asset fund that includes Bitcoin exposure through an ETF. As a result, the UAE is gaining momentum as a hub for ethical and regulated digital investment avenues.
Also Read:India Cracks Down on Crypto, ED and CBDT Recover Billions in Taxes
