UAE-based digital-first Islamic bank ruya has launched Shari'ah-compliant Bitcoin, enabling users to buy and sell the cryptocurrency directly through its mobile app.
In collaboration with Fuze, the bank aims to offer secure, user-friendly, and fully compliant services. With the crypto market surging globally and the UAE positioning itself as a significant market, ruya’s Shari’ah-compliant Bitcoin offering comes as ethical digital investment options are increasingly in demand.
Offering solutions rooted in Islamic ethics
Chainalysis 2024 Geography of Crypto Report concluded that the UAE saw USD 30 billion in crypto inflows between July 2023 and June 2024, equating to a 42% YoY increase. The study also reflects a rapid increase in DeFi activity, as the total value received by decentralised services increased to 74%, while the value of DEXs grew 887%, from USD 6 billion to USD 11.3 billion. This growth can be attributed to the regulatory clarity offered by local bodies like SCA and Dubai’s VARA.
Fuze mentioned that the alliance with ruya delivers a secure platform that allows customer to change their approach to virtual asset investing transparently and responsibly. Different from platforms that support speculative trading, ruya’s virtual asset solution is part of an investment framework designed to drive long-term asset accumulation, aligning with the bank’s mission to support its customers’ financial goals.
Customers will benefit from direct access to buying and selling Bitcoin securely, full transparency and governance, competitive fees, and educational support, including in-app guidance, webinars, and dedicated customer service for informed investing. The platform also offers a licensed digital asset experience, brought by Fuze, and adherence to ethical Islamic principles, with oversight from the bank’s Shari’ah supervision committee.
The alliance with Fuze ensures that customers can leverage a modern platform to access opportunities in the digital assets space, reflecting ruya’s mission to develop faster while upholding ethical Islamic banking practices.
