- ruya becomes the first Islamic bank to offer Bitcoin and virtual asset investments globally.
- The service is entirely Shari’ah-compliant, launched through a partnership with Fuze.
- UAE’s crypto sector is booming, with over $30 billion in virtual assets recorded by June 2024.
ruya, a digital-first Islamic bank in the UAE, has made history by offering direct Bitcoin access to its customers. This move marks the first time any Islamic bank globally has enabled users to invest in virtual assets through a mobile app.
The service is powered by a partnership with Fuze, a licensed provider of digital asset infrastructure in the UAE. Together, the two companies aim to make virtual asset investments ethical, secure, and Shari’ah-compliant.
According to CEO Christoph Koster, ruya is focused on modernizing finance without compromising on Islamic principles. He said the new offering is designed for responsible, long-term investing, emphasizing that all listed digital assets follow Islamic finance rules.
Fuze Co-Founder Mohammed Ali Yusuf said the collaboration is a major step forward for everyday crypto banking. He explained that combining secure infrastructure with ethical banking creates a more accessible digital economy.
The launch comes during a boom in the UAE’s digital asset market. In the year ending June 2024, the country received over $30 billion in crypto assets. That figure represents a 42% increase year-on-year, far outpacing the MENA region’s average of 11.7%.
ruya says its platform does not encourage risky speculation. Instead, it promotes transparent and ethical investing aligned with Islamic values. The bank has also committed to providing community support through expert-guided investment centers and hybrid call services.
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The app offers users access to Bitcoin and other virtual assets in a secure and straightforward way. Unlike other crypto platforms, ruya ensures every offering is fully vetted through a Shari’ah compliance framework.
The UAE continues to lead digital finance growth in the region. Liv Digital Bank, a subsidiary of Emirates NBD, recently joined the space by offering crypto services through its app. However, ruya is the first Islamic bank to make crypto available within an Islamic finance structure.
While the service is currently limited to eligible users, ruya’s approach highlights the changing face of digital banking. Due to increasing market demand, the UAE is establishing itself as an ideal candidate to become a global leader in regulated and ethical crypto investments.
