Ruya Breaks New Ground in Islamic Finance with Crypto Integration
In a historic move for both the Islamic banking sector and the global crypto industry, Ruya, the UAE’s digital-first Islamic bank, has become the world’s first Islamic bank to offer direct cryptocurrency investments. Customers can now seamlessly buy and sell digital assets like Bitcoin through Ruya’s mobile app—while adhering to Shari’ah principles. This bold step reflects Ruya’s commitment to blending modern financial innovation with ethical banking practices, providing Muslims worldwide with a compliant gateway into the growing digital economy.
Strategic Partnership: Ruya Teams Up with Fuze
Ruya’s crypto services were launched through a strategic partnership with Fuze, a licensed leader in virtual asset infrastructure. This collaboration ensures that all crypto transactions align with Islamic finance laws, focusing on transparency, security, and ethical wealth-building. The partnership was praised as a milestone for Islamic banking, as it offers a Shari’ah-compliant alternative in a market often dominated by speculative platforms.
Crypto Boom in the UAE: Perfect Timing for Ethical Innovation
Ruya’s launch comes amid a surging crypto market in the UAE, which saw over $30 billion in virtual asset inflows between January and June 2024—a 42% growth, far outpacing the MENA region’s average of 11.7%. This timing positions Ruya as a pioneer, offering a trusted solution for consumers seeking ethical participation in the booming digital asset space. Fuze CEO Mo Ali Yusuf highlighted that their partnership bridges everyday banking with virtual assets, combining cutting-edge tech with Ruya’s ethical foundation.
A Cautious, Value-Driven Approach to Crypto
Unlike conventional platforms that often encourage high-risk speculation, Ruya’s crypto services are designed around sustainable value creation and financial stability. The bank’s offering is part of a broader mission to embed Islamic wealth-building principles into modern financial tools. Analysts are calling Ruya’s initiative a new benchmark for Islamic banking, as demand grows for Shari’ah-compliant digital asset solutions. With consumers increasingly seeking ethical ways to engage in crypto, Ruya is well-positioned to lead this emerging market.
