Ruya Becomes First Islamic Bank to Offer Crypto Investments, 42% Growth in UAE Virtual Assets

In a groundbreaking move for the Islamic banking sector, Ruya, the UAE’s digital-first Islamic bank, has become the first Islamic bank globally to offer direct investments in cryptocurrencies. This initiative allows customers to acquire and dispose of digital assets such as Bitcoin through the bank's mobile application, adhering to Shari’ah principles.

Ruya achieved this milestone by partnering with Fuze, a company licensed for virtual asset infrastructure leadership. The collaboration aims to develop an ethical platform for crypto investments that operates in compliance with Shari’ah principles. This partnership is part of a broader strategy to establish Islamic wealth-building principles while offering customers financial sustainability through ethical means.

The service provider has focused on making cryptocurrency investments accessible while maintaining user-friendly and secure functions. The managing team conducted a thorough analysis to confirm that the new investment options comply with Islamic financial moral principles. This innovation comes at a time of rapid growth in virtual asset operations across the UAE, with the country receiving more than $30 billion worth of virtual assets from January to June 2024, demonstrating a growth rise of 42%. This growth rate is four times higher than the MENA region’s average expansion of 11.7%, making Ruya’s initiative both timely and strategic.

Ruya CEO Christoph Koster emphasized the bank’s commitment to transforming financial services through advanced offerings that maintain Islamic banking principles. He stated that the integration of virtual assets into their system aims to give customers the power to access digital economy opportunities responsibly. Koster reassured users that all assets offered through Ruya are Shari’ah-compliant, providing an added layer of confidence.

Fuze co-founder and CEO Mohammed Ali Yusuf expressed enthusiasm for the Ruya partnership, noting that it bridges virtual assets with everyday banking services through Islamic finance principles. He stated that uniting Fuze’s infrastructure technology with Ruya’s ethical practices marks a significant advancement in digital asset management. The platform presents a different trading model from other platforms, which typically promote risky speculative activities. Ruya offers cautious and well-designed services, operating as part of an investment plan that supports financial stability through sustainable value creation over extended periods.

Analysts have declared that Ruya has established a new benchmark for Islamic banking by launching Shari’ah-compliant crypto investment services. The growing number of consumers seeking ethical digital participation in the expanding economy positions Ruya as prepared to fulfill this emerging market need. This move not only expands the investment options for Ruya's customers but also sets a precedent for other Islamic financial institutions looking to incorporate cryptocurrencies into their services. The decision underscores the growing acceptance of digital currencies within traditional financial systems and highlights Ruya's innovative approach to meeting the evolving needs of its clientele.