UAE’s ruya Becomes First Islamic Bank to Offer Bitcoin Investments via Mobile App

UAE digital bank Ruya (stylized as ruya) has become the world's first Islamic bank to directly offer Bitcoin and other crypto asset investments through its mobile app. This new service is a part of Ruya's strategic initiative to combine the rapidly expanding crypto scene with the ethical framework of Islamic banking. Shari’ah-Compliant Approach to Crypto Assets The development comes from a partnership between ruya and Fuze, a licensed digital asset infrastructure provider. Notably, this move ensures that all offerings are fully Shari’ah-compliant, adhering to the principles of Islamic finance.  This collaboration will provide secure access to Bitcoin and other crypto assets while maintaining Islamic finance's values of ethical investing, fairness, and transparency. Christoph Koster, Ruya's CEO, expressed the company's commitment to transforming the financial scene in the UAE. He emphasized that the firm maintains a dedication to ethical Islamic banking, which is in line with its mission. The platform promises to offer customers peace of mind that their investments align with Islamic principles. https://twitter.com/thecryptobasic/status/1915641924301857254 Supporting the UAE’s Virtual Asset Growth The launch comes when the UAE has seen explosive growth in crypto assets. In the year leading up to June 2024, the country received over $30 billion in crypto assets, marking a 42% increase from the previous year. This highlights the UAE’s growing role as a leading hub for digital finance in the MENA region. Now, ruya aims to make crypto asset investments a seamless part of everyday banking, presenting an alternative to speculative trading. Unlike other outlets focusing on short-term, high-risk crypto investments, ruya claims to offer a sustainable and responsible way to participate in the digital economy. Moreover, ruya also strongly focuses on customer support, ensuring users are well-equipped to make informed investment decisions. The bank offers access to expert guidance through community and hybrid call centers, which allows customers to better understand the opportunities and risks of investing in crypto assets.