ruya Becomes First Islamic Bank to Offer Bitcoin and Virtual Asset Investments

Bitcoin Magazine

ruya Becomes First Islamic Bank to Offer Bitcoin and Virtual Asset Investments

In a landmark development for Islamic finance and digital banking, ruya (رويا), the UAE’s digital-first Islamic bank, has become the first Islamic bank globally to offer customers direct access to virtual asset investments, including Bitcoin, through its mobile app, according to an announcement.

The new service is made possible through a strategic partnership with Fuze, a licensed leader in virtual asset infrastructure. Together, ruya and Fuze aim to provide a secure and ethical entry point into the digital economy, with services that are fully Shari’ah-compliant and aligned with the principles of Islamic finance.

“At ruya, we are committed to transforming the financial landscape in the UAE by offering forward-thinking services while staying true to our mission of ethical Islamic banking,” said Christoph Koster, CEO of ruya. “By integrating virtual assets into our investment platform, we aim to empower our customers to participate in the digital economy sustainably and responsibly. We can also assure our customers that the virtual assets we are offering on our ruya investment platform are Shari’ah-compliant, providing much-needed certainty.”

The launch comes at a time of rapid growth in the UAE’s virtual asset sector. In the year ending June 2024, the country received more than $30 billion in virtual assets, marking a 42% year-on-year increase, significantly outpacing the regional average of 11.7%, according to the announcement. The move underscores the UAE’s emergence as a major hub for digital finance in the MENA region.

“Partnering with ruya is a big step towards making virtual assets a seamless part of everyday banking,” said Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze. “Together, we’re combining Fuze’s cutting-edge infrastructure with ruya’s commitment to ethical Islamic banking.”

Unlike other platforms that encourage speculative crypto trading, ruya’s offering is embedded within a curated investment framework designed to support long-term financial growth, the company stated in the announcement. It will focus on transparency, fairness, and ethical investing—core tenets of Islamic finance.

To ensure accessibility and informed decision-making, ruya is also offering support through community centers and hybrid call centers, where customers can receive expert guidance on virtual asset investing.

This post ruya Becomes First Islamic Bank to Offer Bitcoin and Virtual Asset Investments first appeared on Bitcoin Magazine and is written by Nik.