ruya Integrates Bitcoin Investment Platform
UAE Islamic Bank ruya has opened its platform to Bitcoin investment in partnership with UAE-regulated Fuze, a digital asset infrastructure provider. It becomes the first Islamic Bank to enable customers to buy and sell Bitcoin through its mobile application.
ruya is offering Bitcoin investment as part of its broader investment offering in an Islamic ethical format. Working with Fuze, ruya is ensuring that the Bitcoin trading and investment offering is secure, user-friendly, and compliant with Islamic financial principles.
Growing Cryptocurrency Adoption in the UAE
According to the Chainalysis 2024 Geography of Crypto Report, the UAE saw over US$30 billion in cryptocurrency inflows between July 2023 and June 2024 — a 42% year-on-year increase.
Bank's Commitment to Digital Economy and Islamic Principles
Christoph Koster, CEO of ruya, explained that the offering is part of the bank’s commitment to shaping the future of finance in the UAE and participate in the digital economy responsibly.
He added, “All Bitcoin investments available via ruya are fully Shari’ah-compliant, providing customers with confidence and clarity,” said Christoph Koster. “Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, explained, “Together, we are redefining how customers can approach virtual asset investing in a responsible and transparent way.”
Previous Crypto-Related Initiatives in the UAE
UAE Mashreq Capital Launched a Fund Including Bitcoin
Earlier this month, UAE-based Mashreq Capital, a leading asset manager operating out of DIFC (Dubai International Financial Center), launched BITMAC, a multi-asset investment mutual fund that includes equities, fixed income, gold, and Bitcoin exposure via ETFs.
As per Mashreq Capital, BITMAC offers retail investors an innovative, diversified, and systematically rebalanced portfolio. Prior to that, UAE banks such as RAK Bank and Liv Bank also started offering crypto trading services using crypto exchanges as partners.