- Ruya becomes first Islamic bank to offer Shari’ah-compliant crypto trading in-app
- UAE sees $30B in virtual asset inflows amid growing digital economy integration
- Ruya and Fuze partner to provide secure, ethical access to compliant digital assets
Ruya, a digital Islamic bank based in the UAE, now lets customers buy and sell cryptocurrencies directly through its mobile app. The bank confirmed this marks the first time a Shari’ah-compliant institution has offered crypto trading within a regulated banking framework, reflecting Ruya’s push to blend modern finance with Islamic banking ethics.
According to Ruya, customers can trade selected digital assets, including Bitcoin (BTC), via a secure, integrated mobile platform. This service is part of the bank’s wider investment options designed for ethical, long-term wealth creation. Importantly, Ruya emphasized that all available digital assets have been vetted for Shari’ah compliance, assuring users of their religious permissibility.
To power this new feature, Ruya partnered with Fuze, a licensed digital asset infrastructure provider. This collaboration ensures the service meets high technical security standards while upholding Islamic financial principles.
Related: Bybit’s Islamic Accounts: Faith-Based Crypto Trading
UAE’s Growing Appetite for Digital Assets
This launch coincides with surging digital asset activity in the United Arab Emirates. The nation saw over $30 billion in virtual asset inflows in the year ending June 2024, a 42% jump year-over-year. Ruya pointed to this trend as a key factor driving its decision to add digital assets to its platform.
Ruya CEO Christoph Koster stated the service aims to meet customer demand for responsible, ethical access to the digital economy. He highlighted the bank’s focus on transparency, strong governance, and promoting long-term financial planning through the offering.
Focus on Ethical Investing and Support
Ruya stressed that its platform discourages speculative trading, focusing instead on financial resilience. The investment framework encourages responsible choices, aligning with Islamic finance’s principles against excessive risk and uncertainty (Gharar).
Related: What is Shariah-Compliant Crypto and Why Is It Growing So Fast?
For customer assistance, the bank uses a hybrid call center and community support channels. Ruya stated the goal is to offer expert guidance while ensuring clarity and compliance in all investment interactions.
Fuze CEO Mo Ali Yusuf commented that the partnership signifies progress in merging ethical digital assets with mainstream banking. He added their combined effort aims for a secure, user-friendly experience for customers exploring crypto.
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