Ruya Becomes the World's First Islamic Bank to Allow Direct Access to Cryptocurrency Investments

In a major development for the Islamic banking sector, it was announced that Ruya, the UAE's digital-first Islamic bank

In a groundbreaking move for the Islamic banking sector, it was announced that Ruya, the UAE’s digital-first Islamic bank, has become the world’s first Islamic bank to offer direct access to cryptocurrency investments.

This new service, which was launched in partnership with Fuze, a leading virtual asset infrastructure provider, aims to create an ethical and engaging platform for investing in crypto, operating in accordance with Shari’ah principles.

“This initiative showcases Ruya’s commitment to innovation and to advancing the Islamic banking landscape, not only in the UAE but on a global scale,” an external official at Ruya said of the service, which is part of a broader plan to introduce Islamic wealth-building principles.

“We are focused on providing our customers with financial sustainability through ethical and transparent financial solutions.”

The service provider is keen to ensure that its cryptocurrency investments are widely accessible while remaining focused on user-friendliness and security.

Margin Alliance and Fuze have joined forces to present these banking services in a way that prioritizes transparency and trustworthiness.

The managing team undertook a comprehensive analysis to confirm that the new investment options align with Islamic financial moral guidelines.

This innovation in the banking industry arrives during a period of rapidly growing virtual asset activity within the UAE.

Data reveals that the country handled an impressive sum of more than $30 billion in virtual assets during the first half of 2024.

This volume signifies a 42% year-over-year growth in the Mena region, which reached an average expansion of 11.7% during the same period.

Ruya’s initiative appears to be ideally timed and strategically sound, considering that the country's growth surpasses this figure by a factor of four.

“We are constantly striving to transform financial services with advanced offerings that uphold Islamic banking principles,” said Christoph Koster, CEO of Ruya.

“The integration of virtual assets into our system aims to empower our customers with the ability to participate in the digital economy opportunities in a responsible manner. Rest assured that all assets offered through Ruya are Shari’ah-compliant, providing an extra layer of confidence to our users.”

Highlighting the partnership, Mohammed Ali Yusuf (Mo Ali Yusuf), co-founder and CEO of Fuze, expressed his enthusiasm for the collaboration with Ruya. He explained that their partnership will bring virtual assets into the mainstream through the lens of Islamic finance principles.

“Uniting Fuze’s infrastructure technology with Ruya’s best-in-class practices marks a significant step forward in the digital asset management landscape,” explained Yusuf.

The platform presents a different trading model from other platforms, which typically promote risky speculative activities. Instead, Ruya offers services that are reportedly attentive, mindful, and well-structured.

The virtual asset service through Ruya operates as part of an investment plan that supports financial stability through sustainable value creation over extended periods.

According to analysts, Ruya is setting a new standard in Islamic banking with its decision to launch Shari’ah-compliant crypto investment services.

As a generation is increasingly interested in ethical digital participation in the expanding economy, Ruya appears well-positioned to respond to this emerging market need.

News data source: kdj.com

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