ruya, the UAE’s digital-first Islamic bank, has announced a pioneering move by becoming the first Islamic bank globally to offer customers the ability to buy and sell Bitcoin directly through its mobile application. This new feature is part of the bank’s broader investment platform, aimed at fostering ethical Islamic wealth building.
The service has been launched in partnership with Fuze, a MENA-based regulated digital assets infrastructure provider, to ensure a secure, user-friendly, and fully Shari’ah-compliant experience for users.
Tapping Into A Growing Market
The launch is timed to meet the increasing demand for ethical digital investment options as the UAE solidifies its position as a global fintech and crypto hub. According to the Chainalysis 2024 Geography of Crypto Report, the UAE witnessed over US$30 billion in cryptocurrency inflows between July 2023 and June 2024, marking a 42% year-on-year increase.
The report also highlighted significant growth in decentralized finance (DeFi) activity in the country. The total value received by DeFi services surged by 74%, while value on decentralized exchanges (DEXs) grew 87% to US$11.3 billion. Chainalysis attributes this rapid expansion to the regulatory clarity provided by local bodies like the Securities & Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA).
An Ethical Approach to Digital Assets
ruya is positioning its virtual asset service as a tool for long-term wealth creation, distinguishing it from platforms that encourage speculative trading. This aligns with the bank’s core mission to provide financial solutions that deliver lasting value.
“At ruya, we are committed to shaping the future of finance in the UAE by offering innovative services rooted in ethical Islamic banking,” said Christoph Koster, CEO of ruya. “By enabling our customers to invest in Bitcoin through our platform, we empower them to participate in the digital economy responsibly. All Bitcoin investments available via ruya are fully Shari’ah-compliant, providing customers with confidence and clarity.”
The service is fully transparent and operates under the governance of ruya’s Shari’ah supervision committee to ensure adherence to Islamic principles.
A Strategic Partnership
The collaboration with Fuze provides a robust and licensed infrastructure for the digital asset experience. Key features include competitive fees, a focus on responsible investing, and comprehensive educational support such as in-app guidance, webinars, and dedicated customer service.
Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, commented, “Our partnership with ruya brings together expertise in digital assets and Shari’ah-compliant banking, creating a platform that is both secure and ethically grounded. Together, we are redefining how customers can approach virtual asset investing in a responsible and transparent way.”
About ruya
Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support.
About Fuze
Fuze is MENA’s first-of-its-kind regulated digital assets infrastructure provider, offering banks and fintechs cutting-edge tools to integrate digital asset services securely and efficiently. Fuze helps financial services providers to strategise, organise and implement digital assets infrastructure and quickly, securely launch regulated, world-class products. Fuze offers a Digital-Assets-as-a-Service infrastructure platform which enables banks and fintechs to integrate and embed regulated digital assets products in a B2B2C fashion.
Source: Zawya
