Ruya Bank Pioneers Shari’ah-Compliant Bitcoin Trading in Landmark Move
A groundbreaking development in the intersection of finance and Islamic law: Ruya, the United Arab Emirates’ digital-first Islamic bank, has become the first Islamic financial institution globally to integrate direct Bitcoin buying and selling capabilities into its mobile application.
This move signals a significant shift in the financial landscape, offering customers a new avenue for engaging with digital assets while adhering to the principles of Shari’ah law. The service is a core component of Ruya’s broader investment strategy, designed to foster ethical wealth creation and bolster long-term financial stability.
The solution was developed in collaboration with Fuze, a recognized leader in the virtual asset sector with the necessary licensing and expertise. This partnership ensures a secure, user-friendly, and fully Shari’ah-compliant experience for customers seeking access to Bitcoin.
The UAE: A Growing Hub for Digital Assets
The launch comes at a time of increasing global interest in digital assets, and particularly within the UAE, which is rapidly establishing itself as a leading fintech hub. Demand for ethical and transparent digital investment options is on the rise, and the UAE is responding with regulatory clarity.
Data from the Chainalysis 2024 Geography of Crypto Report reveals that the UAE experienced over $30 billion in cryptocurrency inflows between July 2023 and June 2024 – a 42% increase year-over-year. The report also highlighted substantial growth in decentralized finance (DeFi), with total value received by DeFi services increasing by 74% and activity on decentralized exchanges (DEX) surging by 87%, from approximately $6 billion to $11.3 billion.
Chainalysis attributes this momentum to the proactive regulatory framework established by the Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA).
“At Ruya, we are committed to shaping the future of finance in the UAE by offering innovative services rooted in ethical Islamic banking,” stated a senior official at 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.”
Mo Ali Yusuf, Co-Founder and CEO of Fuze, added, “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.”
Prioritizing Responsible Investing and Ethical Conduct
Ruya emphasizes that its virtual asset offering is geared towards long-term wealth creation, rather than encouraging short-term, speculative trading. The Bitcoin service is integrated within a carefully curated investment framework that prioritizes financial resilience, ethical conduct, and comprehensive customer education.
Key features of the service include:
- Direct, secure in-app access to buy and sell Bitcoin.
- Full transparency and Shari’ah governance, overseen by Ruya’s dedicated Shari’ah supervision committee.
- A licensed partnership with Fuze, ensuring a seamless and trustworthy virtual asset experience.
- Competitive fees, positioning Ruya as one of the most cost-effective Bitcoin trading platforms available.
- A strong emphasis on responsible investing, actively discouraging speculative behavior.
- Extensive educational resources, including in-app guidance, webinars, and dedicated customer support.
“By partnering with Fuze, we’ve ensured our customers benefit from a robust and trusted platform to access opportunities in the virtual asset space,” a company release stated. “This service reflects our promise to innovate while upholding the highest standards of ethical Islamic banking.”
This launch represents a pivotal moment for the UAE’s financial sector and solidifies Ruya’s position as a pioneer in the rapidly evolving landscape of digital Islamic banking.
