ruya Becomes First Islamic Bank to Offer Bitcoin and Virtual Asset Investments

In a landmark development for Islamic finance and digital banking, ruya, the UAE’s digital-first Islamic bank, has become the first Islamic bank globally to offer customers direct access to virtual asset investments, including Bitcoin, through its mobile app. The service is being launched through a strategic partnership with Fuze, a licensed leader in virtual asset infrastructure. According to the announcement, ruya and Fuze aim to create a secure and ethical entry point into the digital economy. The bank says the offering is fully Shari’ah-compliant and aligned with the principles of Islamic finance, making it distinct from many conventional crypto investment platforms. ruya CEO Christoph Koster said the bank is committed to transforming the financial landscape in the UAE while remaining true to its mission of ethical Islamic banking. He added that integrating virtual assets into ruya’s investment platform is intended to help customers participate in the digital economy in a sustainable and responsible way. He also said the virtual assets offered on the platform are Shari’ah-compliant, providing much-needed certainty to customers. The launch comes as the UAE’s virtual asset market continues to expand rapidly. In the year ending June 2024, the country received more than $30 billion in virtual assets, representing a 42% year-on-year increase. That growth far exceeded the regional average of 11.7%, underlining the UAE’s rise as a major digital finance hub in the MENA region. Fuze Co-Founder and CEO Mohammed Ali Yusuf, also known as Mo Ali Yusuf, said the partnership with ruya is a major step toward making virtual assets a seamless part of everyday banking. He said the collaboration combines Fuze’s cutting-edge infrastructure with ruya’s commitment to ethical Islamic banking. Unlike platforms that encourage speculative crypto trading, ruya said its offer is embedded in a curated investment framework designed to support long-term financial growth. The bank said the service focuses on transparency, fairness, and ethical investing, which are core tenets of Islamic finance. To improve accessibility and support informed decisions, ruya is also providing customer assistance through community centers and hybrid call centers, where users can receive expert guidance on virtual asset investing.