Pioneering Partnership: ruya and Fuze Launch Compliant Virtual Asset Investments
ruya (رويا), the UAE's digital-first Islamic bank, has announced a strategic partnership with Fuze, a licensed leader in virtual asset infrastructure, becoming the first Islamic bank globally to offer customers direct access to virtual asset investments, including Bitcoin, through its mobile app. This landmark development marks a breakthrough in Islamic finance and digital banking.
Christoph Koster, CEO of ruya, stated: "At ruya, we are committed to transforming the financial landscape in the UAE by offering forward-thinking services while staying true to our mission of ethical Islamic banking. By integrating virtual assets into our investment platform, we aim to empower our customers to participate in the digital economy sustainably and responsibly. We can also assure our customers that the virtual assets we are offering on our ruya investment platform are Shari'ah-compliant, providing much-needed certainty."
Compliance and Islamic Finance Principles: Non-Speculative, Long-Term Focus
Unlike other platforms that encourage speculative crypto trading, ruya's offering is embedded within a curated investment framework designed to support long-term financial growth. It focuses on transparency, fairness, and ethical investing—core tenets of Islamic finance. To ensure accessibility and informed decision-making, ruya is also offering support through community centers and hybrid call centers, where customers can receive expert guidance on virtual asset investing.
Market Context: UAE Virtual Asset Inflows Surge 42%
The launch comes at a time of rapid growth in the UAE's virtual asset sector. In the year ending June 2024, the country received more than $30 billion in virtual assets, marking a 42% year-on-year increase, significantly outpacing the regional average of 11.7% in the MENA region, according to the announcement. This underscores the UAE's emergence as a major hub for digital finance.
Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, commented: "Partnering with ruya is a big step towards making virtual assets a seamless part of everyday banking. Together, we’re combining Fuze’s cutting-edge infrastructure with ruya’s commitment to ethical Islamic banking."
Customer Support: Community Centers and Hybrid Call Centers
To promote accessibility and informed decision-making, ruya provides support through community centers and hybrid call centers, where customers can receive professional guidance on virtual asset investing. This further reflects the bank's emphasis on customer education and long-term value.