UAE’s Ruya Bank: First Islamic Crypto Investment Platform

Ruya, a digital bank in the UAE, has become the world’s first Islamic bank to offer cryptocurrency investments through its mobile app. This groundbreaking move allows users to invest in Bitcoin and other cryptocurrencies while adhering to Shari’ah principles of Islamic finance. The bank achieved this by partnering with Fuze, a licensed digital asset infrastructure provider, ensuring all offerings remain compliant with Islamic finance rules which prohibit excessive uncertainty and unfair gains. Ruya’s CEO, Christoph Koster, highlighted the bank’s commitment to ethical and transparent investing, emphasizing informed decision-making over quick profits. The initiative aligns with a significant surge in crypto activity within the UAE, with over $30 billion in crypto assets flowing into the country in the year leading up to June 2024 – a 42% increase. This reflects the UAE’s ambition to lead the Middle East and North Africa in virtual asset adoption. Ruya’s service includes comprehensive customer support, providing educational resources and guidance to help users understand the risks and opportunities associated with crypto investments. By offering professional advice through community groups and call centers, Ruya aims to foster a safe and informed approach to cryptocurrency investing within the framework of Islamic finance. The bank’s approach prioritizes responsible investing and transparency, aligning with the core values of Islamic finance and providing a pathway for ethically-minded investors to participate in the digital economy.

(Source: https://bitcoinist.com/bitcoin-goes-halal-ruya-leads-as-1st-islamic-bank-to-offer-crypto-investment/)