UAE Digital Islamic Bank Launches Shari’ah-Compliant Bitcoin Trading Platform

The United Arab Emirates’ digital-first Islamic bank, Ruya, has taken a major step by becoming the first Shari’ah-compliant bank in the world to enable customers to buy and sell Bitcoin (BTC) directly through its dedicated mobile app.

The initiative is part of Ruya’s broader investment offering, designed to promote wealth building in accordance with Islamic ethics and long-term financial growth.

Ruya Bank Debuts World’s First Shari’ah-Compliant Bitcoin Trading Platform

According to a Monday press release, the bank has partnered with Fuze, a digital assets infrastructure provider licensed by Dubai’s Virtual Asset Regulatory Authority (VARA), to ensure that its service is secure, user-friendly, and fully compliant with Islamic financial principles.

Ruya’s Sharia’ah-compliant Bitcoin offering comes at a time when ethical digital asset investment opportunities are increasingly in demand across the UAE, and as the country aims to position itself as a global hub for fintech innovation.

According to crypto analytics firm Chainalysis’s 2024 Geography of Crypto Report, the UAE oversaw $30 billion in cryptocurrency inflows between July 2023 and June 2024, marking a 42% year-over-year increase, while significantly outpacing the MENA region’s average of 11.7% over the same duration. 

The report also highlighted the rapid rise in decentralized finance (DeFi) in the country, with the total value received by DeFi protocols jumping 74%, while the total value locked on decentralized exchanges (DEX) grew by 87%, from roughly $6 billion to $11.3 billion. Chainalysis noted that much of this growth is due to regulatory clarity provided by local bodies such as the Securities and Commodities Authority (SCA) and the VARA.

Christoph Koster, CEO of Ruya, noted that the bank is committed to shaping the future of finance in the UAE by offering innovative services rooted in the ethics of Islamic banking. He said that by enabling customers to invest in Bitcoin through its native app, Ruya “empowers” them to participate in the digital economy responsibly. He assured that all Bitcoin investments made via Ruya are fully Sharia’ah-compliant.

Meanwhile, Mo Ali Yusuf, co-founder and CEO of Fuze, added that the partnership with Ruya combines both entities’ expertise in handling digital assets and Islamic banking to create a unified platform that is secure and ethically grounded. He noted that together, Fuze and Ruya are redefining how customers can approach virtual asset investments responsibly and transparently.

Ruya account holders will have direct access to Bitcoin trading through the bank’s mobile app, with a Shari’ah supervision committee overseeing the platform’s operations to ensure adherence to ethical Islamic financial principles. Fuze will provide a trusted, licensed, and seamless BTC trading experience, with Ruya promising one of the lowest fees in the UAE.

Customers will also have access to educational content, including in-app guidance, and a dedicated customer service portal for informed decision-making. Ruya will focus on responsible, long-term investing, avoiding any scope for speculative behaviour and promoting financial resilience.

UAE Announces $50 Million Bitcoin, Blockchain, and Tokenization Investment Fund at Bitcoin MENA Abu Dhabi

The UAE has one of the highest crypto adoption rates in the world, with an estimated 30% of its residents actively using digital assets. The country is now positioning itself at the forefront of the crypto industry with a $50 million investment fund aimed at long-term Bitcoin, blockchain, and tokenization projects.

While speaking at the Bitcoin MENA conference in Abu Dhabi on Monday, Abdullah Al Daheri, CEO of the Blockchain Centre Abu Dhabi, announced the fund that is looking to invest in projects that will be relevant over the next 10-20 years.

“We believe in the future, whether it’s remittances, tokenized digital assets, Bitcoin on the balance or as a treasury,” he added.

Al Daheri also described how financial watchdogs in the UAE are working closely with institutions and innovators to craft a “clear and adaptable” framework. 

“Nobody is going to stop innovation here; they adapt to the ecosystem,” he declared.

Prince Filip of Serbia, chief strategy officer of Bitcoin technology company Jan3, who was also at the Bitcoin MENA panel alongside Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, said that a growing number of companies are now exploring Bitcoin bonds as a way to gain exposure to the alpha cryptocurrency and accumulate reserves. He noted that these fixed-income instruments allow governments to invest in Bitcoin and mining infrastructure without relying on taxpayers.

At the time of writing, Bitcoin (BTC) is trading at $91,878 – up 3.03% in 24 hours.