United Arab Emirates based Islamic bank, ruya, launches Shari'ah compliant cyrptocurrency investment services thoughts its mobile app. The announcement came last Thursday as the bank partners with Fuze, a licensed and well-established leader in the virtual asset space. ruya's CEO Christoph Koster had this to say:
“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.”
Rather than creating a platform where short-term, risky trades for quick profits are the norm, ruya is basing its app around supporting long term financial growth, informed decisions and responsible investing, and promoting values such as fairness and transparency which are central to Islamic finance. In order to do this, ruya is offering support through community centers and hybrid call centers where customers have access to expert guidance on virtual asset investing.
Over $30 billion in crypto assets have flowed into the UAE during the year leading up to 2024. This marks a 42% rise from the previous year which suggests that an increasing number of people in the UAE are turning to digital assets. Furthermore, since the UAE has been interested in becoming a major hub in the Middle East and North Africa in crypto adoption, ruya is creating a service that will be inviting to those within the MENA region without crossing religious lines.
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