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- Islamic banks are now accepting Bitcoin investments.
- UAE banks, in general, are opening up to crypto trading.
- Regulated virtual asset service providers are enabling banks.
UAE Islamic Bank ruya has opened its platform to Bitcoin investment in partnership with UAE-regulated Fuze, a digital asset infrastructure provider. It becomes the first Islamic Bank to enable customers to buy and sell Bitcoin through its mobile application.
ruya is offering Bitcoin investment as part of its broader investment offering in an Islamic ethical format. Working with Fuze, ruya is ensuring that the Bitcoin trading and investment offering is secure, user-friendly, and compliant with Islamic financial principles.
According to the Chainalysis 2024 Geography of Crypto Report, the UAE saw over US$30 billion in cryptocurrency inflows between July 2023 and June 2024 — a 42% year-on-year increase.
Christoph Koster, CEO of ruya explained that the offering is part of the bank’s commitment to shaping the future of finance in the UAE and participate in the digital economy responsibly.
He added, “All Bitcoin investments available via ruya are fully Shari’ah-compliant, providing customers with confidence and clarity,” said Christoph Koster. “Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, explained, “Together, we are redefining how customers can approach virtual asset investing in a responsible and transparent way.”
UAE Mashreq Capital launched a fund that includes Bitcoin
Earlier this month, UAE-based Mashreq Capital, a leading asset manager operating out of DIFC (Dubai International Financial Center), launched BITMAC, a multi-asset investment mutual fund that includes equities, fixed income, gold, and Bitcoin exposure via ETFs.
As per Mashreq Capital, BITMAC offers retail investors an innovative, diversified, and systematically rebalanced portfolio. Prior to that, UAE banks such as RAK Bank and Liv Bank also started offering crypto trading services using crypto exchanges as partners.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Lara Abdul Malak
Lara Abdul Malak is a tech journalist for more than 15 years. She covers blockchain, crypto, tokenization and Web3 news coming out of the MENA region. She wrote for Cointelegraph Arabic Middle East. She studied political science at the American University of Beirut. She got interested in blockchain after interviewing Vitalik Buterin in 2014.
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