ruya the UAE Islamic Bank now offers Bitcoin trading

ruya, the UAE’s digital-first Islamic bank, has become the first Islamic Bank globally to enable customers to buy and sell Bitcoin, through its mobile application in partnership with UAE regulated Fuze, a digital asset infrastructure provider

As per the press release, the service is part of ruya’s broader investment offering, designed to promote ethical Islamic wealth building and long-term financial growth. ruya ensures this service is secure, user-friendly, and fully 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. The report also highlights a rapid increase in decentralized finance (DeFi) activity: the total value received by DeFi services in the UAE jumped 74%, while value on decentralized exchanges (DEXs) alone grew 87%, from roughly US$6 billion to US$11.3 billion.

Christoph Koster, CEO of ruya noted that the bank is committed to shaping the future of finance in the UAE, and by enabling their customers to invest in Bitcoin, they are empowering them to 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, added that the partnership has created a platform that is both secure and ethically grounded. He explained, “Together, we are redefining how customers can approach virtual asset investing in a responsible and transparent way.”

UAE Mashreq Capital launched 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 include equities, fixed income, gold and Bitcoin exposure via ETFs. As per Mashreq Capital, BITMAC offers retail investors an innovative, diversified, and systematically rebalanced portfolio. This unique combination captures growth opportunities from both traditional and digital assets while reducing overall risk to levels comparable with a typical balanced portfolio.

Prior to that UAE banks such as RAK Bank, and Liv Bank, also started offering crypto trading services using crypto exchanges as partners.