UAE’s Ruya Bank: First Islamic Crypto Investment Platform

Ruya, a digital bank in the United Arab Emirates, has launched a groundbreaking initiative by becoming the world's first Islamic bank to offer direct cryptocurrency investments through its mobile app. This move signifies a significant step towards bridging the gap between Islamic finance principles and the burgeoning cryptocurrency market. The bank's foray into crypto is facilitated by a partnership with Fuze, a licensed digital asset infrastructure provider, ensuring that all crypto offerings adhere to Shari'ah-compliant regulations. Islamic finance emphasizes avoiding excessive uncertainty and unfair gains, principles that Ruya meticulously incorporates into its crypto investment services. The bank's CEO, Christoph Koster, highlights the commitment to remaining true to Islamic banking values while embracing emerging financial opportunities, providing an ethical investment avenue for religiously conscious individuals. Ruya's platform prioritizes transparency and responsible investing, encouraging informed decision-making over speculative trading. The timing of this launch aligns with a substantial surge in cryptocurrency activity in the UAE, with over $30 billion in crypto assets flowing into the country in the year leading up to June 2024, reflecting a 42% increase. This growth underscores the UAE's ambition to lead the Middle East and North Africa region in virtual asset adoption. Ruya emphasizes comprehensive customer support and education, providing guidance through community groups and call centers to help users understand the risks and opportunities associated with crypto investments. This holistic approach, combining ethical investment principles with practical support, positions Ruya as a pioneer in the intersection of Islamic finance and the digital asset landscape.

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