ruya (رويا), the UAE’s digital-first Islamic bank, has announced a pioneering step in the region’s banking industry. In an unprecedented move, ruya has become the first Islamic bank globally to enable customers to buy and sell virtual assets, commonly known as “cryptocurrencies”, including Bitcoin, directly through its mobile app. This service is part of ruya’s broader investment offering, designed to promote ethical Islamic wealth building and long-term financial growth.
In partnership with Fuze, a licensed and well-established leader in the virtual asset space, ruya ensures that this innovative service is secure, user-friendly, and fully aligned with ethical Islamic financial principles. With the global surge in interest around virtual assets, ruya’s latest offering caters to customers who seek to diversify their portfolios responsibly while adhering to values of transparency, fairness, and ethical investing.
This move comes at a time when the United Arab Emirates is experiencing rapid growth in virtual asset activity, positioning itself as a leading virtual asset hub in the Middle East and North Africa (MENA) region. In the year ending June 2024, the country received more than $30 billion in virtual assets, with a remarkable 42% growth, nearly four times higher than the region’s average of 11.7%.
“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,” said Christoph Koster, CEO of ruya.
Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, shared: “Partnering with ruya is a big step towards making virtual assets a seamless part of everyday banking. Together, we’re combining Fuze’s cutting-edge infrastructure with ruya’s commitment to ethical Islamic banking.”
Unlike platforms encouraging speculative trading, ruya’s virtual assets service is part of a carefully curated investment framework, creating lasting value and supporting their customers’ financial goals.
As part of ruya’s customer-first approach, support is available through community centres and hybrid call centres, ensuring customers receive expert guidance on this new offering.
