UAE's ruya Bank Pioneers Virtual Asset Investing in Islamic Finance
The UAE's digital-first Islamic bank, ruya, has launched a pioneering service, offering direct access to virtual asset investments, including Bitcoin, through its mobile app. This move coincides with the UAE's rapid growth in the virtual asset sector, which received over $30 billion in the year ending June 2024, a 42% year-on-year increase.
ruya, the first Islamic bank globally to offer this service, has partnered with Fuze, a licensed leader in virtual asset infrastructure, to provide a secure and ethical entry point into the digital economy. The new service aims to align with Islamic finance principles and is fully Shari'ah-compliant.
To ensure accessibility and informed decision-making, ruya is offering support through community centers and hybrid call centers for virtual asset investing. Fuze's Co-Founder and CEO, Mohammed Ali Yusuf, expressed that partnering with ruya is a step towards integrating virtual assets into everyday banking. ruya's CEO, Christoph Koster, stated that the integration aims to empower customers to participate in the digital economy sustainably and responsibly.
The UAE, emerging as a major hub for digital finance in the MENA region, sees ruya's innovative service as a significant step towards mainstreaming virtual assets. With a focus on transparency, fairness, and ethical investing, ruya's offering is embedded within a curated investment framework designed to support long-term financial growth.
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