Bitcoin Goes Halal: Ruya Leads As 1st Islamic Bank To Offer Crypto Investment

Ruya, a digital bank based in the United Arab Emirates, has started offering Bitcoin and other cryptocurrency investments through its mobile app. This move makes Ruya the first Islamic bank in the world to allow direct crypto asset purchases while staying true to Islamic finance rules.

According to official reports, Ruya’s new service is part of a bigger plan to blend cryptocurrency investments with Shari’ah principles.

Partnership With Licensed Provider Fuze

The bank’s entry into crypto investing comes through a partnership with Fuze, a licensed digital asset infrastructure provider. With this partnership, Ruya says it can guarantee that all crypto offerings stay Shari’ah-compliant.

In Islamic finance, investments must avoid excessive uncertainty and unfair gains. Bitcoin and other crypto assets offered through the app are handled carefully to meet these requirements.

Ruya CEO Christoph Koster explained that the bank remains faithful to its Islamic banking roots but is transforming with emerging financial opportunities. He further mentioned that the bank hopes to offer people a chance to invest ethically without going against their beliefs.

Emphasis On Ethical Investing And Transparency

Based on reports, Ruya’s platform aims to give customers peace of mind through assurance that their crypto investments are in line with Islamic standards. The bank promotes values such as fairness, transparency, and responsible investing, which are central to Islamic finance.

Instead of compelling short-term, risky crypto trades, Ruya is encouraging sane participation in the digital economy. The app’s methodology is based on helping people make well-informed decisions rather than pursuing quick profits.

Ruya’s timing is in line with a record spike in crypto activity across the UAE. According to figures presented, over $30 billion in crypto assets flowed into the UAE during the 12 months leading up to June 2024. That is a 42% rise from last year, suggesting that an increasing number of people in the nation are turning to digital assets.

UAE has been interested in becoming the trendsetter in Middle East and North Africa virtual asset adoption. The move by Ruya is based according to the big picture here, giving investors an avenue of gaining access to crypto without crossing religious lines.

Ruya is going on an extensive degree when it comes to customer support. The bank gives professional advice in community groups and well-blended call centers to allow users to safely get to know the risks and opportunities in crypto investing.

Featured image from Unsplash, chart from TradingView