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Ruya partners with Fuze to launch the world’s first Shari’ah-compliant crypto investment service via its mobile app. In a landmark moment for Islamic finance and digital banking, UAE-based Ruya has shattered traditional barriers by becoming the world’s first Islamic bank to allow direct access to cryptocurrency investments through its mobile app. By offering Bitcoin and other digital assets in a manner fully compliant with Shari’ah principles, Ruya is redefining how Muslims can participate in the fast-growing digital economy without compromising their ethical or religious values.
It speaks volumes about the way financial institutions are transforming themselves to cater to the needs of a younger, technologically inclined generation looking for ethical investment in new markets. Ethical Entry into Crypto Through Strategic Partnership with Fuze Ruya’s entrance into the space of cryptocurrencies is fueled by a strategic partnership with Fuze, a licensed virtual asset infrastructure leader. Through this partnership, it has set up a platform where customers can safely trade cryptocurrencies and do so according to the financial principles set by Islamic law.
By ensuring that all crypto assets offered are rigorously vetted for Shari’ah compliance, Ruya provided its users peace of mind, something often lacking in the speculative world of digital currencies. Focus on Transparency, Sustainability, and Financial Responsibility As opposed to traditional platforms that tend to promote risky, short-term trading practices, Ruya’s crypto platform is designed with long-term wealth generation and prudent investing. The app is designed to foster transparency, fairness, and Islamic financial growth, infusing the spirit of Islamic finance in each transaction.
Ruya CEO Christoph Koster underlined the bank’s commitment to balancing innovation with its ethical mission. “Through the inclusion of virtual assets in our platform, we enable customers to participate in the digital economy in a sustainable and Islamic manner,” Koster stated. He reiterated that all assets offered via Ruya are carefully curated to comply with Shari’ah standards.
UAE’s Flourishing Crypto Market Bolsters Ruya’s Initiative The Ruya couldn’t have come at a better time. Between January and June 2024, the UAE saw an inflow into the region from cryptocurrencies of over $30 billion. This was up an impressive 42 percent for a country that the previous year saw a growth rate of only 11.
7 percent on average in the rest of the MENA region. As the UAE leads the pack globally in terms of digital assets innovation, Ruya’s idea would be found right in the thick of it. Customer-Centric Support and Education Moreover, Ruya has built up an entire range of customer service facilities, including center and hybrid call centers, to create an atmosphere wherein customers feel comfortable to invest in cryptocurrency.
Customers are assured access to experts informing them about the pros and cons of investment in virtual assets themselves. “And because of the infrastructure that will put virtual assets into day-to-day transactions in responsible finance, this will make all virtual flows clean from one corporate institution to the next,” said Mohammed Ali Yusuf, co-founder and CEO of Fuze..
