Ruya, a digital bank based in the United Arab Emirates, has begun offering Bitcoin and other cryptocurrency investments through its mobile app. With this move, Ruya will become the world’s first Islamic bank, allowing direct crypto assets purchases while still loyal to Islamic financial rules.
According to the official report, Ruya’s new services are part of a larger plan to blend cryptocurrency investments with Shari’ah’s principles.
Partnership with license provider Fuze
Banks’ entry into Crypto Investing will come through a partnership with Fuze, a licensed digital asset infrastructure provider. With this partnership, Ruya says it can ensure that all cryptographic products remain Shari’ah compliant.
In Islamic finances, investment must avoid excessive uncertainty and unfair benefits. Bitcoin and other crypto assets offered through the app will be carefully processed to meet these requirements.
Ruya CEO Christoph Koster explained that while banks remain faithful to the roots of Islamic banks, they have transformed into new economic opportunities. He further stated that banks want to provide people with the opportunity to invest ethically without opposing their beliefs.
Focused on ethical investment and transparency
Based on the report, Ruya’s platform aims to provide customers with peace of mind by ensuring that crypto investments are in line with Islamic standards. Banks promote the values of fairness, transparency and responsible investment, which are the heart of Islamic finance.
Instead of forcing short-term and dangerous crypto transactions, Ruya encourages sane participation in the digital economy. The app’s methodology is based on helping people make informed decisions rather than pursuing quick profits.
UAE’s crypto growth supports Luya’s movement
Ruya’s timing coincides with a record surge in crypto activity across the UAE. According to the figures presented, over $30 billion in crypto assets have flowed into the UAE in the 12 months leading up to June 2024. This has increased 42% since last year, suggesting an increase in the number of people in the country.
The UAE is interested in becoming a trendsetter in virtual asset adoption in the Middle East and North Africa. Ruya’s move is based on the big picture here, giving investors the means to allow them to access the code without crossing the religious line.
Bitcoin: An important part of customer support and education offerings
Ruya is extensive when it comes to customer support. Banks provide professional advice with community groups and well-maintained call centres to ensure users are securely aware of the risks and opportunities of crypto investments.
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