Interest in Bitcoin (BTC) and other cryptocurrencies is rapidly growing in the UAE, where a new initiative has been taken. UAE Islamic bank Ruya has partnered with Fuze to launch in-app Bitcoin trading.
With this move, Ruya became the first global Islamic bank in the country to allow its customers to trade BTC directly.
The statement stated that with this move, Ruya offers Bitcoin investments in a format that complies with Islamic ethical rules as part of its broader investment portfolio.
At this point, Ruya, working with Fuze, ensures that Bitcoin trading and investment offers are secure, user-friendly and in line with Islamic finance principles.
Ruya CEO Christoph Koster stated that the Bitcoin decision is part of the bank's commitment to shaping the future of finance in the UAE and participating responsibly in the digital economy.
“All Bitcoin investments offered through Ruya are fully Sharia compliant, providing customers with confidence and clarity,” Koster said.
Citing Chainalysis data, the statement stated that the UAE recorded over $30 billion in cryptocurrency inflows between July 2023 and June 2024. This represents a 42% annual increase.
*This is not investment advice.
