Ajman, UAE: ruya (رويا), the UAE’s digital-first Islamic bank, has taken a pioneering step in the banking industry by becoming the first Islamic bank globally to enable customers to buy and sell Bitcoin, directly through its mobile app. This service is part of ruya’s broader investment offering, designed to promote ethical Islamic wealth building and long-term financial growth.

In partnership with Fuze, a licensed and well-established leader in the virtual asset space, ruya ensures this service is secure, user-friendly, and fully compliant with Islamic financial principles. With global interest in cryptocurrencies surging, and the UAE positioning itself as a hub for fintech innovation, ruya’s Shari’ah-compliant Bitcoin offering arrives at a time when ethical digital investment options are increasingly in demand.

According to the Chainalysis 2024 Geography of Crypto Report, the UAE saw over US$30 billion in cryptocurrency inflows between July 2023 and June 2024 — a 42% year-on-year increase. The report also highlights a rapid increase in decentralized finance (DeFi) activity: the total value received by DeFi services in the UAE jumped 74%, while value on decentralized exchanges (DEXs) alone grew 87%, from roughly US$6 billion to US$11.3 billion. Chainalysis attributes much of this growth to regulatory clarity provided by local bodies such as the Securities & Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA).

“At ruya, we are committed to shaping the future of finance in the UAE by offering innovative services rooted in ethical Islamic banking. By enabling our customers to invest in Bitcoin through our platform, we empower them to participate in the digital economy responsibly. All Bitcoin investments available via ruya are fully Shari’ah-compliant, providing customers with confidence and clarity,” said Christoph Koster, CEO of ruya.

Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, added: “Our partnership with ruya brings together expertise in digital assets and Shari’ah-compliant banking, creating a platform that is both secure and ethically grounded. Together, we are redefining how customers can approach virtual asset investing in a responsible and transparent way.”

Unlike platforms that encourage speculative trading, ruya’s virtual asset service is part of a carefully curated investment framework designed to foster long-term wealth creation. This aligns with the bank’s mission to offer financial solutions that deliver lasting value and support customers’ financial goals.

Key highlights of the service include:

  • Direct access to buy and sell Bitcoin securely through the ruya mobile app.
     
  • Full transparency and governance, ensuring adherence to ethical Islamic principles, with oversight from ruya’s Shari’ah supervision committee.
     
  • Partnership with Fuze, providing a trusted, licensed, and seamless digital asset experience.
     
  • Competitive fees, offering one of the lowest-cost platforms in the market for digital asset trading.
     
  • Focus on responsible investing, avoiding speculative behaviour and promoting financial resilience.
     
  • Educational support including in-app guidance, webinars, and dedicated customer service for informed investing.

“By partnering with Fuze, we’ve ensured our customers benefit from a robust and trusted platform to access opportunities in the virtual asset space. This service reflects our promise to innovate while upholding the highest standards of ethical Islamic banking,” Christoph Koster added.

This milestone marks a new chapter in the UAE’s banking landscape and reinforces ruya’s position as a trailblazer in digital Islamic banking.

Disclaimer:

  • The owner and/or investor in the Virtual Asset can lose all the money or other value they invest, and does not benefit from any form of financial protection; and
  • Not involve the sending of any Virtual Asset to a VA Wallet without prior consent, or a clear expression of interest from the owner of the VA Wallet to the receipt of the Virtual Asset.

About ruya (رويا):

Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support.

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About Fuze:

Fuze is MENA’s first-of-its-kind regulated digital assets infrastructure provider, offering banks and fintechs cutting-edge tools to integrate digital asset services securely and efficiently. Driven by a solutions-based approach, Fuze helps financial services providers to strategise, organise and implement digital assets infrastructure and quickly, securely launch regulated, world-class products. Fuze was co-founded by Mohammed Ali Yusuf, Arpit Mehta, and Srijan Shetty.

Fuze offers a Digital-Assets-as-a-Service infrastructure platform which enables banks and fintechs to integrate and embed regulated digital assets products in a B2B2C fashion, Additionally, Fuze provides an Over-The-Counter (OTC) service that supports institutions, funds, and HNIs (high-net-worth individuals) in executing large digital asset trades securely and efficiently. Fuze also offers crypto payment solutions, facilitating global, real-time, multi-currency transactions for businesses.

The team at Fuze supports the rapidly accelerating digital assets ecosystem, working collaboratively with regulators on a long-term view of the industry.

For more details, visit www.fuze.finance