In a landmark growth for Islamic finance and digital banking, ruya (رويا), the UAE’s digital-first Islamic financial institution, has change into the primary Islamic financial institution globally to supply prospects direct entry to digital asset investments, together with Bitcoin, by its cellular app, in response to an announcement.
The brand new service is made potential by a strategic partnership with Fuze, a licensed chief in digital asset infrastructure. Collectively, ruya and Fuze purpose to supply a safe and moral entry level into the digital financial system, with companies which are absolutely Shari’ah-compliant and aligned with the ideas of Islamic finance.
“At ruya, we’re dedicated to reworking the monetary panorama within the UAE by providing forward-thinking companies whereas staying true to our mission of moral Islamic banking,” mentioned Christoph Koster, CEO of ruya. “By integrating digital property into our funding platform, we purpose to empower our prospects to take part within the digital financial system sustainably and responsibly. We are able to additionally guarantee our prospects that the digital property we’re providing on our ruya funding platform are Shari’ah-compliant, offering much-needed certainty.”
The launch comes at a time of fast development within the UAE’s digital asset sector. Within the yr ending June 2024, the nation obtained greater than $30 billion in digital property, marking a 42% year-on-year enhance, considerably outpacing the regional common of 11.7%, in response to the announcement. The transfer underscores the UAE’s emergence as a significant hub for digital finance within the MENA area.
“Partnering with ruya is a giant step in direction of making digital property a seamless a part of on a regular basis banking,” mentioned Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze. “Collectively, we’re combining Fuze’s cutting-edge infrastructure with ruya’s dedication to moral Islamic banking.”
In contrast to different platforms that encourage speculative crypto buying and selling, ruya’s providing is embedded inside a curated funding framework designed to help long-term monetary development, the corporate said within the announcement. It is going to deal with transparency, equity, and moral investing—core tenets of Islamic finance.
To make sure accessibility and knowledgeable decision-making, ruya can also be providing help by group facilities and hybrid name facilities, the place prospects can obtain skilled steerage on digital asset investing.
