Bitcoin Just Went Shari’ah-Compliant—What This Shocking Shift Means for Investors!

In a groundbreaking move, ruya (رويا), the UAE’s first digital-first Islamic bank, has become the first Islamic bank worldwide to allow customers to buy and sell Bitcoin directly through its mobile app. This initiative is a part of ruya’s larger investment offering aimed at promoting ethical Islamic wealth building and fostering long-term financial growth.

Partnering with Fuze, a licensed leader in the virtual asset space, ruya is ensuring that this new service is not only user-friendly but also fully compliant with Islamic financial principles. This comes at a time when interest in cryptocurrencies is surging globally, with the UAE emerging as a significant hub for fintech innovation. The introduction of a Shari’ah-compliant Bitcoin offering reflects the growing demand for ethical digital investment options.

According to the Chainalysis 2024 Geography of Crypto Report, the UAE experienced over $30 billion in cryptocurrency inflows between July 2023 and June 2024, marking a significant 42% year-on-year increase. The report also reveals a rapid growth in decentralized finance (DeFi) activity within the UAE, with the total value received by DeFi services surging 74%, and the value on decentralized exchanges (DEXs) rising an impressive 87%, from approximately $6 billion to $11.3 billion. Much of this growth is attributed to the regulatory clarity provided by local bodies like 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,” stated Christoph Koster, CEO of ruya. “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.”

Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, emphasized the significance of their collaboration by stating, “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 other platforms that promote speculative trading, ruya’s virtual asset service is embedded within a carefully curated investment framework aimed at fostering long-term wealth creation. This approach aligns with the bank's mission to provide financial solutions that offer lasting value and support customers’ financial goals.

Key highlights of the new Bitcoin 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, making it one of the lowest-cost platforms in the market for digital asset trading.
• Focus on responsible investing, steering clear of speculative behavior 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,” Koster added.

This milestone not only marks a significant advancement in the UAE’s banking landscape but also solidifies ruya’s position as a trailblazer in digital Islamic banking. As the demand for ethical investment options in the digital space continues to grow, initiatives like this one pave the way for a more inclusive financial future.

Disclaimer: Investing in virtual assets carries risks, including the potential loss of all invested capital. Users should approach virtual asset investments with caution and ensure informed consent before engaging in any transactions.