UAE Islamic bank Ruya has introduced in-app Bitcoin trading, allowing customers to buy and sell the cryptocurrency directly within its mobile platform.
This makes it the first Shari’ah-compliant institution globally to offer such a service. The feature is powered by Fuze, a regulated digital asset infrastructure provider based in the UAE.
The launch marks a significant step for Islamic digital banking in the region. Ruya states that the service augments its ethical investment offerings and facilitates customers’ secure and compliant participation in the digital asset market.
The partnership with Fuze allows Ruya to integrate regulated virtual asset technology into its platform. Both firms describe the system as secure, accessible, and aligned with the growing demand for responsible digital investment tools in the UAE.
Growing Momentum in the UAE Crypto Market
The introduction of the service comes during a period of strong growth in the country’s virtual asset activity. According to Chainalysis’ 2024 Geography of Crypto report, cryptocurrency inflows into the UAE surpassed $30 billion between July 2023 and June 2024. This represents a 42% increase compared to the previous year.
Additionally, the report shows sharp gains in decentralized finance. Chainalysis notes a 74% increase in the value received via decentralized finance (DeFi). Over the same period, DEX activity also saw an 87% growth, climbing from approximately $6 billion to $11.3 billion.
Analysts credit this expansion to clearer regulatory guidance from Dubai’s Virtual Assets Regulatory Authority (VARA) and the Securities & Commodities Authority (SCA).
Wider Adoption of Crypto Products in the UAE
The announcement follows a series of digital asset initiatives from other financial institutions. Earlier this month, Mashreq Capital, based in the Dubai International Financial Centre, launched BITMAC. Through this new mutual fund, investors gain exposure to equities, fixed income, gold, and Bitcoin through ETFs.
The firm describes the fund as a diversified portfolio that undergoes systematic rebalancing for retail investors.
Similarly, banks, including RAK Bank and Liv Bank, have introduced crypto trading services in collaboration with external exchanges in response to growing customer demand.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
