ruya Bank, a UAE-based digital Islamic bank, has become the world’s first Islamic bank to offer Bitcoin investment services. This bold step closes the gap between traditional Islamic finance and modern cryptocurrency, allowing customers to buy and sell Bitcoin through a Shari’ah-compliant mobile app.
ruya Makes History with Bitcoin Banking
ruya Bank, in partnership with Fuze Finance, a UAE-regulated crypto broker, today launched crypto investment services, enabling clients to trade Bitcoin and other digital assets directly via its mobile application. This aligns with Islamic financial principles, emphasizing transparency and virtuous investments.
The initiative follows a growing acceptance of digital currencies in the UAE, where regulatory structures support innovation in digital finance. ruya’s move sets a precedent for Islamic banks globally, blending cutting-edge technology with Shari’ah-compliant practices.
Founded in 2020, ruya Bank is the UAE’s first digital Islamic community bank, headquartered in Sharjah. It focuses on providing accessible, ethical banking solutions through a mobile-first platform. With a mission to empower communities, the bank offers savings, financing, and investment products adhering to Islamic law, which prohibits interest and speculative ventures. Its adoption of Bitcoin reflects its commitment to modernizing Islamic finance while staying true to its values.
Following the Bitcoin Trend
ruya’s entry into crypto is a game-changer for Islamic finance, potentially attracting younger, tech-savvy investors and expanding the sector’s global reach. By offering Bitcoin, the bank taps into a $2 trillion crypto market, signaling broader institutional acceptance of digital assets. However, challenges like market volatility and regulatory scrutiny remain, requiring careful navigation to maintain trust.
Meanwhile, ruya is just one of many to have had a first-time experience with Bitcoin globally. For example, firms like Grayscale Investments broke ground with Bitcoin trusts in 2013, while Tesla’s 2021 Bitcoin purchase and Strategy’s ongoing crypto investments since 2020 popularized corporate adoption.
Additionally, Lomond School, a pioneering co-educational institution in Helensburgh, Scotland, has also made history by becoming the first school in the UK to accept Bitcoin as a form of payment for school fees.
These pioneers laid the foundation for mainstream acceptance, which ruya now builds upon in the Islamic banking space. This milestone underscores the UAE’s role as a crypto hub and highlights the bank’s vision to redefine Islamic finance.
