The United Arab Emirates' Islamic banking sector has reached a historic milestone with ruya becoming the first Sharia-compliant bank in the country to integrate Bitcoin investing directly into its mobile application. This initiative, developed in partnership with UAE-regulated digital asset infrastructure provider Fuze, positions ruya as a trailblazer in merging traditional Islamic finance with cryptocurrency accessibility.
The collaboration is designed not as a fintech experiment but as a controlled entry point for everyday savers seeking Bitcoin exposure without compromising Islamic banking standards. ruya's chief executive, Christoph Koster, framed the decision as part of a larger mandate to influence the evolution of finance in the nation, describing the approach as "both forward-looking and conservative: progressive in access, cautious in structure." Fuze co-founder Mo Ali Yusuf echoed this sentiment, emphasizing the goal of enabling users to enter digital markets "with clarity rather than confusion."
The timing aligns with a significant surge in crypto activity across the UAE. According to the Chainalysis 2024 Geography of Crypto Report, the country absorbed over US$30 billion in cryptocurrency inflows between July 2023 and June 2024, marking a substantial 42% year-on-year increase. This growth is encouraging regulated financial institutions to participate more actively.
ruya is not alone in this push. Other UAE financial players are rapidly expanding digital asset offerings. Mashreq Capital, a leading asset manager, recently launched BITMAC, a multi-asset investment mutual fund that includes Bitcoin exposure via ETFs alongside equities, fixed income, and gold. Furthermore, domestic banks like RAK Bank and Liv Bank have begun offering crypto trading services through exchange partners.
Collectively, these developments signal that the UAE is moving beyond experimentation toward the system-level integration of digital assets into its regulated financial economy. ruya's entry is particularly symbolic, marking the first instance where Bitcoin investing is wrapped inside a Sharia-compliant framework and delivered through a regulated banking interface. This model could soon influence other Gulf states where Islamic banking is dominant and consumer demand for crypto is growing.
AVAX
XRP
BNB
ETH
DOGE
LINK
SOL