Ruya has launched a new Shari’ah-compliant cryptocurrency trading service in the UAE, accessible via its mobile app. This service, developed with Fuze, caters to the increasing demand for ethical investments within the booming virtual assets market, which has grown 42% in the UAE. Ruya emphasizes sustainable wealth management, supporting customers with community and call centre resources to navigate this digital financial landscape.
Ruya, a UAE-based digital Islamic bank, has made a splash with its latest offering: the ability for customers to trade cryptocurrencies. This new service can be accessed directly through their mobile app. They’ve partnered with Fuze, a digital asset infrastructure provider, to ensure that all trading adheres to Islamic financial principles. This move comes as the UAE’s virtual asset sector is booming, with reports stating that over USD 30 billion in virtual assets were brought in during the last financial year, which ended in June 2024.
What sets Ruya apart is its focus on ethical investment instead of the usual speculative trading tendencies seen in the crypto world. Users will have access to various cryptocurrencies, including Bitcoin, operating within a secure framework that meets Islamic governance standards. The technological groundwork for this service comes from their collaboration with Fuze, which lends its expertise to the project.
According to bank officials, their main goal is to foster sustainable and long-term wealth management habits among users. By integrating Shari’ah-compliant virtual asset services, Ruya allows clients to responsibly engage with the digital economy without straying from Islamic ethics. Fuze representatives highlighted that their partnership aims to weave virtual assets more seamlessly into everyday banking while maintaining high ethical standards throughout.
On top of the digital trading service, Ruya also backs its customers with traditional support venues, including community centres and hybrid call centres, to help users make the most of this new feature. The ‘bank of the future’ continues to position itself at the intersection of Islamic finance and digital innovation, showcasing a broader shift in the UAE’s financial services sector, which is rapidly embracing modern trends.
In conclusion, this launch not only marks Ruya’s foray into the rapidly expanding world of cryptocurrencies but also underscores the importance of aligning digital finance with the ethical paradigms of Islamic finance. With a strong push towards integrating these modern assets into their offerings, Ruya is paving the way for others in the region.
