UAE’s Ruya Becomes First Islamic Bank to Offer Shari’ah-Compliant Bitcoin Investment

Key Points:

• Ruya is the first Islamic bank worldwide to integrate the buying and selling of Bitcoin directly into its mobile banking application.
• All Bitcoin transactions on the Ruya platform are certified as fully compliant with Islamic finance principles, prohibiting interest, excessive speculation, and unethical investments.
• MThe launch reinforces the UAE’s role as a global hub for fintech innovation and regulated digital asset activity, tapping into soaring regional crypto adoption.

Ruya, the digital-first Islamic bank, has made headlines by becoming the first Islamic bank globally to allow its customers to buy and sell Bitcoin directly through its mobile application. The move, executed in partnership with digital asset infrastructure provider Fuze, establishes a new benchmark for ethical investment in the rapidly growing virtual asset space.

The launch is a direct response to the burgeoning global interest in cryptocurrencies and the UAE’s strategic push to become a hub for fintech innovation. For years, the status of cryptocurrencies under Shari’ah law remained a point of debate among scholars.

The Intersection of Faith and Finance

This development bridges the gap between conservative financial principles and the progressive world of cryptocurrencies. For a sector traditionally viewed with skepticism by some Islamic scholars due to concerns over speculation (gharar) and the prohibition of interest (riba), Ruya’s offering provides a fully vetted, ethical pathway for millions of Muslim investors.

Christoph Koster, CEO of Ruya, emphasized the bank’s commitment to clarity. “All Bitcoin investments via Ruya are fully Shari’ah-compliant, giving customers confidence and clarity,” he stated.

This compliance is critical, as Islamic finance strictly mandates that all transactions must be asset-backed, transparent, and exclude funds directed toward industries prohibited by Sharia law, such as alcohol, gambling, and traditional interest-based financial institutions.

A Regulatory Framework for Digital Assets

Ruya’s ability to launch this service relies heavily on its collaboration with Fuze, a licensed and established leader in the virtual asset space. This partnership ensures the service is secure, user-friendly, and operates within the clear regulatory parameters set by the UAE’s authorities, as per the press release.

The launch is timely, coinciding with a period of massive growth in the UAE’s digital economy. According to the Chainalysis 2024 Geography of Crypto Report, the UAE recorded over $30 billion in cryptocurrency inflows between July 2023 and June 2024, representing a 42% year-on-year increase.

The robust growth, which significantly outpaces the regional average, is largely attributed to regulatory clarity provided by local bodies such as the Securities & Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA).

Responsible Digital Investing? 

This initiative is not a move toward speculative crypto trading. Ruya frames its virtual asset service as part of a carefully curated investment framework focused on long-term wealth creation, aligning with the core mission of ethical Islamic banking.

“At ruya, we are committed to shaping the future of finance in the UAE by offering innovative services rooted in ethical Islamic banking. By enabling our customers to invest in Bitcoin through our platform, we empower them to participate in the digital economy responsibly,” Koster added.

Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, highlighted the collaborative nature of the effort. “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,” he said. “Together, we are redefining how customers can approach virtual asset investing in a responsible and transparent way.”

Empowering the Investor

The platform provides customers with direct access to buy and sell Bitcoin securely through the mobile app. Key features include full transparency and governance with oversight from Ruya’s Shari’ah supervision committee, competitive fees, and a strong focus on educational support to promote informed investing.