Ruya, a digital bank in the UAE, is making waves by becoming the first Islamic bank to offer Bitcoin and other crypto investments through its app. This means Muslims can now invest in crypto while adhering to Islamic finance principles (Shari’ah).
A Partnership for Halal Crypto
Ruya teamed up with Fuze, a digital asset company, to ensure all crypto offerings comply with Islamic law. This is crucial because Islamic finance avoids excessive risk and unfair profits. Ruya carefully manages its crypto offerings to meet these requirements.
CEO Christoph Koster explained that this move allows Ruya to embrace new financial opportunities while staying true to its Islamic banking roots. The goal is to provide ethical investment options for people who want to participate in the crypto world without compromising their beliefs.
Ethical Investing and Transparency
Ruya emphasizes transparency and responsible investing. They’re focusing on helping customers make informed decisions rather than encouraging risky, short-term trades. The bank wants customers to feel confident that their crypto investments align with Islamic values.
Riding the Crypto Wave in the UAE
Ruya’s move comes at a perfect time. The UAE has seen a huge surge in crypto activity, with over $30 billion flowing into the country in the year leading up to June 2024 – a 42% increase! This shows growing interest in digital assets within the UAE, and Ruya is capitalizing on this trend by providing a Sharia-compliant option.
Customer Support and Education
Ruya is committed to helping its customers understand crypto investing. They offer support through community groups and call centers, providing guidance on the risks and opportunities involved.