Ruya, a digital bank based in the United Arab Emirates (UAE), is making history by becoming the first Islamic bank in the world to let customers buy Bitcoin and other cryptocurrencies directly through its app — all while staying true to Islamic finance rules.
A New Way to Invest, Without Breaking Islamic Principles
Ruya’s new service is part of a bigger plan to connect the fast-growing world of crypto with Shari’ah (Islamic law) guidelines. In Islam, investments should avoid high levels of risk, gambling, and unfair profits. Ruya promises that all crypto activities on its platform will respect these principles.
Partnering With Fuze To Stay Compliant
To make sure everything stays within Islamic rules, Ruya has teamed up with Fuze, a licensed digital asset company. Thanks to this partnership, users can feel confident that their crypto investments are handled carefully and responsibly.
Ruya’s CEO, Christoph Koster, said the bank is staying loyal to its Islamic banking roots while also embracing new financial opportunities. His goal is simple: give people a way to invest in crypto without going against their beliefs.
Focus on Ethical and Smart Investing
Ruya is not encouraging risky, fast-paced trading like many crypto apps do. Instead, the bank wants customers to make smart, informed decisions. Their platform focuses on fairness, transparency, and ethical investing — core values in Islamic finance.
This approach is important because in traditional Islamic finance, investments are supposed to create real economic value, not just quick profits. Similar ideas were seen during the 2017 Bitcoin boom, when many Islamic scholars debated whether crypto could be considered halal (permissible). Since then, more financial firms have worked to create Shari’ah-compliant crypto services.
Crypto Boom in the UAE Makes the Timing Perfect
Ruya’s move comes as the UAE is seeing a huge surge in crypto interest. According to recent data, over $30 billion worth of crypto flowed into the UAE between June 2023 and June 2024 — a 42% jump from the previous year.
The UAE has been pushing to become a leader in digital assets across the Middle East and North Africa. Cities like Dubai have already launched crypto-friendly regulations and even set up the Virtual Assets Regulatory Authority (VARA) to support the industry.
Ruya’s new offering fits right into this growing trend, giving people a way to invest in crypto without stepping outside their religious values.
Education and Customer Support Are Key
Ruya isn’t just giving people access to crypto — they’re also making sure customers understand what they’re getting into. The bank offers professional advice, hosts community discussions, and has a strong customer support system. Their goal is to help users learn about both the risks and rewards of crypto investing.
