ruya, a digital-first Islamic bank in the UAE, has introduced a feature allowing customers to buy and sell virtual assets, including Bitcoin, directly through its mobile application. This service is facilitated in partnership with Fuze, a regulated digital assets infrastructure provider.
The integration enables ruya’s customers to engage in virtual asset transactions within the bank’s app, aligning with Islamic financial principles. The service is part of ruya’s broader investment offerings aimed at building ethical wealth.
The UAE has been actively positioning itself as a hub for virtual assets, with regulatory frameworks established by authorities such as the Virtual Assets Regulatory Authority (VARA) and the Securities and Commodities Authority (SCA). These frameworks aim to provide clear guidelines for virtual asset service providers operating within the country.
Between July 2023 and June 2024, the UAE received over $30 billion in virtual assets, marking a 42% year-on-year increase. This growth underscores the country’s expanding role in the global virtual asset ecosystem.
ruya’s initiative reflects a broader trend among financial institutions in the region to incorporate virtual asset services. For instance, Wio Bank has also partnered with Fuze to enable virtual asset trading for its customers.
