UAE's Ruya adds cryptocurrencies to investment platform

Ruya, a UAE-based digital-first Islamic bank has announced that it is integrating virtual assets into its investment platform, enabling customers to buy and sell cryptocurrencies via its mobile app. 

Ruya has partnered with UAE-based Fuze, a licensed operator in the virtual asset space to broaden its investment gamut and promote ethical Islamic wealth building.

The bank aims to empower customers to sustainably participate in the digital economy, said Ruya's chief executive, Christoph Koster. All listed virtual assets meet the institution’s Shariah-compliance standards.    

The launch comes amid rapid growth in the UAE’s digital-asset sector. The country received more than $30 billion in virtual-asset inflows from July 2023 through June last year, marking a 42% increase.   

Ruya said in a statement that the crypto functionality will sit within its broader investment suite, designed to promote long-term, ethical wealth creation rather than short-term speculative trading. 

Customer support for the new product will be available through community centres and hybrid call centres.