The UAE’s financial sector has taken another unexpected step toward digital assets: an Islamic bank is now letting clients buy and sell Bitcoin inside its mobile app.
The initiative comes from ruya, positioning the institution as a trailblazer among Sharia-compliant lenders exploring cryptocurrency.
Key Takeaways
ruya is the first Islamic bank in the UAE to embed Bitcoin investing in its app.
The bank partnered with Fuze to ensure security and Sharia compliance.
Crypto inflows to the UAE have surged, encouraging regulated institutions to participate.
Other UAE financial players are also rolling out digital asset offerings.
The collaboration is pitched not as a fintech experiment but as a controlled entry point for everyday savers who want exposure without leaving Islamic banking standards behind.
Crypto Demand in the UAE Has Been Surging
The timing of ruya’s rollout overlaps with a notable boom in digital asset activity across the region. Chainalysis estimates that the UAE absorbed more than US$30 billion worth of crypto inflows in one recent year — a 42% annual increase — suggesting that regulated channels for access are becoming more important.
ruya’s chief executive, Christoph Koster, framed the decision as part of a larger mandate to influence how finance evolves in the nation. He described the approach as both forward-looking and conservative: progressive in access, cautious in structure.
His sentiment was echoed by Fuze co-founder Mo Ali Yusuf, who argued that both companies want everyday users to enter digital markets with clarity rather than confusion.
Other UAE Institutions Are Racing to Keep Pace
While ruya now holds the distinction of being the first Islamic bank to integrate Bitcoin investing, it is not the only player nudging crypto deeper into mainstream portfolios. Mashreq Capital — one of the country’s longest-standing asset managers — introduced BITMAC, a fund blending conventional assets with Bitcoin ETF exposure.
Previously, domestic banks like RAK Bank and Liv Bank began offering crypto access through exchange partners, signaling a shift where traditional finance is not resisting digital assets but absorbing them.
The UAE Is Quietly Constructing a Regulated Crypto Economy
Taken together, these developments suggest that the UAE is moving beyond experimentation toward system-level integration of digital assets — whether through Islamic finance or global asset management channels. ruya’s entry may be symbolic, but it marks the first step where Bitcoin investing is wrapped inside a Sharia lens and delivered through a regulated banking interface.
That model may soon influence other Gulf states, where Islamic banking is dominant and consumer demand for crypto exposure is growing.
