UAE’s Ruya Bank Partners with Fuze to Offer Sharia-Compliant Bitcoin Trading
Ruya Bank’s collaboration with Fuze introduces Bitcoin investment via mobile app, marking the UAE’s first Sharia-compliant BTC trading under Islamic finance principles.
BTC
Summary
Ruya Bank, an Islamic bank in the UAE, has partnered with regulated digital asset provider Fuze to enable Bitcoin investment directly through its mobile application. This launch marks the first time an Islamic bank in the UAE offers BTC trading while adhering to Islamic finance principles. The partnership integrates regulated cryptocurrency services into Ruya Bank’s offerings, representing a milestone in Sharia-compliant digital asset access in the region.
Terms & Concepts
- Sharia-compliant banking: Financial services that adhere to Islamic law, prohibiting practices such as charging interest or investing in certain industries.
- Bitcoin (BTC) trading: The buying and selling of Bitcoin on a platform, allowing users to speculate on its price or use it for transactions.
- Digital asset provider: A regulated entity offering platforms or services for buying, selling, and managing cryptocurrencies or other blockchain-based assets.