UAE's Ruya becomes the first Islamic bank to offer Bitcoin trading

According to Cryptopolitan, UAE Islamic Bank ruya has partnered with digital asset infrastructure provider Fuze to become the first Islamic bank to allow customers to buy and sell Bitcoin through a mobile application. Ruya ensures that all Bitcoin investments are fully compliant with Sharia law, providing customers with secure and compliant digital asset services.

According to Chainalysis' 2024 Crypto Geography Report, cryptocurrency inflows to the UAE exceeded $30 billion from July 2023 to June 2024, a year-on-year increase of 42%. Previously, UAE's Mashreq Capital launched a multi-asset investment fund BITMAC that includes a Bitcoin ETF, and RAK Bank and Liv Bank have also begun offering cryptocurrency trading services.