UAE’s Ruya Bank Launches Shari’ah‑Compliant In‑App Bitcoin Trading
Ruya Bank has launched Shari’ah‑compliant Bitcoin (BTC) trading inside its mobile banking app, becoming the first Islamic bank to offer regulated, in‑app crypto buys and sells. The feature was approved by Ruya’s Shari’ah governance board and built with UAE‑licensed virtual‑asset infrastructure provider Fuze, which supplies custody, brokerage, liquidity, settlement and AML/KYC compliance. Trading remains on‑bank and under regulatory oversight, with auditable records and integration into the bank’s risk systems. Bitcoin is the sole asset at launch; Ruya says additional assets may be added after Shari’ah and regulatory review. The rollout responds to strong crypto inflows into the UAE (about US$30bn between July 2023 and June 2024) and growing demand from retail clients, family offices and wealth managers for compliant crypto exposure. Ruya positions the product as a Shari’ah‑approved long‑term investment and wealth‑planning tool rather than a vehicle for short‑term speculation. For traders, the launch creates a regulated on‑ramp inside an established bank that could shift conservative capital onshore, improve institutional access, and reduce reliance on offshore platforms — factors likely to increase on‑chain flow and institutional liquidity for BTC in the UAE region. Key SEO keywords: Bitcoin, Shari’ah‑compliant, in‑app trading, UAE crypto, custody & settlement.
Bullish
The launch is likely bullish for Bitcoin price in the UAE region and may have modest positive effects globally. Key drivers: (1) New regulated on‑ramp: A bank‑based, Shari’ah‑compliant channel lowers barriers for conservative and institutional capital to enter BTC, potentially adding buy-side demand. (2) On‑bank custody and integration with risk systems reduce perceived counterparty and compliance risk versus offshore platforms, encouraging higher ticket sizes from family offices and wealth managers. (3) Improved local liquidity and auditable settlement can shorten execution times and support larger trades without wide spreads. Short‑term impact: modest upward pressure as early adopters and clients move funds onshore; any price effect will depend on user uptake and volume. Long‑term impact: stronger institutional participation and repeated on‑ramps could sustainably increase regional demand for BTC and deepen liquidity, supporting price resilience. Risks: limited immediate supply impact because only BTC is offered and rollout pace matters; regulatory or Shari’ah reversals would negate benefits. Overall, the likely net effect on BTC is positive but measured.