Ruya Makes History: UAE’s First Sharia-Compliant Bitcoin Trading Platform Goes Live
Dubai just rewrote the rulebook for Islamic finance.
The New Halal Frontier
Ruya's launch isn't just another crypto exchange opening its doors—it's a landmark fusion of digital asset innovation with centuries-old Islamic financial principles. The platform meticulously screens transactions against Sharia law, filtering out ventures tied to prohibited industries like gambling or alcohol. It's a move that unlocks Bitcoin for a massive, previously underserved investor demographic, all while giving traditional finance a masterclass in adaptation.
Why This Cuts Through the Noise
Forget niche. This taps into a global Islamic finance market valued in the trillions. Ruya bypasses the theological debate that has kept many institutions on the sidelines, providing a clear, compliant on-ramp. It signals a maturation of crypto, shifting from speculative wild west to an asset class capable of meeting rigorous ethical and structural frameworks. The timing is no accident—it capitalizes on the UAE's aggressive push to become a global digital asset hub.
The Ripple Effect
Watch for competitors to scramble. Ruya's model sets a precedent that other regions with significant Muslim populations will likely emulate, potentially triggering a wave of similar compliant services. It also pressures major conventional crypto exchanges to consider offering Sharia-compliant products or segregated accounts. The platform's success could pull billions in institutional and retail capital off the sidelines, adding a new, stability-seeking layer of liquidity to the market.
A cynical finance jab? It's almost refreshing to see an asset's compliance debated on the grounds of religious law rather than which celebrity is pumping it on social media. Ruya proves that when the regulatory goalposts are clear—even if they're ancient—innovation finds a way. The old guard of finance loves to call crypto lawless; now it's facing competition that's arguably more principled.
Strategic partnership enhances compliance and security
The collaboration with Fuze brings together expertise in VIRTUAL assets and Sharia-compliant banking. Mohammed Ali Yusuf, Co-Founder and CEO of Fuze, commented, “The Ruya and Fuze partnership brings together expertise in digital assets and Shari’ah-compliant banking, creating a platform that is both secure and ethically grounded.” Thus, customers have a strong trading environment consistent with Islamic principles, under the auspices of Ruya’s Shari’ah Supervision Committee.
The platform also has low fees compared to others, making it practical for ethical digital investing. The bank maintains clear rules and transparency, giving investors confidence for long-term planning. Unlike many platforms that push short-term speculation, Ruya focuses on helping users grow wealth steadily over time.
The UAE’s crypto landscape and market growth
The launch comes as interest in cryptocurrencies grows across the UAE. According to Chainalysis’ 2024 report, crypto inflows rose 42%, reaching over US$30 billion between July 2023 and June 2024.
At the same time, DeFi activity ROSE by 74%, and volumes on decentralized exchanges surged 87% to US$11.3 billion. This has been driven by the enabling regulatory environment of the UAE, shaped by the SCA and, in Dubai, by VARA.
The same has been done by other UAE-based banks, such as RAK Bank and Liv Bank, through partnerships with crypto exchanges for offering trading services.
Furthermore, Mashreq Capital launched BITMAC, a multi-asset fund that includes Bitcoin exposure through an ETF. As a result, the UAE is gaining momentum as a hub for ethical and regulated digital investment avenues.
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