The UAE’s first Islamic bank opens Bitcoin trading, with $30 billion flowing into the Middle East crypto market

[Bitpush] The Middle East has a new player in the cryptocurrency landscape. UAE’s Islamic bank ruya recently made a big move with digital asset service provider Fuze—directly launching Bitcoin trading functionality in its mobile app. This isn’t something ordinary banks can pull off, especially since the Islamic financial system has extremely strict compliance requirements. ruya played it smart this time: all operations strictly adhere to Sharia law, reassuring conservative clients while also capitalizing on the digital asset boom.

Speaking of which, the UAE has really been aggressive in the crypto field these past couple of years. Last year’s data from Chainalysis tells the story: from July 2023 to June 2024, over $30 billion in crypto funds flowed into the local market, a 42% surge compared to the previous year. That growth rate is among the best globally.

What’s even more interesting is that ruya isn’t alone. Not long ago, Mashreq Capital launched a multi-asset fund called BITMAC, which directly included Bitcoin ETFs; RAK Bank and Liv Bank have also rolled out crypto trading services one after another. With traditional banks piling in, it looks like the Middle Eastern market is really about to take off.