Crypto.com has partnered with UAE’s largest Islamic Bank to provide digital assets to the Islamic population. According to the official announcement made earlier today on December 30th, the UAE’s largest Islamic bank and a globally recognized leader in Islamic finance, Dubai Islamic Bank (DIB) and Crypto.com have signed a Memorandum of Understanding.
The new partnership comes as part of Crypto.com’s ongoing efforts to increase its market share in the UAE and the GCC. The partnership also comes at a time when UAE has seen a rise in crypto adoption, making many more investors interested in digital asset services.
What Will The MOU Include?
The MoU centers on a number of important areas of cooperation, such as promoting the Crypto.com Card and App through DIB’s channels, offering reward-based promotions to DIB’s clients, and enabling bitcoin payments through DIB’s infrastructure.
Additionally, the Crypto.com App can now accept fiat cash funding thanks to this partnership. Also, both companies will investigate tokenizing real-world assets, such as real estate portfolios and Islamic sukuks, through the Cronos chain. They will also try to include Crypto.com’s custody, over-the-counter transaction execution, and cryptocurrency trading technology solutions for DIB’s retail customers.
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Digital Asset Providers Explore Islamic Finance
The growth of digital assets and related products have created a general curiosity among investors about the virtual asset world. The trend as also reached a wider audience of various religious diaspora.
Crypto.com’s partnership will likely place the platform’s products in front of a wider audience.
Commenting on this, Mohammed Al Hakim, UAE President of Operations at Crypto.com said , “The partnership represents a unique opportunity for us to bridge the worlds of cryptocurrency and Islamic banking, paving the way for future collaboration on tokenized sukuks and sharia-compliant crypto solutions.”
He adds, “We look forward to investigating new and innovative payment solutions and exploring the untapped potential in the Islamic finance sector.”
In the same tone, Musabbah Al Qaizi, Chief Digital Officer at Dubai Islamic Bank commented, “By exploring innovative avenues such as tokenized Islamic sukuks and the tokenization of real-world assets, we align with our strategic vision to integrate cutting-edge digital solutions while upholding the principles of Sharia compliance. This collaboration allows us to set new-age standards for Sharia-compliant financial solutions, providing our customers with unparalleled security, efficiency, and flexibility”
Crypto.com’s Step Stays In Tandem With Market Peers
Crypto.com’s advancement in Islamic banking are not the only that the market has witnessed. Previously, Bybit, the second-biggest cryptocurrency exchange globally in terms of trading volume, had introduced the first Shariah-compliant cryptocurrency account.
Bybit’s move was aimed at offering Muslim investors ethical trading choices. The fully operational Islamic account complied with Shariah regulations, guaranteeing moral and open cryptocurrency trading.
Therefore Crypto.com’s new step will keep it in tandem with its market peers.