Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
ruya, the UAE’s digital-first Islamic bank, has become the first Islamic bank globally to allow customers to buy and sell cryptocurrencies directly through its mobile app.
This milestone was made possible through a collaboration with Fuze, an Abu Dhabi-based, VARA-licensed virtual asset service provider.
In a freewheeling conversation with Aleithad, ruya CEO Christoph Koster explained the mission of the youngest Islamic digital community bank in the country, which was set up as recently as 2024.
“ruya combines cutting-edge digital banking with community engagement,” Koster said. “What that means is we have full digital onboarding and a completely mobile-first banking experience. It’s digital native and cloud native, for both individuals and businesses in the country.”
“But we also have physical community centres. The first one is here in Ajman, where our head office and main community centre are located. We’re building one in Abu Dhabi as well, and we’re looking at a place in Dubai too.”
Elaborating on ruya’s community concept, Koster said: “We have this hybrid approach of a 21st-century digital experience — the way it’s supposed to be in this day and age — but at the same time, we provide that physical space where people can come and experience the brand, where they can learn about financial literacy. We even have co-working-like spaces. Customers can sit here with us, have a coffee during the day, and get personal advice from real human beings.”
He likened ruya’s centres to Apple stores, “You don’t go into an Apple store to buy a new phone, right? You go into an Apple store to experience the brand, to experience the products, to ask questions, to learn, to connect with other people — and that’s what these community centres are for.”
“We are transparent, inclusive, and rooted in giving back to our community,” he said.
When it comes to cryptocurrencies, Koster said ruya customers can buy and sell approved crypto on the mobile app securely and seamlessly. At the moment, bitcoin and ethereum are available for purchase and sale.
“Assets are split between hot wallets (online, 20%) and cold custody (offline, 80%) to ensure liquidity and safety,” he said. Cold custody is handled by Tungsten, a regulated custodian based in Abu Dhabi Global Market (ADGM), while hot wallets are managed using Fireblocks technology, trusted by leading financial institutions.
“A closed-loop system means no external wallet deposits or withdrawals, further protecting customers,” Koster explained.
Fuze, the tech partner, executes buy and sell orders and handles custody.
“Everything happens inside the ruya app — no external redirection. ruya handles customer onboarding, while Fuze powers the regulated backend. You always stay within the ruya experience, but transactions are executed securely via Fuze,” he said.
On the question of Shariah compliance, Koster — a seasoned banker who spent 10 years at Emirates NBD and later helped build investment platforms for the Abu Dhabi government and G42 — said: “Our Internal Shariah Supervisory Committee has issued a resolution allowing customers to buy and sell virtual assets, including bitcoin, through our platform in partnership with Fuze.”
Every asset offered is explicitly reviewed and approved from an ethical Islamic banking perspective. “We focus on long-term investments, not speculative trading — aligning fully with ethical Islamic finance principles,” he said. “We operate within a very clear and independently validated ethical Islamic banking framework.”
ruya has been expanding its footprint across the UAE. It has welcomed approximately 60,000 customers during its first year of operation. “At the current growth rate, we are onboarding around 100,000 customers per year. By the second anniversary in 2026, the bank will have well over 160,000 customers,” the CEO said.
Asked about ruya’s exposure to the Abu Dhabi market, Koster said almost 25% of its customers are from the capital, the second highest after Dubai. ruya is also building a community centre at Mohammed bin Zayed City in Abu Dhabi, which will be completed by the second half of 2026.
The choice of Ajman as headquarters may appear unconventional, but Koster pointed out: “An innovation-first approach, strong support from local authorities, combined with community values that match our mission, was what made us choose Ajman.”
Regarding ownership, Koster didn’t name individuals but noted: “ruya is privately owned by a group of strategic investors from the UAE. They share a common vision for ethical Islamic digital banking and community development.”
“We’re not affiliated with any other bank or corporate, but stand alone and are fully licensed by the Central Bank of the UAE,” he added.
On whether the bank is planning an IPO, Koster said: “It’s too early — our focus right now is on building a strong foundation and delivering value to our customers.”
For Koster, a German national who has lived in the UAE for 15 years, ruya is more than a job. “Leading ruya combines my passion for financial innovation, ethical banking and community impact.”
