UAE Bank Introduces Bitcoin Investments in Compliance with Islamic Finance

According to Foresight News, UAE's Islamic bank, ruya, has partnered with digital asset infrastructure provider Fuze to offer Bitcoin investment options through its mobile application. Christoph Koster, CEO of ruya, stated that all Bitcoin investments provided by ruya adhere strictly to Islamic finance standards. The core principles of Islamic finance ensure that all financial activities comply with Sharia law. This includes prohibitions on interest, excessive uncertainty or risk, and gambling and speculation. The standards also mandate that transactions must be asset-backed and ethically invested, meaning funds cannot be directed towards industries prohibited by Sharia law, such as alcohol, gambling, tobacco, pornography, pork-related products, and traditional interest-based financial institutions.