Ruya Bank CEO: Bitcoin Is Now Shari’ah Compliant — A New Chapter for Islamic Digital Finance

Bitcoin is now Shari’ah compliant. With Dubai’s Higher Shari’ah Authority confirming the permissibility of Bitcoin as an investable asset, one of the most debated questions in the Muslim world finally has a clear answer. For Muslim investors wondering whether Bitcoin fits within Islamic finance, the ruling brings certainty to a topic that has shaped discussions for years.

This clarity immediately raises a new question: where can investors access Bitcoin in a fully Shari’ah-governed, regulated, and ethical environment? In the UAE, that destination increasingly points to Ruya Bank. Positioned as a digital-first Islamic bank, Ruya is building a model where ethical finance, long-term wealth creation, and digital assets converge under one framework.

In an interview with Unlock, Ruya Bank CEO Christoph Koster explained why this ruling marks a turning point for Islamic digital finance and how Ruya became the first Islamic bank globally to offer direct Bitcoin investment inside its app. “For the first time, thanks to the bold moves of the Higher Shari’ah Authority in the UAE, we finally have an answer to give to our customers,” he said. “Yes, Bitcoin, the way we set it up in the Ruya app, is Shari’ah compliant and you can invest in it as part of your long-term wealth building.”

Koster emphasized that the ruling is rooted in Islamic finance principles: ownership, utility, price transparency, and tradability. Bitcoin, according to the Authority’s research, fulfills these conditions. From an economic standpoint, he noted that the asset class is too significant to ignore. “We’re talking about an asset class of two trillion dollars globally,” he said. “Even BlackRock is recommending a five percent Bitcoin allocation. It’s becoming a meaningful economic opportunity that we can now tell our customers they can safely invest in.”

Still, Bitcoin’s reputation for volatility often raises concerns. Koster pointed out that volatility alone does not define speculation — and that Ruya designed the product to promote responsible, long-term investing. “We don’t encourage our customers to do speculative trading,” he explained. “The way we’ve set it up, and even the fee structure, does not incentivize in-and-out movements. It’s meant to be part of a diversified, long-term portfolio.”

Behind the scenes, Ruya engineered a complex regulatory and technological structure to deliver Bitcoin within a banking environment. The bank holds an SCA license to promote investment products, is regulated by the UAE Central Bank, and relies on its own Shari’ah Supervisory Committee. Combined with the national ruling on Bitcoin, Ruya integrated partnerships that meet the highest standards of regulated digital-asset infrastructure. Transactions run through Fuze, a VARA-licensed provider, while custody is secured via Fireblocks for hot wallets and Tungsten for cold storage. “If you do it on the app today, you simply say ‘I want to buy Bitcoin.’ You buy and sell directly from your dirham account. It’s seamless,” he said.

While Bitcoin is the starting point, Ruya’s ambitions extend much further. Koster outlined four major themes shaping their roadmap: direct virtual asset investments, tokenization of Shari’ah-compliant underlying assets, the future role of stablecoins, and building infrastructure for licensed VASPs. Although he did not elaborate publicly on the last category, his comments made Ruya’s intentions clear. “Nine out of ten VASPs will tell you that opening and maintaining banking infrastructure has been a challenge,” he said. “That is something we are actively working on, to build the infrastructure and provide seamless services.”

This hints at Ruya’s broader strategy: becoming a foundational banking partner for the UAE’s digital-asset ecosystem. As the UAE links on-chain innovation with off-chain regulatory clarity, the banks capable of managing fiat rails for crypto businesses will shape the next phase of industry growth. Ruya is preparing early for that role.

The conversation also shifted to the future of Islamic digital assets. Koster confirmed that Ruya is evaluating additional virtual assets, though each requires its own Shari’ah assessment. This naturally leads to one of the most anticipated topics among Muslim investors: whether Ethereum and staking can become Shari’ah compliant. Ethereum’s programmability, tokenization capabilities, and staking mechanisms could transform Islamic finance if approved.

This remains an open area of research, but it is one that carries enormous potential. Many in the region — including us — hope to see Ethereum and staking reviewed thoroughly by Shari’ah scholars. Their approval would unlock new opportunities across tokenized sukuk, commodity-backed instruments, structured Islamic products, and programmable financial contracts.

In five years, Islamic digital finance may look entirely different: more transparent, more inclusive, and powered by blockchain-driven efficiencies. Koster believes the industry is approaching a breakthrough. “Islamic finance benefits in two ways,” he said. “As an investment class customers can access today, and as infrastructure that allows Islamic finance to be structured in a truly compliant, digital-native manner.” Bitcoin is only the beginning. With its approval as a Shari’ah-compliant asset and with Ruya delivering a regulated way to access it, a new era for Islamic digital finance is emerging. The next chapter depends on what comes after Bitcoin — and for many, the hope is clear. We want to see more Shari’ah-compliant digital assets enter the market, especially Ethereum and staking. If those approvals come, the UAE will not only lead the conversation; it will shape the global future of Islamic finance.