Crypto.com And Dubai Islamic Bank Partner To Expand Across UAE And GCC

Crypto.com has dropped some big news – a MoU signing with Dubai Islamic Bank (DIB), UAE’s largest Islamic Bank and a world-renowned player in the field of Islamic finance.

Crypto.com’s President of UAE Operations, Mohammed Al Hakim, and DIB’s Chief Digital Officer Musabbah Al Qaizi, made things official at DIB’s HQ.

This marks a major step in Crypto.com’s mission “to integrate with financial institutions in the UAE, as it continues to deliver products and services to its customers”

Crypto Meets Sharia: Dubai Just Got Realhttps://t.co/oiMn47EbqZ and Dubai Islamic Bank are linking up to shake up the GCC.

They're looking to unveil tokenized sukuks, real estate on-chain, and Sharia-compliant crypto solutions.

DIB’s 7M+ customers are getting access to… pic.twitter.com/qMZ080FnMj

— Mario Nawfal’s Roundtable (@RoundtableSpace) January 7, 2025

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Crypto.com App And Card Will Be plugged Into DIB’s Channels

With the MoU signed on 30 Decemeber 2024, it looks like DIB’s user base will soon have something to celebrate. As part of the collaboration between the two companies, the Crypto.com App and Card will be plugged into DIB’s channels. The users can expect “reward-based campaigns for DIB’s customers, and facilitating cryptocurrency payments via DIB’s systems.”

Also, the partnership opens the door to “fiat currency funding” on the Crypto.com App. Isn’t that nice!?

And that’s not all! Both these companies have their eyes set on the major leagues – like tokenised real-world assets – think Islamic Sukuks and real estate portfolios – “via the Cronos chain, and will look to integrate Crypto.com’s custody, OTC trade execution, and crypto trading technology solutions for DIB’s retail clients.”

Introducing Digital Assets While Maintaining Sharia Principles

Both Crypto.com and DIB aim to merge cryptocurrency with Islamic Banking and drive innovation in Islamic Finance by introducing digital assets while maintaining Sharia principles.

Commenting on the alliance Hakim 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.”

Echoing the sentiment, Al Qaizi iterated, “This partnership with Crypto.com signifies a transformative milestone for Dubai Islamic Bank as we embrace the forefront of technological advancement in Islamic finance.”

“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,” Al Qaizi added. “This collaboration allows us to set new-age standards for Sharia-compliant financial solutions, providing our customers with unparalleled security, efficiency, and flexibility. It empowers us to redefine the integration between Islamic banking and digital asset management, paving the way for future developments in this emerging sector.”

Crypto.Com is broadening its reach across the globe. It recently scored the acquisition of Orion Principals Limited, regulated by the Abu Dhabi Global Market (ADGM). Plus, it dropped the AED Wallet, giving users in the UAE the ability to deposit and withdraw in the local currency. An announcement made a month back unveiled that Crypto.com also teamed up with Mastercard to roll out their prepaid debit cards to eligible users in the GCC region.

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