Dubai Islamic Bank enters into an alliance with Crypto.com to enhance the digital currency experience in the region

Dubai Islamic Bank has entered into a tie-up with the digital currency trading platform Crypto.com to expand its services in the United Arab Emirates and the Gulf Cooperation Council countries.

This alliance aims to enhance the digital currency experience for more than 100 million users globally.

Musabih Al Qaizi, CEO of Digital Services at Dubai Islamic Bank, stressed that this partnership represents an important step in the bank’s journey towards adopting the latest technological developments in the field of Islamic finance.

He added: “By exploring innovative solutions such as digital Islamic sukuk and representing real assets in digital form, we are working to achieve our strategic vision of integrating advanced digital solutions while adhering to the principles of Islamic Sharia.”

Through this cooperation, the “Crypto.com” application and card will be promoted, in addition to launching rewards campaigns for Dubai Islamic Bank customers, and facilitating payment operations using digital currencies through the bank’s systems.

The agreement will also contribute to supporting the financing of traditional currencies on the “Crypto.com” platform.

For his part, Mohammed Al-Hakim, Head of Operations at Crypto.com in the United Arab Emirates, said that this partnership provides an exceptional opportunity to link the world of digital currencies with Islamic banking services, opening new horizons for cooperation in the field of digital instruments and solutions compatible with Islamic law.

He added: “We look forward to exploring innovative payment solutions and unlocking the potential of the Islamic finance sector.”

This partnership came after a series of steps taken by Crypto.com to strengthen its presence in the region, including its acquisition of Orion Principles, which is regulated by the Abu Dhabi Global Market, and the launch of its own Emirati dirham wallet.

This wallet provides users in the UAE with the ability to seamlessly deposit and withdraw funds using the local currency.

In a related context, last month, Crypto.com cooperated with MasterCard to issue a prepaid debit card to eligible users in the Gulf Cooperation Council countries.

In 2023, Dubai Islamic Bank chose the HPE GreenLake platform to modernize its technology infrastructure.