News

Crypto currency exchange Crypto.com has reached a memorandum of understanding (MoU) with Dubai Islamic Bank (DIB) to expand its services in the UAE and the broader Gulf Cooperation Council (GCC) region.

With this alliance, Crypto.com aims to enhance the cryptocurrency experience for more than 100 million global customers.

Dubai Islamic Bank chief digital officer Musabbah Al Qaizi said: “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.”

The collaboration helps promote the Crypto.com App and Card, create reward-based campaigns for DIB customers, and facilitate cryptocurrency payments through DIB's systems.

Additionally, the agreement will support fiat currency funding on the Crypto.com App.

Crypto.com UAE operations president Mohammed Al 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 tokenised sukuks and sharia-compliant crypto solutions.

“We look forward to investigating new and innovative payment solutions and exploring the untapped potential in the Islamic finance sector.”

This partnership follows Crypto.com's moves to strengthen its presence in the region, including the acquisition of Orion Principals, regulated by the Abu Dhabi Global Market (ADGM), and the launch of its AED Wallet.

The AED Wallet provides users in the UAE with seamless deposit and withdrawal options in the local currency.

Last month, Crypto.com collaborated with Mastercard to issue its prepaid debit card to eligible users in the GCC.

In 2023, Dubai Islamic Bank (DIB) chose the HPE GreenLake platform to upgrade its core platform.

"Crypto.com and Dubai Islamic Bank forge alliance" was originally created and published by Retail Banker International , a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.