Crypto.com Partners with Dubai Islamic Bank to Launch Sharia-Compliant Products

Crypto.com has signed an agreement with Dubai Islamic Bank to introduce Sharia-compliant products and expand its footprint in the United Arab Emirates (UAE).

In a press release shared with CryptoNews, Crypto.com said it will work with the bank to launch financial products including tokenized Islamic sukuks and real-world asset tokenization.

We’re proud to announce a partnership with @DIBtoday, the UAE’s largest Islamic Bank, to explore innovative payment solutions and investigate untapped potential in the Islamic finance sector.

It’s another significant milestone on our path to expansion in the UAE and wider GCC… pic.twitter.com/toV7n8GXbv

— Crypto.com (@cryptocom) December 30, 2024

The agreement was signed by Crypto.com UAE president of operations Mohammed Al Hakim and Dubai Islamic Bank’s chief digital officer, Musabbah Al Qaizi.

Crypto.com Expands Footprint in the UAE with Dubai Islamic Bank

Crypto.com said it has an ongoing commitment to expand its footprint in the UAE. The platform has over 100 million global users and said it is aiming to bridge the gap between the worlds of cryptocurrency and Islamic finance.

Al Hakim described the partnership as a groundbreaking opportunity to align cryptocurrency with Islamic banking principles.

“This agreement with Dubai Islamic Bank allows us to enhance our offerings for customers in the UAE and GCC while exploring innovative Sharia-compliant solutions like tokenized sukuks. Together, we aim to bridge traditional Islamic finance with cutting-edge digital assets,” said Al Hakim.

Crypto.com has expanded its regional presence with the acquisition of Orion Principals Limited, regulated by the Abu Dhabi Global Market (ADGM), and the launch of its AED Wallet, allowing deposits and withdrawals in local currency.

Additionally, it has also partnered with Mastercard and will soon offer prepaid debit cards to users across the GCC region.

Crypto.com announced the appointment of Al-Hakim as the president of its operations in the UAE earlier this month. Al-Hakim heads up business development and strategic partnerships at Crypto.com.