Prominent cryptocurrency exchange Crypto.com, seems to be doubling down on its interest in the Dubai market. Earlier today, the firm revealed that it had signed a Memorandum of Understanding (MoU) with the United Arab Emirates’ largest Islamic Bank, Dubai Islamic Bank (DIB). Through this, the Islamic community could benefit gravely. The partnership acts as a huge step toward integrating advanced technology into Islamic banking in complete accordance with Shariah regulations.
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Crypto.com’s Latest Partnership in The Dubai Market
According to a recent press release, the duo signed the agreement at the bank’s headquarters. The MoU was signed by Crypto.com’s President of UAE Operations, Mohammed Al-Hakim, and DIB’s Chief Digital Officer, Musabbah Al Qaizi. The deal includes using DIB’s channels to promote the Crypto.com Card and App and running reward-based marketing for DIB’s clients. In addition, it will also enable Bitcoin payments over DIB’s infrastructure.
The Memorandum of Understanding with DIB is pertinent as it is a world-renowned leader in Islamic finance. Through this deal, the firms will investigate several prospects for launching Sharia-compliant platforms, such as tokenized Islamic Sukuks and tokenization of real-world assets. Musabbah Al Qaizi, Chief Digital Officer at Dubai Islamic Bank, further added,
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“This partnership with Crypto.com signifies a transformative milestone for Dubai Islamic Bank as we embrace the forefront of technological advancement in Islamic finance. 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.”
Looking Back
Back in April 2024, Crypto.com managed to garner complete approval to operate in Dubai. The Singapore-based firm won the approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The firm is registered under CRO DAX Middle East FZE on VARA’s public register.
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