Crypto.com has entered into a strategic alliance with the Dubai Islamic Bank (DIB) by signing a Memorandum of Understanding (MoU). The MoU will lay the foundation towards the integration of crypto with Islamic banking in a Sharia-compliant manner.
The Singapore-based firm unveiled this new partnership in a press release dated Dec. 30, 2024. This new alliance is part of the firm’s strategy to extend its market presence in UAE and the broader GCC.
Sharia-Compliant Crypto Solutions
Based on this partnership, Crypto.com will be in a position to extend Sharia-compliant cryptocurrency solutions to the UAE market. The trading platform will enable the provision of large trading and custody services to DIB’s customer base. Crypto.com will also facilitate the implementation of the OTC trade by the Dubai Islamic Bank.
Commenting about the partnership, Mohammed Al Hakim, Crypto.com’s UAE President of Operations, 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.”
Crypto.com will also have a rewards program that will encourage the DIB clientele to use the Crypto.com App and Card. With the move, the two entities are focused on delivering innovative, efficient and customer-oriented crypto services in the UAE market.
Increased Crypto Adoption in UAE
Crypto.com and DIB’s partnership has come at a time when UAE is growing popular for embracive crypto regulations. According to a Chainanalysis report, due to UAE’s favorable crypto regulations, the country has risen to be a top crypto hub in the MENA region.
The recent partnership is not crypto.com’s first partnership given the company’s goal to set foot in the UAE market. On 5th December 2024, the platform revealed it had teamed up with Mastercard, in a move that will enable eligible GCC clients to access prepaid debit cards.
Crypto.com also recently bought Orion Principals Limited that is regulated by Abu Dhabi Global Market (ADGM). The platform also launched an AED Wallet for fiat currency users in the UAE.
The recent partnership gives Crypto.com an upper hand as it competes with other platforms such as Bybit for a larger market share in UAE. It might also bring significant impact on the UAE crypto market, pushing more adoption through Sharia-compliant products.
