Crypto.com Signs MoU with Dubai Islamic Bank to Lead Islamic Finance Innovation

Key Takeaways: Crypto.com partners with Dubai Islamic Bank (DIB) to explore innovative Islamic finance solutions. The MoU focuses on tokenization of Islamic sukuks, real estate, and cryptocurrency payment integration. Both entities aim to bridge cryptocurrency and Sharia-compliant banking.

Crypto.com has entered a significant partnership with Dubai Islamic Bank, marking a milestone in the convergence of cryptocurrency and Islamic banking. The Memorandum of Understanding (MoU), signed at the headquarters of DIB, also covers cooperation in cryptocurrency payment solutions, fiat funding integrations, and tokenizing real-world assets such as Islamic sukuks and real estate portfolios.

https://twitter.com/cryptocom/status/1873636734174687669

This also marks a very significant step toward the introduction of sophisticated fintech into Islamic banking in full compliance with Shariah norms. Crypto.com wants to support DIB's services by sharing substantial crypto trading, custody solution, and OTC trade execution expertise.

It will also launch reward-based campaigns to incentivize DIB's customers for using the Crypto.com App and Card. This partnership demonstrates a mutual commitment toward innovation, efficiency, and customer-centric financial solutions in the UAE and beyond.

A Milestone for Sharia-Compliant Crypto Solutions

Mohammed Al Hakim, President of UAE Operations at Crypto.com, stated:

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

Musabbah Al Qaizi, Chief Digital Officer of DIB, echoed this, adding that the bank committed to embracing the latest fintech while keeping in tune with Islamic banking principles. The tokenized assets and Crypto.com infrastructure will let DIB achieve newer heights in Sharia-compliant financial solutions.

Crypto.com Strengthens UAE Presence with Key Acquisitions

This deal comes amidst a growing Crypto.com presence in UAE after a spate of updates, including the acquisition of the ADGM-licensed Orion Principals Limited, coupled with the launching of the AED Wallet for seamless native money transactions.

Also, Crypto.com's early December partnership with Mastercard paved the way for the issuance of prepaid debit cards to eligible users in the GCC. This sets the fertile ground for such collaborations in the UAE as a global hub for both Fintech and Islamic Finance. The alliance, combining DIB's strong influence with Crypto.com's technical prowess, is going to raise the bar in innovation within Islamic finance.

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