Crypto.com Teams Up with Dubai Islamic Bank to Expand in the UAE and Gulf Region
Crypto.com has entered into a strategic partnership with Dubai Islamic Bank (DIB), one of the leading financial institutions in the United Arab Emirates.
This collaboration aims to bolster Crypto.com’s presence in the UAE and the broader Gulf region, according to a press release issued on Monday (Dec. 30). The initiative focuses on promoting the Crypto.com app and card through DIB’s platforms. Additionally, reward-based campaigns will be rolled out for DIB customers, and cryptocurrency payment integration will be facilitated via the bank’s systems.
The partnership also enables fiat currency funding within the Crypto.com app. Furthermore, the two entities will explore the tokenization of real-world assets, including Islamic sukuks — financial certificates similar to bonds but designed to comply with Sharia principles.
Musabbah Al Qaizi, Chief Digital Officer at Dubai Islamic Bank, highlighted the importance of the collaboration in the release. He stated, “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. 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.”
Recognized as a hub for innovation in Islamic finance and technology, the UAE continues to lead advancements in these fields, with Dubai Islamic Bank playing a pivotal role as a progressive leader.
This partnership builds on Crypto.com’s earlier ventures in the region, including securing a license to launch a Mastercard-powered card in Bahrain earlier this month. Plans are in place to extend this card offering to other Gulf countries, including Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
The partnership is taking shape in a transformative year for the crypto industry, with major jurisdictions such as the United States, the European Union, and several Asian nations introducing comprehensive regulatory frameworks aimed at balancing innovation with consumer protection.
Nikola Plecas, Head of Commercialization at Visa Crypto, noted in an earlier statement to PYMNTS that regulatory clarity is crucial for enabling large-scale exploration of tokenized assets. He added that leading financial institutions are eager to delve into this emerging sector, provided the necessary frameworks are in place.
