Crypto.com Partners with Dubai Islamic Bank to Expand Services Across the UAE and GCC Region 🌍💳
In a groundbreaking move, cryptocurrency exchange Crypto.com has signed a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB) to expand its footprint in the United Arab Emirates (UAE) and the Gulf Cooperation Council (GCC) region.
This collaboration aims to elevate the cryptocurrency experience for Crypto.com’s extensive global user base, which exceeds 100 million customers worldwide.
Pioneering Islamic Finance with Digital Innovation
Musabbah Al Qaizi, Chief Digital Officer at Dubai Islamic Bank, expressed enthusiasm for the partnership, stating, “This alliance marks a pivotal moment for DIB as we venture into innovative technologies in Islamic finance. By exploring advancements like tokenized Islamic sukuks and the digitization of real-world assets, we aim to balance technological integration with our commitment to Sharia compliance.”
Key Features of the Partnership
The collaboration focuses on enhancing the offerings of the Crypto.com App and Card, introducing exciting reward-based campaigns for DIB’s customers, and enabling cryptocurrency payments via DIB’s systems. Additionally, the agreement facilitates funding in fiat currencies directly through the Crypto.com platform, streamlining user transactions.
Bridging Cryptocurrency and Islamic Banking
Mohammed Al Hakim, President of Crypto.com’s UAE operations, emphasized the unique nature of this partnership, noting, “This alliance bridges the gap between cryptocurrency and Islamic banking. We are excited to explore new payment solutions and unlock potential opportunities in the Islamic finance sector, including Sharia-compliant crypto solutions and tokenized sukuks.”
Expanding Presence in the UAE
This partnership aligns with Crypto.com’s strategy to solidify its presence in the GCC region. Recent initiatives include acquiring Orion Principals, a company regulated by the Abu Dhabi Global Market (ADGM), and launching its AED Wallet, which offers UAE users smooth deposit and withdrawal options in their local currency.
In a related development, Crypto.com recently partnered with Mastercard to introduce prepaid debit cards for eligible users in the GCC region, further enhancing accessibility to cryptocurrency-based payment solutions.
Strengthening Financial Platforms
On the technology front, Dubai Islamic Bank has taken significant steps to upgrade its core systems, including adopting the HPE GreenLake platform in 2023.
This strategic collaboration between Crypto.com and Dubai Islamic Bank represents a significant leap forward in integrating cryptocurrency with Islamic banking principles, paving the way for future innovation in the financial sector.
