Crypto.com has announced the signing of a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB), the UAE’s Islamic Bank and a key player focused on the field of Islamic finance, as it expands its market presence in the UAE as well as the wider GCC.
The MoU, signed by Crypto.com’s President of UAE Operations, Mr. Mohammed Al Hakim, and DIB’s Chief Digital Officer, Mr. Musabbah Al Qaizi, marks a key milestone on the company’s road map “to integrating with financial institutions in the UAE, as it continues to deliver products and services to its customers.”
Signed at DIB’s headquarters, the MoU focuses on key areas of collaboration including supporting the Crypto.com App and Card through DIB’s channels, with “reward-based campaigns for DIB’s customers, and facilitating cryptocurrency payments via DIB’s systems.”
This agreement also enables “fiat currency funding” on the Crypto.com App.
Both entities will now explore tokenization of real-world assets, including Islamic sukuks and real estate portfolios “via the Cronos chain, and will look to integrate Crypto.com’s custody, OTC trade execution, and crypto trading technology solutions for DIB’s retail clients.”
Mohammed Al Hakim, UAE President of Operations at Crypto.com 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. 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 at Dubai Islamic Bank, said:
“This partnership with Crypto.com signifies a transformative milestone for Dubai Islamic Bank as we embrace the forefront of technological advancement in Islamic finance. 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.”
The UAE is recognized as a hub for innovation in Islamic finance and technology and as the “largest and most progressive player in the field, DIB is an obvious choice to take this initiative forward.”
This announcement comes as Crypto.com continues to expand its global and regional footprint, with the “recent acquisition of Orion Principals Limited, regulated by the Abu Dhabi Global Market (ADGM), as well as the launch of its AED Wallet, giving users in the UAE deposit and withdrawals in the local currency.”
Earlier in December, Crypto.com announced a collab with Mastercard allowing the company to issue its “prepaid debit card to eligible users in the GCC region.”
Founded in 2016, Crypto.com claims that it is trusted by “more than 100 million customers worldwide and is the industry leader in regulatory compliance, security and privacy.”
Their vision is simple: Cryptocurrency in Every Wallet.
Crypto.com is committed to accelerating the “adoption of cryptocurrency through innovation.”