Dubai Islamic Bank and Cryptocom Unite to Launch Sharia-Compliant Products
Crypto.com has partnered with Dubai Islamic Bank (DIB) to introduce Sharia-compliant products and expand its reach in the United Arab Emirates (UAE). According to a press release, the agreement focuses on launching financial solutions like tokenized Islamic sukuks and real-world asset tokenization. The deal was signed by Crypto.com’s UAE President of Operations, Mohammed Al Hakim, and Dubai Islamic Bank’s Chief Digital Officer, Musabbah Al Qaizi.
The partnership aims to strengthen Crypto.com’s presence in the UAE and across the Gulf region. The collaboration will promote Crypto.com’s app and card through DIB’s channels, offer reward-based campaigns for DIB customers, and facilitate cryptocurrency payments via DIB systems. Additionally, the partnership will enable fiat currency funding on the Crypto.com app.
One of the key focuses is exploring tokenization, including Islamic sukuks — financial certificates similar to bonds that adhere to Sharia law. “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,” said Musabbah Al Qaizi.
“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,” Al Qaizi added.
Crypto.com views this partnership as a key milestone in bridging cryptocurrency and Islamic finance. Al Hakim called the collaboration a significant step forward, stating, “This agreement with Dubai Islamic Bank allows us to enhance our offerings for customers in the UAE and GCC while exploring innovative Sharia-compliant solutions like tokenized sukuks. Together, we aim to bridge traditional Islamic finance with cutting-edge digital assets.”
The UAE is recognized as a hub for innovation in Islamic finance and technology, with DIB leading as the largest player in the field. This partnership follows Crypto.com’s recent achievements in the region, including receiving a license to launch a Mastercard-powered card in Bahrain, with plans to expand to other Gulf countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
Crypto.com has further strengthened its regional footprint with its acquisition of Orion Principals Limited, regulated by the Abu Dhabi Global Market (ADGM), and the launch of its AED Wallet, which enables deposits and withdrawals in local currency.
These efforts are part of a broader strategy in a year that has seen major jurisdictions — including the United States, European Union, and various Asian nations — implement regulatory frameworks aimed at balancing innovation with consumer protection.
Nikola Plecas, Head of Commercialization at Visa Crypto, emphasized the importance of clear regulations for tokenized assets. “The largest financial institutions are eager to explore tokenized assets,” Plecas told PYMNTS in October, adding that they require regulatory certainty to explore these assets at scale.
