Crypto.com Partners with Dubai Islamic Bank to Expand in UAE and GCC

Crypto.com is taking another leap forward in its mission to bridge traditional banking and cryptocurrency. The exchange has signed a memorandum of understanding (MoU) with Dubai Islamic Bank (DIB), marking a significant step in integrating crypto into the Islamic finance ecosystem across the UAE and the Gulf Cooperation Council (GCC).

A New Era for Islamic Finance

Dubai Islamic Bank, a pioneer in Sharia-compliant banking, views this collaboration as a gateway to innovation. Musabbah Al Qaizi, DIB’s Chief Digital Officer, expressed enthusiasm, stating:

The partnership will explore new horizons, such as tokenized Islamic sukuks and the tokenization of real-world assets, all while adhering to Sharia principles.

What This Partnership Brings to the Table

1. Crypto.com App and Card Promotion: The partnership will leverage DIB’s extensive customer base to promote the Crypto.com App and its prepaid card.
2. Reward-Based Campaigns: Exclusive reward programs will be introduced for DIB customers.
3. Crypto Payments Integration: Customers will soon be able to make cryptocurrency payments through DIB’s systems.
4. Fiat Funding Enhancements: The collaboration also supports fiat currency funding on the Crypto.com app for seamless transactions.

A Vision for the Future

Mohammed Al Hakim, President of Crypto.com’s UAE operations, highlighted the partnership’s long-term potential:

Strengthening Regional Presence

Crypto.com’s partnership with DIB builds on its recent efforts to expand in the GCC region:

• Acquisition of Orion Principals: Regulated by the Abu Dhabi Global Market (ADGM), enabling enhanced operations in the UAE.
• Launch of AED Wallet: Providing seamless deposit and withdrawal options in the local currency for UAE users.
• Collaboration with Mastercard: Last month, Crypto.com partnered with Mastercard to issue prepaid debit cards in the GCC.

These strategic moves showcase Crypto.com’s commitment to innovation in both the cryptocurrency and Islamic finance sectors.

Why It Matters

This partnership is a trailblazer in integrating cryptocurrency with Islamic finance principles. With Crypto.com and Dubai Islamic Bank leading the charge, the GCC region is set to become a hub for innovative and compliant crypto solutions.

Would you use tokenized sukuks or crypto payment systems? Let us know your thoughts below!

Crypto.com Partners with Dubai Islamic Bank to Expand in UAE and GCC was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.