Crypto.com has entered into a memorandum of understanding (MoU) with Dubai Islamic Bank (DIB) to enhance its services across the UAE and the Gulf Cooperation Council (GCC) region. This partnership seeks to improve the cryptocurrency experience for its more than 100 million global customers while incorporating Islamic finance principles.
Musabbah Al Qaizi, Chief Digital Officer at DIB, called the partnership a significant step forward, stating: “This collaboration reflects our vision of embracing advanced technology in Islamic finance. By exploring tokenised Islamic sukuks and real-world asset tokenisation, we uphold innovation while ensuring Sharia compliance.”
The partnership will promote Crypto.com’s App and Card, introduce cryptocurrency payment systems via DIB, and launch customer reward campaigns. Additionally, it will enable fiat currency transactions on the Crypto.com platform, facilitating seamless user experiences.
Mohammed Al Hakim, President of Crypto.com UAE, highlighted the partnership’s importance: “This is an opportunity to bridge cryptocurrency and Islamic banking, paving the way for tokenised sukuks and Sharia-compliant crypto solutions.”
This collaboration builds on Crypto.com’s recent regional initiatives, including acquiring Orion Principals, regulated by Abu Dhabi Global Market (ADGM), and launching its AED Wallet, offering local currency deposit and withdrawal options. Additionally, Crypto.com recently partnered with Mastercard to issue prepaid debit cards in the GCC.
In 2023, DIB demonstrated its commitment to digital transformation by adopting the HPE GreenLake platform to modernise its core systems.
