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Crypto.com has taken a significant step toward bridging the worlds of cryptocurrency and Islamic finance by signing a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank and a key player in the global Islamic finance sector. The partnership aims to enhance Crypto.com’s presence in the UAE and the broader GCC region.
A Milestone Collaboration
The MoU was signed by Mohammed Al Hakim, Crypto.com’s President of UAE Operations, and Musabbah Al Qaizi, Chief Digital Officer of DIB, during a ceremony at DIB’s headquarters. This collaboration marks a key milestone for Crypto.com as it seeks to integrate its services with leading financial institutions in the UAE.
The agreement focuses on several strategic initiatives, including:
- Supporting Crypto.com App and Card: Utilizing DIB’s channels for reward-based campaigns targeting DIB customers.
- Cryptocurrency Payments: Facilitating crypto transactions through DIB’s systems.
- Fiat Currency Funding: Enabling fiat deposits via the Crypto.com App.
The partnership will also explore advanced use cases, such as the tokenization of real-world assets, including Islamic sukuks and real estate portfolios. These initiatives will leverage the Cronos chain, Crypto.com’s blockchain ecosystem.
Bridging Cryptocurrency and Islamic Finance
Both organizations highlighted the transformative potential of this partnership.
Mohammed Al Hakim, President of UAE Operations at Crypto.com, stated:
“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 DIB, emphasized the strategic alignment of the partnership with the bank’s vision:
“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.”
Unlocking New Possibilities
The partnership also opens the door to integrating Crypto.com’s custody services, OTC trade execution, and crypto trading technology solutions for DIB’s retail clients. Such integration could redefine the standards for Sharia-compliant digital asset management, catering to the growing demand for secure and efficient solutions in the Islamic finance sector.
By combining Crypto.com’s technological expertise with DIB’s deep understanding of Sharia-compliant financial practices, the two entities aim to push the boundaries of innovation in Islamic finance, particularly in areas such as tokenized sukuks.
Expanding Crypto.com’s UAE Presence
This partnership follows Crypto.com’s recent initiatives to strengthen its regional footprint. The company recently acquired Orion Principals Limited, a firm regulated by the Abu Dhabi Global Market (ADGM), and launched an AED Wallet, enabling local currency deposits and withdrawals for UAE users.
Additionally, Crypto.com has partnered with Mastercard to issue prepaid debit cards to eligible users across the GCC region, reflecting the company’s commitment to regulatory compliance, security, and innovation.
The UAE: A Hub for Islamic Finance Innovation
As a recognized global hub for Islamic finance and technology, the UAE provides fertile ground for groundbreaking collaborations like the Crypto.com-DIB partnership. With DIB’s reputation as a leader in the Islamic finance space and Crypto.com’s role as an innovator in the cryptocurrency sector, this partnership is well-positioned to set new benchmarks for integrating digital assets with Sharia-compliant principles.
Crypto.com’s partnership with Dubai Islamic Bank marks a pivotal moment in the convergence of cryptocurrency and Islamic finance. Through initiatives such as tokenized sukuks, cryptocurrency payments, and innovative customer rewards, the collaboration has the potential to redefine financial solutions in the Islamic finance sector while further cementing Crypto.com’s leadership in the global crypto industry.
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