The MoU for collaboration, signed with the UAE’s largest Islamic bank and globally recognised pioneer in Islamic finance, will explore multiple opportunities to introduce Shariah-compliant platforms, including tokenised Sukuk and real-world asset tokenisation.
Dubai, December 2024, 12 - Crypto.com has announced the signing of a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB). DIB is the largest Islamic bank in the UAE and a globally renowned pioneer in Islamic finance, as it continues to expand its market share in the UAE and the Gulf Cooperation Council (GCC) region. The MoU was signed by Mr. Mohammed Al Hakim, President of Crypto.com UAE Operations, and Mr. Musabbah Al Qaizi, Chief Digital Officer of DIB, marking an important milestone in the company's roadmap of integration with the UAE's leading financial institution, as the company continues to provide more products and services to more than 30 million customers worldwide.
The memorandum of understanding was signed at DIB headquarters and focuses on several key areas of cooperation, including promoting Crypto.com applications and cards through DIB channels, conducting rewards activities for DIB customers, and facilitating cryptocurrency payments through DIB systems. The agreement also supports the use of fiat currencies for financing on the Crypto.com application. In addition, the two parties will explore the tokenization of real-world assets including Islamic bonds and real estate portfolios through the Cronos chain, and seek to integrate Crypto.com's custody, over-the-counter execution and cryptocurrency trading technology solutions to serve DIB's retail customers.
Mohammed Al Hakim, President of Crypto.com’s UAE operations, said: “We are delighted to have entered into this important agreement with Dubai Islamic Bank, one of the most influential banks in the region, to explore exciting ways to enhance the product experience for our customer base in the UAE and the wider GCC. This partnership provides us with a unique opportunity to bridge crypto and Islamic banking, paving the way for future collaboration on tokenized Sukuk and Shariah-compliant crypto solutions. We look forward to exploring new innovative payment solutions and tapping into the untapped potential in the Islamic finance sector.”
Musabbah Al Qaizi, Chief Digital Officer at Dubai Islamic Bank, said: “This partnership with Crypto.com marks a transformational milestone for Dubai Islamic Bank as it moves to the forefront of technological advancements in Islamic finance. By exploring innovative avenues such as tokenized Sukuk and tokenization of physical assets, we are aligned with our strategic vision to integrate cutting-edge digital solutions while adhering to Shariah compliance principles. This partnership enables us to set a new-age standard for Shariah-compliant financial solutions, providing our customers with unparalleled security, efficiency and flexibility. It enables us to redefine the convergence 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 Islamic finance and technological innovation, and as the largest and most aggressive player in the field, DIB is the natural choice to advance this initiative. The announcement comes as Crypto.com continues to expand its global and regional presence, with the recent acquisition of Orion Principals Limited, regulated by Abu Dhabi Global Market (ADGM), and the launch of the AED Wallet, providing fast and seamless deposits and withdrawals in local currency to users in the UAE.
Earlier in December, Crypto.com also announced a partnership with Mastercard, allowing the company to issue its world-renowned prepaid debit card to eligible users in the GCC region.