Crypto.com Partners with Dubai Islamic Bank to Enhance Sharia-compliant Digital Assets
Crypto.com, a regulated cryptocurrency exchange with over 100 million registered users, has partnered with Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, which has total assets of approximately $79 billion as of 2023. The partnership aims to promote the adoption of digital assets and web3 services in compliance with Sharia law through a Memorandum of Understanding (MoU).
The MoU was signed by Crypto.com's President of UAE Operations, Mohammed Al Hakim, and DIB's Chief Digital Officer, Musabbah Al Qaizi. This collaboration is expected to benefit both organizations and support sustainable growth. Hakim stated that the partnership will facilitate the mainstream adoption of real-world asset (RWA) tokenization, including Islamic Sukuks, similar to bonds in Western finance, utilizing the Cronos Chain (CRO) for future RWA product adoption through DIB’s channels.
The partnership will also integrate Crypto.com’s custody, OTC trade platform, and crypto trading technology into DIB’s ecosystem. Qaizi emphasized the significance of this collaboration in establishing new standards for Sharia-compliant financial solutions, enhancing security, efficiency, and flexibility in the integration of Islamic banking and digital asset management.
Crypto.com and the UAE Web3 Market
The stable political environment in the UAE has contributed to significant digital asset and web3 platform adoption. According to a study by Henley and Partners, the UAE ranks third globally for crypto adoption rates as of 2024.
Major web3 companies, including Tether, Binance Holdings, and Crypto.com, are establishing services in Dubai. Tether is developing a Dirham-pegged stablecoin. In August, Crypto.com launched its Global Retail Services starting in the UAE and recently partnered with Standard Chartered Bank to introduce an AED Fiat Wallet for UAE customers.
The adoption of Crypto.com services in the UAE may positively influence the CRO coin, a mid-cap altcoin with a fully diluted valuation of approximately $4.4 billion and a 24-hour average trading volume of around $64 million.