Crypto.com inked a deal with the largest Islamic bank in the UAE, Dubai Islamic Bank, to develop new and innovative payment solutions within Islamic finance. This is in line with the strategic collaboration of modern technology with conventional banking principles.
The partnership has been inked at the headquarters of DIB through a Memorandum of Understanding. Under the MoU, the bank will promote the Crypto.com App and Card through its channels.
It includes customer reward campaigns, integrating crypto-asset payments into DIB systems, and supporting fiat currency funding on the Crypto.com App.
Beyond payments, both parties will study the tokenization of Islamic sukuks and real estate using the Cronos chain. Crypto.com’s custody and trading solutions may also further boost DIB’s services to retail clients.
UAE President of Crypto.com, Mohamed Al-Hakim, expressed complete excitement regarding the cryptocurrency and Islamic banking meeting. He underlined tokenized sukuks and Sharia-compliant crypto solutions as game-changers.
Crypto.com enhances regional presence with AED wallet launch
This move thus further cements Crypto.com’s presence in the UAE and the GCC region. It comes off the back of the company’s acquisition of Orion Principals Limited, regulated by Abu Dhabi Global Market, and the launch of its AED Wallet.
Crypto.com earlier this month announced a partnership with Mastercard, through which the firm could issue prepaid debit cards to eligible users across the GCC region, entrenching its regional footprint. With the UAE being an innovator in Islamic finance, this collaboration simply means a further step toward combining traditional finance with blockchain.
