KEY TAKEAWAYS
- Crypto.com has signed a Memorandum of Understanding with Dubai Islamic Bank to expand its market presence in the UAE and GCC region.
- The partnership will promote the Crypto.com App and Card through DIB’s channels, offering reward-based campaigns and facilitating cryptocurrency payments.
- The MoU explores tokenization of real-world assets like Islamic sukuks and real estate via the Cronos chain, integrating Crypto.com’s trading solutions for DIB’s clients.
- This collaboration aims to bridge cryptocurrency with Islamic banking, aligning with DIB’s strategic vision of integrating digital solutions while maintaining Sharia compliance.
Dubai, December 30, 2024—Crypto.com has announced the signing of a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank. This agreement marks a significant step in Crypto.com’s strategy to expand its market presence in the UAE and the wider Gulf Cooperation Council (GCC) region.
The MoU was signed by Crypto.com’s President of UAE Operations, Mr. Mohammed Al Hakim, and DIB’s Chief Digital Officer, Mr. Musabbah Al Qaizi. The agreement focuses on several key areas of collaboration, including promoting the Crypto.com App and Card through DIB’s channels. This will involve reward-based campaigns for DIB’s customers and facilitating cryptocurrency payments via DIB’s systems.
Additionally, the MoU enables fiat currency funding on the Crypto.com App. Both entities will explore the tokenization of real-world assets, such as Islamic sukuks and real estate portfolios, via the Cronos chain. They will also look to integrate Crypto.com’s custody, over-the-counter (OTC) trade execution, and crypto trading technology solutions for DIB’s retail clients.
Exploring New Avenues in Islamic Finance
Mr. Mohammed Al Hakim expressed enthusiasm about the partnership, highlighting its potential to bridge cryptocurrency and Islamic banking. He noted that the collaboration offers opportunities to explore tokenized sukuks and sharia-compliant crypto solutions.
Musabbah Al Qaizi emphasized that the partnership represents a transformative milestone for Dubai Islamic Bank. By exploring innovative avenues such as tokenized Islamic sukuks, DIB aims to align with its strategic vision of integrating cutting-edge digital solutions while maintaining Sharia compliance.
Crypto.com’s Expanding Presence in the UAE
This announcement comes as Crypto.com continues to expand its global and regional footprint. Recently, the company acquired Orion Principals Limited, regulated by the Abu Dhabi Global Market (ADGM), and launched its AED Wallet, facilitating fast and seamless deposits and withdrawals in the local currency.
Earlier in December, Crypto.com also announced a collaboration with Mastercard, allowing the company to issue its prepaid debit card to eligible users in the GCC region. Founded in 2016, Crypto.com is trusted by over 100 million customers worldwide and is known for its focus on regulatory compliance, security, and privacy.
The full announcement can be found here.
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