Crypto.com eyes UAE expansion with Dubai Islamic Bank partnership

Crypto.com has inked a major deal with Dubai Islamic Bank, the largest Islamic bank in the United Arab Emirates.

The crypto exchange revealed the collaboration via a press release on December 30, indicating it had entered into a memorandum of understanding with the bank.

Per the Crypto.com announcement, the MoU with the Dubai Islamic Bank is a milestone that will see the crypto company expand its products and services to more users in the UAE.

Notably, the expansion effort will tap into the DIB’s traction as a global pioneer in Islamic finance.

Why does this partnership matter?

Crypto.com plans to work with the bank to bring crypto opportunities to the region via Sharia-compliant platforms.

The deal, will for instance see it introduce tokenized Islamic Sukuks – a step that comes amid increased global demand and investment in tokenized real-world assets.

In any case, Crypto.com wants to use the collaboration with DIB to expand its footprint both in the country as well as the greater gulf region.

To bring this quest towards reality, the exchange and the bank signed the MoU that will see Crypto.com benefit from various campaigns and collaborative efforts.

It includes DIB’s advertising of the Crypto.com app and card.

Crypto.com and DIB exec’s comments

Mohammed Al Hakim, Crypto.com’s president of UAE operations and Musabbah Al Qaizi, DIB’s chief digital officer, signed the MoU.

Commenting on the collaboration, Crypto.com’s Al Hakim noted:

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.

As well as the offer of a reward-based campaign targeted for DIB’s customers, Cypto.com and the UAE banking giant will leverage DIB’s system to offer cryptocurrency payments.

The exchange will also focus efforts on RWA tokenization. Among targeted assets are Islamic sukuks and real estate portfolios.

The Cronos chain, Crypto.com’s custody, over-the-counter (OTC) trade execution and trading infrastructure will be the key technology solutions that bolster this collaboration.

“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,” Musabbah Al Qaizi noted in a statement.

Other Crypto.com efforts in the UAE

According to the Dubai Islamic Bank exec, the partnership with Crypto.com marks a key milestone as the bank looks to embrace blockchain and crypto technology to advance Islamic finance.

Crypto.com is among several crypto companies to make significant inroads in the Middle East region, with expansion efforts including local offices and acquisitions.

The exchange recently acquired Orion Principals Limited, an Abu Dhabi Global Market (ADGM) regulated entity.

It also launched its AED Wallet and signed a deal with Mastercard to offer a prepaid crypto debit card.

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