Crypto.com and Dubai Islamic Bank Partner for Sharia-Compliant Web3 Services
Highlights:
- Crypto.com and Dubai Islamic Bank aim to integrate Sharia-compliant tokenization platforms.
- The partnership includes promoting cryptocurrency payments and fiat funding via the Crypto.com app.
- The collaboration focuses on real-world asset tokenization, including Islamic sukuks and real estate portfolios.
Crypto.com has inked a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB) to improve Sharia-compliant digital offerings. The newly formed partnership will work towards the implementation of new concepts such as tokenized sukuk and real-world asset tokenization. These efforts correspond with the objectives of both parties to link Islamic finance with modern blockchain technology.
According to the agreement signed between Crypto.com Head of Expansion Mohammed Al-Hakim and DIB Director Musabbah Al Qaizi, DIB will help promote the Crypto.com App and Card. Reward-based campaigns and cryptocurrency as a payment method are among the main activities of a partnership. Moreover, the partnership will enable fiat funding on the Crypto.com app, thereby making it easier for DIB’s customers and network.
We’re proud to announce a partnership with @DIBtoday, the UAE’s largest Islamic Bank, to explore innovative payment solutions and investigate untapped potential in the Islamic finance sector.
It’s another significant milestone on our path to expansion in the UAE and wider GCC… pic.twitter.com/toV7n8GXbv
— Crypto.com (@cryptocom) December 30, 2024
Real-World Asset Tokenization
The partnership also looks at the tokenization of Islamic sukuks and real estate portfolios to be issued on Crypto.com’s Cronos Chain. Sukuks the Islamic finance instrument equivalent to bonds are a perfect candidate for tokenization. This is in line with the current global trend of integration of conventional Islamic banking with the use of blockchain technology.
Crypto.com will offer its custodial, OTC trading, and trading services to DIB’s environment. These services will complement the bank’s existing product portfolio for the retail banking segment with the consideration of Sharia compliance. The partnership will work towards revolutionizing Islamic banking through the integration of blockchain technology.
UAE as a Hub for Crypto Growth
The UAE has already become a global hub for Islamic finance and currently ranks high in terms of the adoption of blockchain technologies. Proper guidelines and a predictable political environment have led firms such as Crypto.com to increase their presence in the area. Based on the current trend, Crypto.com has expanded its user base to over 100 million people, especially in the Middle East and North Africa (MENA).
Earlier in 2024, the company launched an AED Wallet to ease deposit and withdrawal for UAE customers. This partnership with DIB continues this work, emphasizing Crypto.com’s focus on the area. This partnership demonstrates the mutual purpose of developing Shariah-compliant financial products and using blockchain technology.
This strategic alliance with DIB follows other regional milestones for Crypto.com. These include the acquisition of a regulated entity in the Abu Dhabi Global Market (ADGM) and a partnership with Mastercard to issue prepaid cards in the GCC.
https://t.co/GuuXE3NYGZ, known for issuing debit cards with VISA globally, has now partnered with Mastercard to roll out debit cards in Bahrain and the GCC region. A new milestone in bringing crypto to everyday spending! 🌍💳 pic.twitter.com/dDsmEQjQZL
— Kaan (@KaanCronos) December 4, 2024
The partnership between Crypto.com and Dubai Islamic Bank showcases a strategic effort to redefine Islamic finance in the digital age. Both organizations aim to create innovative payment solutions that cater to the needs of a rapidly evolving market. The collaboration also positions them to tap into the emerging opportunities in the Web3 ecosystem.
CRO Token Performance
Crypto.com’s native token, CRO, has been trading on a bearish sentiment recently. Currently, CRO is trading at $0.1420, down by 3.50% in the past 24 hours. CRO is down 7% and 23% on the weekly and monthly, respectively. In addition, its market cap and trading volume stand at $3.77B and $68.97M, respectively.
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Raymond Munene
Raymond Munene is a crypto content writer who contributes to Crypto2Community. With over three years of experience, he is interested in Bitcoin, Blockchain, and Technical Analysis. Focusing on daily market analysis, his research helps traders and investors alike. His particular interest in cryptocurrency and blockchain aids his audience.
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