New Partnership Brings Crypto.com and Dubai Islamic Bank Together

Crypto.com has partnered with Dubai Islamic Bank (DIB) to expand cryptocurrency services in the United Arab Emirates and across the Gulf Cooperation Council (GCC) region. This collaboration seeks to align Islamic finance principles with the evolving world of cryptocurrency, enhancing accessibility and utility for users in the region.

Under the memorandum of understanding (MoU), the partnership will integrate Crypto.com’s App and Card with DIB’s banking services. This includes the development of cryptocurrency payment systems, customer reward programs, and support for fiat currency transactions on Crypto.com’s platform. These efforts aim to simplify financial management for users while ensuring compliance with Sharia principles.

The collaboration also explores advanced financial solutions, such as tokenized Islamic sukuks and real-world asset tokenization, combining traditional Islamic banking with modern financial technologies.

This collaboration builds on Crypto.com’s recent efforts to establish a stronger presence in the GCC region. The company recently acquired Orion Principals, a firm regulated by the Abu Dhabi Global Market (ADGM), and introduced the AED Wallet, enabling deposits and withdrawals in the local currency.

Crypto.com’s partnership with Mastercard to issue prepaid debit cards further enhances its regional offerings, broadening payment options for its growing user base. These initiatives demonstrate the company’s commitment to advancing digital financial solutions tailored to the region’s needs.

DIB’s Digital Transformation

Dubai Islamic Bank has been actively investing in digital transformation. In 2023, it adopted the HPE GreenLake platform to modernize its banking systems, reflecting a focus on integrating cutting-edge technology to improve customer services.

This partnership with Crypto.com adds another layer to DIB’s innovation strategy, allowing the bank to explore cryptocurrency while remaining grounded in the principles of Islamic finance.