Renowned cryptocurrency exchange, Crypto.com has partnered with the pioneer Islamic financial firm in UAE, Dubai Islamic Bank (DIB). The exchange confirmed the development in a blog post released on Monday.
In the post, Crypto.com announced that it entered into a Memorandum of understanding with the Islamic bank. As revealed, the MoU is geared toward expanding the exchange’s market presence in the middle east region.
The agreement was signed by Crypto.com President of UAE Operations, Mr Mohammed Al Hakim, and DIB’s Chief Digital Officer Mr. Musabbah Al Qaizi. It is worth noting that this partnership represents the exchange’s commitment to ensuring integration with leading financial institutions in the UAE.
More details on Crypto.com partnership with DIB
The MoU signed at the Islamic bank headquarters, highlighted various key areas of the partnership. First, the collaboration will oversee the promotion of the Crypto.com card and App on DIB’s channel. Also, reward-based campaigns will be made available for DIB’s customers while also facilitating cryptocurrency payment via the bank system.
Similarly, the partnership through the crypto.com application permits fiat currency funding. In addition, both parties are allowed to explore the tokenization of real-world assets. Also, DIB retail clients will be equipped with Crypto.com’s custody, OTC trade execution, and crypto trading technology solutions.
Meanwhile, the UAE President of Operations at Crypto.com, Mohammed AL Hakim has reacted to the partnership. According to him, the partnership availed Crypto.com with the opportunity to close the gap between the world of cryptocurrency and Islamic banking. He added that the collaboration will also explore the unrealized potentials in the Islamic finance world.
Similarly, the Chief Digital Officer at Dubai Islamic Bank, Musabbah AL Qaizi has commented on the partnership. According to him, the partnership with Crypto.com is a significant landmark for DIB as it begins to embrace the forefront of technological advancements in Islamic finance. Qaizi added that the partnership aligns with the bank’s vision of integrating advanced digital solution while complying with the Sharia regulatory principles.
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