Rakbank has enabled Bitcoin trading for its Islamic banking customers through a partnership with Bitpanda. Users can now buy, sell, and hold Bitcoin directly via the Rakbank mobile app using UAE dirhams. The service provides a seamless experience that adheres to Shari’ah principles while avoiding foreign exchange conversion costs.
The new service combines the convenience of banking with the opportunities of virtual assets, allowing customers to access Bitcoin through Rakbank Islamic while transacting directly from their current or savings account in UAE dirhams.
As interest in virtual assets continues to grow, customers are increasingly looking for ways to participate through trusted and transparent channels that align with their personal values. Rakbank’s new offering provides customers with a simple and convenient way to access Bitcoin through a trusted banking experience that aligns with their values and financial preferences.
By removing the need to transfer funds to and from external exchanges, customers can fund transactions directly from their Rakbank Islamic account, creating a more seamless experience while avoiding foreign exchange conversion costs. Through the Rakbank app, customers can seamlessly access Bitcoin through the Islamic Banking platform, supported by secure infrastructure and the confidence of banking with Rakbank.
The service is delivered through Bitpanda Broker MENA DMCC, Bitpanda’s Dubai Virtual Assets Regulatory Authority (VARA)-regulated entity, while Rakbank facilitates seamless access through its mobile banking app in accordance with Shari’ah principles.
Vikas Suri, Managing Director, Wholesale Banking Group – Products at Rakbank, said: “At Rakbank, our focus is on making innovation accessible in a way that reflects our customers’ needs, values and aspirations.
“With this launch, Rakbank Islamic banking customers can access Bitcoin directly through the Rakbank mobile app, funded in UAE dirhams and supported by trusted, regulated infrastructure, while maintaining the Islamic values and principles that guide their financial decisions.
“By combining the convenience of everyday banking with responsible access to virtual assets, we are giving customers greater confidence, clarity and control as they explore this emerging asset class.”
The launch reflects growing customer interest in virtual assets and Rakbank’s commitment to delivering innovative financial solutions while maintaining the highest standards of customer protection, transparency and regulatory alignment.
The milestone also positions Rakbank as the first conventional bank with an Islamic banking window to enable access to virtual asset trading through a regulated partner platform, further expanding access to virtual assets through a secure and trusted banking experience.
Bitpanda is one of the world’s leading digital asset infrastructure providers and is regulated by multiple European financial authorities. Its institutional technology business, Bitpanda Enterprise, is trusted by leading global financial institutions.
The launch builds on Rakbank’s strategic partnership with Bitpanda and reinforces the bank’s commitment to responsible innovation through trusted, regulated partnerships. By combining virtual asset innovation with the values and principles that underpin Rakbank Islamic, Rakbank continues to expand customer access to emerging financial technologies through a secure, transparent and customer-centric experience.
