News 
December 30, 2024 
3 min. 
Crypto.com, a major global cryptocurrency exchange with over 100 million users, has announced a groundbreaking partnership with Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE. The collaboration aims to introduce Sharia-compliant Web3 services, expanding digital asset adoption in the Middle East and North Africa (MENA) region.
Driving Sharia-Compliant Web3 Innovation
Crypto.com signed a Memorandum of Understanding (MoU) with DIB, paving the way for innovative digital asset solutions that align with Islamic financial principles. The agreement was signed by Mohammed Al Hakim, Crypto.com’s President of UAE Operations, and Musabbah Al Qaizi, DIB’s Chief Digital Officer.
This partnership will focus on tokenizing real-world assets (RWAs), including Islamic Sukuks—financial instruments akin to bonds in conventional finance. By leveraging the Cronos Chain (CRO), both companies aim to bring secure and efficient RWA products to DIB’s extensive customer base.
Hakim expressed excitement about the collaboration, stating, “We are delighted to enter this significant agreement with Dubai Islamic Bank… to enhance our products for our UAE and wider GCC customer base.”
Qaizi highlighted the potential of this partnership, emphasizing how it combines Islamic banking principles with cutting-edge digital asset technology. “This collaboration allows us to set new-age standards for Sharia-compliant financial solutions,” he said.
Crypto.com Expands Footprint in UAE’s Web3 Ecosystem
The UAE’s clear regulatory framework for cryptocurrencies has made it a hub for Web3 innovation. The country ranks third globally in crypto adoption, according to Henley and Partners. Leading crypto firms, including Crypto.com, have been expanding their services in the region.
Earlier this year, Crypto.com launched its Global Retail Services in the UAE and introduced the AED Fiat Wallet in partnership with Standard Chartered Bank. The latest agreement with DIB strengthens its position in the region and highlights its commitment to fostering Sharia-compliant digital solutions.
The partnership is expected to boost the adoption of Crypto.com’s services in the UAE, potentially increasing the value of its native token, CRO, which has a market cap of over $4.4 billion. As the UAE continues to embrace digital assets, Crypto.com is well-positioned to play a pivotal role in the region’s Web3 transformation.
