Rakbank has announced that customers of Rakbank Islamic can now buy, sell and hold Bitcoin through Bitpanda’s regulated virtual asset trading platform directly from the Rakbank mobile app. The new service combines everyday banking with access to virtual assets, allowing customers to trade Bitcoin directly from their Rakbank Islamic current or savings accounts using UAE dirhams.
As interest in virtual assets grows, customers are increasingly seeking convenient ways to participate through trusted and transparent channels that align with their financial preferences and values. Rakbank’s new service is designed to provide direct access to Bitcoin within the bank’s existing mobile banking experience.
Customers can fund their Bitcoin transactions directly from their Rakbank Islamic accounts, removing the need to transfer money to and from external exchanges. This also eliminates the need for foreign exchange conversion when transactions are funded in UAE dirhams, providing a more seamless experience through the Rakbank mobile app.
The service is delivered through Bitpanda Broker MENA DMCC, Bitpanda’s entity regulated by the Dubai Virtual Assets Regulatory Authority (VARA). Rakbank provides access to the service through its mobile banking application 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.”
Rakbank said the launch reflects growing customer interest in virtual assets and its focus on delivering new financial services while maintaining standards around customer protection, transparency and regulatory compliance. The bank said the launch makes Rakbank the first conventional bank with an Islamic banking window to offer access to virtual asset trading through a regulated partner platform.
The service builds on Rakbank’s strategic partnership with Bitpanda, a digital asset infrastructure provider regulated by multiple European financial authorities. Bitpanda’s institutional technology business, Bitpanda Enterprise, provides digital asset infrastructure to financial institutions globally.
Rakbank said the partnership supports its approach of introducing emerging financial technologies through regulated providers while expanding access to virtual assets through its Islamic banking platform.
