Rakbank Islamic Enables Bitcoin Trading Through Its Banking Platform

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 allows customers to access Bitcoin while transacting directly from their Rakbank Islamic current or savings accounts in UAE dirhams, combining everyday banking with access to virtual assets.

Bitcoin access through the Rakbank app

The service is designed to provide customers with a more convenient way to access Bitcoin without transferring funds to or from external cryptocurrency exchanges.

Customers can fund their transactions directly from their Rakbank Islamic accounts, potentially avoiding foreign exchange conversion costs associated with moving funds through external platforms.

The service is delivered through Bitpanda Broker MENA DMCC, Bitpanda’s Dubai Virtual Assets Regulatory Authority (VARA)-regulated entity. Rakbank provides access through its mobile banking application in accordance with its stated Shari’ah principles.

Focus on regulated virtual asset access

The launch comes as interest in virtual assets continues to grow, with customers increasingly seeking regulated and transparent channels through which to access digital assets.

Vikas Suri, Managing Director, Wholesale Banking Group – Products at Rakbank, said the initiative is intended to make financial innovation accessible while reflecting customers’ values and financial preferences.

He added that Rakbank Islamic customers can access Bitcoin directly through the mobile app, with transactions funded in UAE dirhams and supported by regulated infrastructure.

Rakbank expands virtual asset offering

The launch 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, according to the bank.

The initiative builds on Rakbank’s strategic partnership with Bitpanda and forms part of the bank’s broader focus on financial innovation and emerging technologies.

Bitpanda is a digital asset infrastructure provider with regulatory authorisations across multiple European markets. Its institutional technology business, Bitpanda Enterprise, provides infrastructure to financial institutions.

Rakbank said the new service combines virtual asset technology with the values underpinning Rakbank Islamic, while focusing on security, transparency, customer protection and regulatory alignment.