Rakbank has announced that customers of Rakbank Islamic can now buy, sell and hold Bitcoin directly through the bank’s mobile app, using Bitpanda’s regulated virtual asset trading platform.
The new service brings virtual asset access into everyday banking, allowing customers to fund Bitcoin transactions directly from their Rakbank Islamic current or savings accounts in UAE dirhams.
As interest in digital assets continues to rise, the offering gives customers a way to access Bitcoin through a banking platform designed around their financial preferences and values. Customers no longer need to move funds between their bank accounts and external cryptocurrency exchanges to complete transactions.
The integration also allows users to avoid foreign exchange conversion costs associated with transferring funds through platforms operating outside the UAE. Bitcoin transactions can instead be funded directly through Rakbank Islamic accounts.
Trading Through Regulated Infrastructure
The service is powered by Bitpanda Broker MENA DMCC, the Dubai-based entity of Bitpanda that operates under the regulation of the Dubai Virtual Assets Regulatory Authority (VARA).
Rakbank provides access to the service through its mobile banking app, with the offering structured around the principles of Islamic banking.
Vikas Suri, Managing Director of the Wholesale Banking Group – Products at Rakbank, said the bank aims to make financial innovation accessible while reflecting customers’ needs, values and aspirations.
He said the launch allows Rakbank Islamic customers to access Bitcoin directly through the mobile app, fund transactions in UAE dirhams and use regulated infrastructure while maintaining the principles that guide their financial decisions.
According to Suri, combining everyday banking with access to virtual assets gives customers greater confidence and control as they explore the emerging asset class.
Rakbank Expands Virtual Asset Access
The launch comes as demand for virtual asset services continues to grow and reflects Rakbank’s broader focus on financial innovation, customer protection, transparency and regulatory compliance.
Rakbank said the move makes it the first conventional bank with an Islamic banking window to offer access to virtual asset trading through a regulated partner platform.
The partnership with Bitpanda also builds on the two companies’ existing strategic relationship. Bitpanda provides digital asset infrastructure and operates under the supervision of several European financial authorities, while its institutional technology business, Bitpanda Enterprise, serves financial institutions around the world.
By integrating Bitcoin access into its Islamic banking platform, Rakbank is expanding the range of financial technologies available to customers while maintaining its focus on regulated infrastructure, transparency and customer-focused banking.
The launch marks another step in the bank’s efforts to combine emerging digital asset services with its existing banking ecosystem and Islamic banking principles.
