Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency trading platform. However, that doesn’t mean you can’t use your Emirates Islamic Bank account to buy crypto.
All you need is a reliable and trusted cryptocurrency trading platform. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with Emirates Islamic Bank
As stated above, just like with the vast majority of banks, you can’t buy crypto with Emirates Islamic Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto exchange.
However, luckily for us, there are plenty of crypto exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a crypto trading platform
While there are a lot of crypto exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your Emirates Islamic Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About Emirates Islamic Bank
In 2004, the bank was launched to offer the highest quality banking services and adhere to Shari'a standards. Emirates Islamic has a broad selection of products that are suitable for both individuals and small business owners.
The core of Emirates Islamic experience is a dedication towards the customer. He sits at the center of the bank. Customers are their partners. They work together to deliver the best results for customers and bank. Utilizing Islamic financing tools, such as Murabaha, Ijarah, and Takaful, we reduce the uncertainty of transactions and offer solutions that work for our customers. This is true whether they are individuals looking to save money or large corporations looking for long-term partners.
They have also changed their appearance. Our brand is a reflection of our innovative approach to delivering the best financial services in the market. It's how they see themselves in the future and today. No matter what your financial situation is, they can help you find the right solution. They look forward welcoming you to Emirates Islamic.
Their vision is for the bank to be innovative and Shariah-compliant for all our customers, employees, and communities.