Summary: This step-by-step guide shows UAE investors how to purchase Bitcoin and other cryptocurrencies with a DIB (Dubai Islamic Bank) account.
If you are looking to get started quickly, the most secure and affordable way to buy cryptocurrencies in the UAE is through the eToro exchange.
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Can I buy Crypto with Dubai Islamic Bank?
The Dubai Islamic Bank does not currently allow its users to purchase cryptocurrencies directly on its banking platform. This is due to the fact that the bank has not obtained the appropriate licensing to offer a cryptocurrency-investing feature on its platform. However, there are safe and regulated alternative options to buying cryptocurrencies with a DIB account in the UAE.
How to Buy Bitcoin with a Dubai Islamic Bank Account
If you want to buy Bitcoin and other cryptocurrencies with a Dubai Islamic Bank account you have come to the right place. Although you can link your Dubai Islamic Bank account you unfortunately cannot use AED as it is not yet supported on eToro.
When you send your AED to eToro it will automatically convert to USD allowing you to use USD to purchase Bitcoin and other crypto. Follow the below steps to get started:
Step One: Create an account on eToro and complete the onboarding process
Step Two: Select ‘Deposit Funds’ and ‘Bank Transfer’ as the method then enter the amount of USD you want to spend
Step Three: You will be redirected to the below page, copy their details into your DIB app and transfer your funds. Bank transfers can take approximately 4-7 business days to be processed from the time of transfer.
Step Four: Once your funds have arrived into your eToro account, visit the home page and search for Bitcoin (or the cryptocurrency you wish to purchase) and select ‘ Open Trade’.
If 4-7 business days is too long for your deposit to be processed, you can deposit funds instantly via debit or credit card. To deposit via card, simply select ‘Credit/Debit Card’ under ‘Deposit Funds’.
Is Dubai Islamic Bank Crypto Friendly?
The simple answer is no, Dubai Islamic Bank is not currently crypto friendly. However, this may change in the future as the bank has been exploring the possibility of offering cryptocurrency services. For now, though, customers of Dubai Islamic Bank will not be able to use their accounts to buy, sell, or trade cryptocurrencies.
This policy follows the guidance of the UAE Central Bank, which has cautioned against the use of cryptocurrencies due to their potential for financial crime and money laundering. While the Dubai Islamic Bank is not currently crypto-friendly, it is possible that this could change in the future as the bank continues to monitor developments in the space. For now, though, customers of Dubai Islamic Bank will need to use a licensed crypto broker to invest in the space.
About Dubai Islamic Bank (DIB Bank)
Dubai Islamic Bank is the first Islamic bank established in Dubai, United Arab Emirates. Dubai Islamic Bank was founded in 1975 by a decree of the late Ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum. It's the first Islamic bank in the world to have incorporated all the principles of Islam in its practices and is the largest Islamic bank in the UAE.
It offers a wide range of banking products and services that are compliant with Sharia principles. The Bank has a network of over 60 branches and over 200 ATMs across the UAE. Dubai Islamic Bank also has a presence in Pakistan, Sudan, Turkey, Bahrain, Malaysia and Indonesia. Dubai Islamic Bank has won numerous awards and accolades over the years, which is a testimony to its commitment to excellence.
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.