How to Buy Crypto with Emirates Islamic Bank

Can you Buy Crypto with Emirates Islamic Bank?

Emirates Islamic Bank currently does not offer any facilities for buying, trading, or storing digital currencies via its online banking, mobile app, or physical branches. To acquire cryptocurrencies, customers need to register with a UAE-based digital asset exchange regulated by the Securities and Commodities Authority (SCA). After depositing AED into the chosen platform, users can then participate in purchasing or exchanging various cryptocurrencies.

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How to Buy Bitcoin and Crypto with Emirates Islamic Bank

The best way to buy cryptocurrencies utilizing an Emirates Islamic Bank account is via a Securities and Commodities Authority (SCA)-regulated crypto exchange in the UAE. This process allows customers to transfer AED from their bank accounts to a secure platform for investing in digital assets. We recommend using Rain, as it is regulated and provides instant AED deposits for trading a wide range of cryptocurrencies with low fees.

Begin your crypto journey from your Emirates Islamic Bank account with this straightforward 3-step guide:

1. Create a free account on Rain with your e-mail and complete the verification requirements.
2. Deposit funds from your Emirates Islamic Bank account via one of the supported payment methods.
3. Find the Cryptocurrency you wish to purchase, input the amount of AED you want to invest, and tap 'Buy'.

Emirates Islamic Bank Cryptocurrency Policy

The Emirates Islamic Bank has a positive stance on Cryptocurrencies and introduced blockchain technology into its cheques as a fraud prevention measure. The reason you cannot buy Cryptocurrency directly on their platform is that they are yet to acquire the appropriate licensing to operate as a Crypto exchange.

Additionally, there is nothing stated in EIB's policies that would prohibit its customers from investing in Cryptocurrencies through a secure and regulated exchange like Rain. Furthermore, there have been no reports of EIB account holders' funds being frozen when transferring to a Cryptocurrency exchange.

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About Emirates Islamic Bank

Emirates Islamic Bank is a leading Islamic bank in the United Arab Emirates. The bank was established in 2003 and offers a range of banking products and services that are compliant with Shariah principles. Some of the services offered by Emirates Islamic Bank include personal banking, corporate banking, treasury solutions, asset management, and investment banking.

Emirates Islamic Bank is regulated by the Central Bank of the UAE and is listed on the Abu Dhabi Stock Exchange. The bank has been awarded several prestigious accolades including the "Best Islamic Bank in the UAE" by Global Finance magazine and the "Best Retail Bank in the UAE" by The Banker magazine.

Is it legal to purchase Digital Currencies in the UAE?

Yes, it is completely legal to purchase digital currencies in the UAE. However, it is important to note that regulations may vary across different emirates and Cryptocurrency exchanges must acquire a license from the Abu Dhabi Global Markets (ADGM) before they can operate legally.

Final Thoughts

In Conclusion, cryptocurrencies, including Bitcoin, have gained significant traction in the United Arab Emirates. Although Emirates Islamic Bank does not directly support crypto transactions, customers can easily invest in digital assets through regulated exchanges like Rain. With zero deposit fees and a secure, user-friendly platform, Rain offers an optimal solution for Emirates Islamic Bank account holders to participate in the ever-growing cryptocurrency market.