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How to buy Crypto with Emirates Islamic Bank
To buy Bitcoin and other Cryptocurrencies with an Emirates Islamic Bank account you will need to first create a Rain account. Once you have created a Rain account, you can deposit AED from your Emirates Islamic banking app to buy and sell over a hundred Cryptos. Follow the below steps to get started.
- Create a free account on Rain with your e-mail and complete the verification requirements.
- Deposit funds from your Emirates Islamic Bank account via one of the supported payment methods.
- Find the Cryptocurrency you wish to purchase, input the amount of AED you want to invest, and tap 'Buy'.
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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.
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.
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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
Emirates Islamic Bank is a great choice for those looking for Sharia-compliant banking solutions. While you cannot directly buy Cryptocurrencies through the bank, there are still other ways to get exposure to digital assets with an EIB account. We recommend using Rain as they offer zero fees to deposit and trade cryptocurrencies, plus they are considered the most secure exchange in the UAE.
