How to buy Bitcoin or Crypto with Emirates Islamic Bank

Where to buy Bitcoin with Emirates Islamic Bank

If you’re looking to buy Bitcoin or other cryptocurrencies directly on the Emirates Islamic Bank platform, you are out of luck. However, there are alternative ways for you to safely invest in cryptocurrency with an Emirates Islamic Bank account. We recommend going through a secure regulated and licensed cryptocurrency exchange like eToro to purchase tokens. 

eToro is the oldest cryptocurrency exchange in the world being founded in 2008 and has extremely advanced security measures in place to prevent cyber attacks. In addition to cryptocurrencies you can also invest in stocks, commodities, currencies, indices and ETFs on the eToro platform.

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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 an eToro account. Once you have created an eToro account you can fund your account from your Emirates Islamic banking app. 

Please note that you can only fund your eToro account with USD, GBP, AUD & EUR. You can send AED from your Emirates Islamic bank account, but it will automatically convert to USD when the funds hit your eToro account. There will be a small conversion fee that will be automatically deducted from the total amount. You can also send USD with no conversion or deposit fees.

Follow the below steps to get started. 

‍Step One: Sign up to eToro and verify your identity 
Step Two: Select ‘Deposit Funds’ and choose Bank Transfer as payment method and enter the amount of USD you wish to deposit

Step Three: You will be redirected to their banking details page, simply copy their details into your Emirates Islamic banking app and send the desired amount to their bank. Bank transfers may take approximately 4-7 working 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 the cryptocurrency you wish to purchase and select ‘Trade’

Emirates Islamic 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 because they are yet to acquire the appropriate licensing to operate as a cryptocurrency exchange. 

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. The bank has a wide network of branches across the UAE and also offers online and mobile banking services.

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.

Whether you are looking for a personal or corporate banking solution, Emirates Islamic Bank is a great choice. The bank offers a wide range of products and services that are compliant with Shariah principles, making it a leading Islamic bank in the UAE.