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How to Buy Crypto with Bank Islam

How to Buy Crypto with Bank Islam

Alysha Jane
Fact Checked
Sep 25, 2022

Summary: Bank Islam does not directly offer any products or services for clients in Malaysia to buy cryptocurrencies through the IB online banking platform. The only method available for Bank Islam customers to buy crypto is by transferring MYR into a licensed and regulated exchange.

If you are looking to get started quickly, we recommend Bybit because they offer fast and cheap MYR deposits and are Malaysia's most popular exchange with over 10 million users.

Table of Contents

Best Exchange in Malaysia

Platform Highlights

  • Instant Malaysian Ringgit (MYR) deposits via bank transfer or debit/credit card.
  • Buy and sell 700+ cryptos with futures and spot trading.
  • NFT Marketplace, IDO Launchpad & other features.

Can I Buy Crypto with Bank Islam Online Banking?

Yes, you can buy crypto with Bank Islam Online Banking. There are a few exchanges that accept Malaysian Ringgit (MYR) bank transfers as a  form of payment, so you should be able to find one that suits your needs. Be sure to do your research before investing in any digital asset, as the value of cryptocurrencies can fluctuate wildly. As always, invest only what you can afford to lose.

How to Buy Bitcoin or Crypto with Bank Islam IB

The easiest way to buy digital assets with a Bank Islam account in Malaysia is through a Bank Negara Malaysia (BNM) licensed trading platform. The best platform to get started via Bank Islam internet banking is the Bybit exchange. They offer fast and cheap MYR deposits via bank transfer, debit card or credit card to trade over 700 assets.

You can get started in 4 simple steps:

  1. Sign up to Bybit (does not need ID or KYC information).
  2. Select the fiat currency (MYR) you want to use and the crypto you want to buy.
  3. Select the deposit method you want to use from Bank Islam IB (Bank Transfer Debit Card, Credit Card, Apple Pay etc).
  4. Complete the transaction and the funds will arrive in your account immediately.
Buying 0.088 ETH with 500 MYR on Bybit.

Bank Islam Crypto Policy

Bank Islam has recently released a policy regarding the use of cryptocurrency, becoming one of the first Islamic banks to do so. The policy states that Bank Islam will not allow the use of cryptocurrency within its premises or for any of its services. This is in line with the Shariah principles which prohibit the use of financial instruments that are not backed by a central authority.

While the policy does not outright ban the use of cryptocurrency, it does discourage its use. This is in keeping with the position of many Islamic scholars who have ruled that cryptocurrency is not permissible under Shariah law. The policy has been met with mixed reactions from the public. Some have praised Bank Islam for taking a stand against something that is often seen as being risky and speculative.

Bank Islam GO App
Fund your account via Bank Islam GO app.

About Bank Islam

Bank Islam Malaysia Berhad is the first Islamic bank in Malaysia and was established on July 16, 1983. Bank Islam provides a range of banking products and services which are Shariah-compliant and which cater to the needs of both individuals and businesses. Bank Islam's holistic approach to banking has been recognised by various prestigious institutions and it has received numerous awards and accolades over the years.

Bank Islam

The bank is committed to promoting the growth of Islamic banking in Malaysia and is actively involved in various initiatives to develop the industry. It is also a leading player in the global Islamic banking scene, with a strong international presence in countries such as Brunei, Kuwait, Pakistan, Qatar, Saudi Arabia, Sudan and the United Arab Emirates.

Bank Islam's vision is to be a progressive Islamic bank of international repute providing excellent service to its depositors and customers, and contributing significantly to the development of the Islamic banking industry.

Alysha Jane

I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.

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