How to Buy Crypto with Emirates Islamic Bank
Summary: While Emirates Islamic Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto trading platform.
There are plenty of crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
[Rated 4.2/5 based on 15710 reviews on Trustpilot]
As mentioned above, just like most banks, Emirates Islamic Bank doesn’t offer cryptocurrency trading directly, as setting up a crypto trading platform is quite complex and comes with regulations and extra requirements for the banks.
Luckily for us, there are plenty of cryptocurrency exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
You can sign up for an exchange (we will use eToro as our example because it is a trusted and worldwide exchange) and transfer funds to the exchange to trade crypto.
Table of Contents
How to buy crypto or bitcoin with Emirates Islamic Bank
There are only 4 steps involved, let’s get started!
1. Choose a crypto exchange
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
You can, of course, use any trusted crypto exchange for this, the steps will be very similar for most exchanges.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy crypto
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Emirates Islamic Bank.
About Emirates Islamic Bank
The bank was founded in 2004 and aims to provide the best banking services, in accordance with Shari'a principles. Emirates Islamic offers a wide range of products for small and large businesses, as well as individuals. It is the best choice for people who want to excel in managing their finances.
The heart of Emirates Islamic Experience is a commitment to the customer who sits at its heart. They consider their customers as partners and work together to achieve the best possible results for both them and the bank. They use Islamic financing tools such as Murabaha and Takaful to reduce uncertainty and offer solutions that are right and suitable for their customers.
They will also change the way you see them. The new brand represents our innovative approach to providing the best financial solutions on the market. It is how they see themselves today and into the future. They have solutions for all financial needs. They are looking forward to welcoming your to Emirates Islamic.
Their vision is to be the best Shariah-compliant bank possible for customers, communities, and people.
Islamic Banking is a type of modern banking that is based on Islamic legal concepts (Shari'a). It uses risk-sharing and excludes financing based upon a predetermined return.
Contrary to the interest-based commercial banking system where all the responsibility is on the borrower, Islamic Banking requires that he repay the loan at the agreed interest regardless of whether or not his venture succeeds. Islamic Banking believes that the profits and risks of the business should be shared, rather than being a burden on creditors. Islamic Banking allows the "depositor", "bank" or "borrower" to share in the rewards and risks of financing business ventures.
One of the most prominent features of Islamic banking is its prohibition against interest, also known as "Ribba". It encourages higher risk and higher returns. The goal is to encourage high-risk investments to stimulate the economy and encourage entrepreneurs and investors to maximize their efforts. Islam encourages investment so that the community can benefit.
Share the risk and reap the rewards of financing business ventures with shareholders and depositors. This is in contrast to the interest-based commercial banking system where all the pressure is placed on the borrower: To repay his loan with the agreed interest regardless of whether or not his venture succeeds.
Islamic banking contributes to a more equitable distribution and greater equity participation in the economy.