How to Buy Crypto Emirates Islamic Bank

Can I Buy Bitcoin with Emirates Islamic Bank?

Yes, Emirates Islamic Bank clients can purchase Bitcoin through cryptocurrency exchanges in the UAE. The bank facilitates fund transfers to investment platforms regulated by the ADGM. Investors can deposit United Arab Emirates Dirhams (AED) using bank transfers and debit cards, providing an easy and straightforward process for getting started.

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How to Buy Crypto Emirates Islamic Bank

‍Emirates Islamic Bank customers can invest in digital currencies through regulated exchanges. We recommend Rain, which is regulated by the ADGM under registration number 6561104. Rain provides access to 50 cryptocurrencies to buy and trade with low fees. Users can deposit AED using various methods, including bank transfers, credit cards, and debit cards.

Follow this guide to buy crypto with Emirates Islamic Bank:

1. Account Creation: Sign up on Rain and complete the identity verification process.
2. Depositing Funds: Go to the deposit section, select 'AED' as your currency, and transfer funds to the platform.
3. Select Crypto: With funds in your account, use the interface to choose the cryptocurrency you're interested in, such as Bitcoin.‍
4. Purchase: Specify the amount you wish to invest in the chosen cryptocurrency in AED and complete your purchase.

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What are the Fees?

EIB customers new to cryptocurrency should be aware of the fees associated with using digital asset exchanges. These often include trading costs, the spread (the difference between buying and selling prices), and any charges for depositing or withdrawing funds.

Rain is a great choice for Emirates Islamic Bank clients. It offers zero trading fees but spreads of around 0.2%, which is much lower than other platforms like Coinbase, which charges about 2%. Additionally, Rain provides free AED deposit options through bank transfers, debit cards, and other methods.

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Is Emirates Islamic Bank Crypto-Friendly?

Yes, Emirates Islamic Bank is a crypto-friendly bank that allows clients to invest in digital assets. The bank enables fund transfers to exchanges registered with Abu Dhabi Global Market (ADGM), allowing users to invest in cryptocurrencies while adhering to the regulatory standards set by the Financial Services Regulatory Authority (FSRA).

Using locally regulated exchanges adds an extra layer of security for customers. It’s important to highlight that buying cryptocurrency with an Emirates Islamic Bank credit card will incur additional charges of 3.15% or 103.95 AED, whichever is higher. This fee applies only to credit cards; debit cards and bank transfers will not incur this cost.

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‍About Emirates Islamic Bank

Emirates Islamic Bank, a leading Sharia-compliant bank in the UAE, offers a comprehensive range of financial products and services. Established in 2004, the bank offers the Kunooz Savings Account, Flex Elite Credit Card, and Investment Term Deposits, all designed to provide flexible and rewarding banking experiences. With a strong commitment to ethical banking, the bank continues to grow its footprint, enhancing financial inclusion.

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Bottom Line

In conclusion, Emirates Islamic Bank provides a supportive environment for customers looking to invest in digital assets. By facilitating fund transfers to locally regulated exchanges like Rain, the bank provides a straightforward process for purchasing cryptocurrencies such as Bitcoin. With competitive fees and diverse AED deposit options, Rain is a reliable choice for Emirati investors and traders.