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How to Buy Crypto with Al Arafah Islami Bank in Bangladesh

Last updated on November 12, 2023

Quick Summary: While Al Arafah Islami Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Bangladesh cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.


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Al Arafah Islami Bank Homepage

As mentioned in my quick summary, like most Bangladesh banks, Al Arafah Islami Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Al Arafah Islami Bank Limited

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Al Arafah Islami Bank.

Buy Crypto With eToro

About Al Arafah Islami Bank

Al-Arafah Islami Bank Limited is an Islamic bank located in Bangladesh. The Bank is owned by S. Alam Group of Industries.

Al-Arafah Islami Bank Limited is an shariah-compliant institution located in Bangladesh established on the 27th of September 1995. The shariah council of this bank is in charge of ensuring that the bank’s activities comply with the requirements of shariah. The headquarters are at Motijheel, Dhaka.

Al-Arafah Islami Bank Limited has started a project called “Krishi O Grameen Khudra Biniog Prokolpa (Microfinance). This project Al-Arafah Islami Bank Limited is striving to reduce poverty, growth in the agriculture, and the creation of jobs, etc.

On August 20, 2021 Salim Rahman was appointed managing director at KDS Group, was elected as chairman of Al-Arafah Islami Bank Limited. Abu Naser Mohammad Yeahea, the chairman of Purbachal Steel Mills and Purbachal Gas Filling Station was elected vice-chairman for the bank.

In March 2022 in 2022, the Bank put the sum of five billion BDT in Unique Hotel and Resorts Limited. Bangladesh Securities and Exchange Commission was approved Al-Arafah Islami Bank Limited request to raise five billion BDT through bond issue in August 2022.