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How to Buy Crypto with Bank Islam Malaysia

Last updated on January 14, 2024

Quick Summary: While Bank Islam Malaysia 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 Malaysia 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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Bank Islam Malaysia Homepage

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

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

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Bank Islam

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

1. Pick a cryptocurrency trading platform

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 crypto

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 Bank Islam Malaysia.

Buy Crypto With eToro

About Bank Islam Malaysia

The beginnings of Bank Islam can be traced all the way to World War II where Muslims in the country were seeking a new financial system that could be in line with Shariah (Islamic law of jurisprudence) standards. It wasn’t until 1969 when it was that the Pilgrims Management and Fund Board (Lembaga Urusan dan Tabung Haji or “Tabung Haji”) was founded in the beginning as the first Islamic banks, primarily to promote savings and investment in the Muslims and to assist depositors with their Hajj.

The beginning of Bank Islam in 1983 was the culmination of a lot of determination in the wake of the Bumiputera Economic Congress in 1980 which was followed by a conference about the Concept of Development in Islam in 1981. Then came the unwavering effort by Tabung Haji, PERKIM (a non-governmental group that is committed to looking after the needs of Muslims across the nation) in 1980, and also The National Steering Committee for Islamic Bank (“National Steering Committee”).

Beginning with 30 staff members who were pioneers the first year of operation was governed through its temporary headquarters on the top second floor in Kompleks Jemaah Haji located in Subang, Selangor. In the final quarter of the first year of financial activity, Bank Islam has four (4) operating branches located in Kuala Lumpur, Kuala Terengganu, Kota Bharu and Alor Setar which employs 272 people.

With the unique implementation of Waqf development of land Today, Bank Islam’s headquarters is beautiful Menara Bank Islam, located within the “Golden Triangle” in Kuala Lumpur. At the end of 2018, Bank Islam has more than 140 branches in the nation, and a employees of over 4,500.