Maybank Islamic launches MIGA-i, the first online gold investment account

KUALA LUMPUR: Maybank Islamic Bhd’s first investment product – Maybank Islamic Gold Account-i (MIGA-i), will allow clients to open an account, buy and sell gold and transfer money gold, all easily online through Maybank’s online banking channel, Maybank2u.

Clients can start investing in gold and make buy or sell transactions starting at RM10 only through the recently launched investment product.

This service allows customers to own physical gold of 999.9% purity, as accredited by the London Bullion Market Association, without having to hold the physical gold or worry about its custody.

Datuk Managing Director Mohamed Rafique Merican said that MIGA-i differs from the conventional gold account because this sharia-compliant gold account allows clients to exchange the gold balance available in their account with physical gold. , in denominations of one gram of minted gold. to a kilogram of cast gold ingot.

The bank is also the first financial institution in the country to be able to deliver physical gold to the customer’s home after its redemption.

“Anyone can invest in gold with an initial investment as low as RM10. An initial prime rate will be given to clients with an investment of 100 grams and above to ensure that clients get the most attractive gold prices. market, ”he said in a statement. declaration.

The account is also the first of its kind on the market to allow clients to take advantage of the real-time market price to buy and sell gold.

And soon, customers will also be offered the option to place future buy or sell orders based on their preferred price through Maybank2u.

Other benefits that customers can enjoy on this account include the lower spread between the bank’s buy and sell price and there are also no additional charges when the customer transfers the gold. in grams from one MIGA-i account to another MIGA-i account.

“There is now an upward trend in gold investment among consumers. The COVID-19 pandemic has pushed risk averse investors to turn to assets such as gold which they see as a stable investment, ”said Mohamed Rafique.

For MIGA-i, Maybank Islamic has partnered with a gold bullion trading company, Ace Innovate Asia Bhd (AIAB), which has been involved in the trading of scrap gold bullion, cast gold bullion and minted gold bullion since 2011.

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