Maybank Islamic Launches Online Gold Investment Account With Option To Own Physical Gold
KUALA LUMPUR (May 17): Maybank Islamic Bhd, a subsidiary of Malayan Banking Bhd (Maybank), has launched its first investment product – Maybank Islamic Gold Account-i (MIGA-i) – which allows clients to open a account, buy and sell gold and transfer gold, through Maybank’s online banking channel, Maybank2u.
In a statement released today, the group said the service also allows customers to own physical gold with a purity of 999.9%, accredited by the London Bullion Market Association.
He added that MIGA-i differs from the conventional gold account, as this Sharia-compliant gold account allows clients to exchange the gold balance available in their account with physical gold, in denominations ranging from 1 gram of minted gold ingot to 1 kilogram of cast gold ingot. . He noted that it was 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 preferential rate will be given to clients with an investment of 100 grams and more to ensure that clients get the most attractive gold prices in the market, ”said Maybank Islamic CEO Datuk Mohamed Rafique Merican.
“There is now an upward trend in gold investment among consumers. The Covid-19 pandemic has pushed low-risk investors towards assets such as gold which they see as a stable investment, ”he added.
For MIGA-i, Maybank Islamic has partnered with gold bullion trading company ACE Innovate Asia Bhd (AIAB), which is involved in the trading of scrap gold bullion, cast gold bullion and of gold bars minted since 2011.
AIAB CEO Go Yoong Chang said, “This is an important partnership for us to work with Maybank Islamic to launch the very first gold account with physical delivery of the metal, up to the threshold. client. We have a solid reputation and are committed to providing top quality service as well as the highest quality products. This partnership will stimulate the development of new investment assets with our reliable products and services, and help us advance gold investment activities in the region.