Malaysian customers of Maybank Islamic Bhd have an unique opportunity no to open an account, buy and sell gold and to transfer gold with the Bank’s first investment product Maybank Islamic Gold Account -MIGA-i – and using Maybank’s online banking channel, Maybank2u.
The Bank’s statement, quoted by The Edge Markets, says the service allows customers to own the physical gold with 999.9% purity as accredited by the London Bullion Market Association.
MIGA-i differs is not a conventional gold account and as a Shariah-compliant gold account, it allows its customers to redeem available gold balance in their account with physical gold up to 1 kilogram cast gold bar.
This is the first financial institution in Malaysia that could deliver the physical gold to the customer’s doorstep following their redemption.
“Everyone can invest in gold with an initial investment of as low as RM10. An upfront preferential rate will be given to customers with investment of 100 grams and above to ensure customers get the most attractive gold prices in the market. The Covid-19 pandemic has driven investors who are risk-averse to assets such as gold which they consider as a stable investment,” said Maybank Islamic CEO Datuk Mohamed Rafique Merican.
To create MIGA-i, Maybank Islamic partnered with ACE Innovate Asia Bhd, gold bullion trading company, which has been involved in the trading of scrap gold bars, cast gold bars and minted gold bars since 2011.
“This is an important partnership for us, to be working with Maybank Islamic in launching the first-ever gold account with physical delivery of the metal, all the way to customers’ doorstep. This partnership will spur the development of new investment assets with our reliable products and services, and help us in advancing the region’s gold investment business,” AIAB CEO Go Yoong Chang said.