PETALING JAYA: Maybank Islamic Bhd recently launched its first investment product called the Maybank Islamic Gold Account-i (MIGA-i), which allows customers to open account, buy and sell gold, and transfer gold, all conveniently online via Maybank2u.
Customers can start investing in gold and perform buy or sell transactions from as low as RM10.
This service allows customers to own the physical gold with 999.9% purity as accredited by the London Bullion Market Association without the hassle of keeping the physical gold or worrying about its safe custody.
MIGA-i differs from the conventional gold account, as this syariah-compliant gold account allows customers to redeem available gold balance in their account with physical gold, in denominations from as small as 1 gram minted gold bar to 1 kilogram cast gold bar.
The bank is also the first financial institution in the country that could deliver the physical gold to its customer’s doorstep following their redemption.
“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,” said Maybank Islamic CEO Datuk Mohamed Rafique Merican.
The account is also the first of its kind in the market that allows customers to enjoy real-time market price to buy and sell gold. And soon, customers will also be offered the flexibility to place future buy-sell orders based on their preferred price via Maybank2u.
Other benefits that customers can enjoy from this account includes the lower spread between the bank’s buying and selling price and there is 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 uptrend in gold investments among consumers. The Covid-19 pandemic has driven investors who are risk-averse to assets such as gold, which they consider as a stable investment,” said Mohamed Rafique.
For MIGA-i, Maybank Islamic partnered with gold bullion trading company ACE Innovate Asia Bhd, which has been involved in the trading of scrap gold bars, cast gold bars and minted gold bars since 2011.