KUALA LUMPUR (May 17): Maybank Islamic Bhd, a subsidiary of Malayan Banking Bhd (Maybank), launched its first investment product — Maybank Islamic Gold Account-i (MIGA-i) — which allows customers to open an account, buy and sell gold, and transfer gold, via Maybank's online banking channel, Maybank2u.

In a statement today, the group said the service also allows customers to own the physical gold with 999.9% purity as accredited by the London Bullion Market Association. 

It added MIGA-i differs from the conventional gold account, as this Shariah-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. It noted that it is the first financial institution in the country 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,” said Maybank Islamic CEO Datuk Mohamed Rafique Merican.

“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,” he added.

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

AIAB CEO Go Yoong Chang said: “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. We have a strong reputation and are committed to top-quality services as well as the highest quality in products. 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.”