24th April 2025 - 2 min read
Bank Rakyat has introduced the eGold Account-i, a shariah compliant digital gold investment product that is now accessible via its internet banking platform, iRakyat. The new offering allows customers to invest in gold of 999.9 quality, accredited by the London Bullion Market Association, with entry points beginning from as low as RM10.
According to a statement from the bank, the account provides real time trading functionality, enabling investors to monitor and act on gold prices instantly. In addition, customers have the option to convert their digital gold holdings into physical gold, with available denominations ranging from 0.5 grammes to 100 grammes. These can then be delivered directly to a preferred address, offering a seamless bridge between digital and tangible assets.
Bank Rakyat emphasised that the eGold Account i adheres to Islamic financial principles and offers a trusted and secure platform for gold investment, fully backed by physical gold reserves. The bank described it as a vehicle for guaranteed and responsible investing, aligned with the ethical standards of shariah compliant finance.
The launch comes as global gold prices soar to unprecedented levels, driven by escalating demand for safe haven assets amid ongoing geopolitical tensions and market volatility. Gold has recently surged past the US$3,500 per ounce mark, reinforcing its appeal as a store of value during periods of economic uncertainty.
In its statement, the bank also highlighted the inclusive nature of the product, stating that it forms part of its broader commitment to ensure all segments of society have access to gold investment opportunities. The platform facilitates easy buying, selling, and conversion of digital to physical gold, helping individuals to work towards their financial goals with greater flexibility and convenience.
Eligible customers, those with a Bank Rakyat Current Account i, Savings Account i, or Investment Account i, can open an eGold Account i through the iRakyat internet banking platform. The product is available to individuals aged 13 and above, making it accessible to a wide demographic of investors seeking to diversify their portfolios through a shariah compliant mechanism.
(Source: The Edge)
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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