Maybank Islamic Launches Online Gold Investment Account

Jacie Tan

18th May 2021 - 2 min read

(Image: The Star)

Maybank Islamic has launched an online investment product called the Maybank Islamic Gold Account-i (MIGA-i). It allows customers to conveniently open an account, as well as buy, sell, and transfer gold, completely online via Maybank2u.

MIGA-i lets customers own physical gold with 999.9% purity as accredited by the London Bullion Market Association, without the hassle of storing it physically or worrying about its safe custody. According to Maybank Islamic CEO Mohamed Rafique Merican, MIGA-i differs from conventional gold accounts as this Syariah-compliant account allows customers to redeem their available gold balance with physical gold – in denominations as small as 1g minted gold bar to 1kg cast gold bar.

Moreover, the bank is the first financial institution in Malaysia that will deliver the physical gold to its customers following redemption. The account is also said to be the first of its kind in the market that allows customers to enjoy real-time market price to buy and sell gold, with an upcoming feature that will allow customers to place future orders to buy or sell based on their preferred price via Maybank2u.

Other benefits that customers may enjoy include the lower spread between the bank’s buying and selling price, as well as no additional charges for transfer of gold in grams from one MIGA-i account to another.

“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 100gm and above to ensure customers get the most attractive gold prices in the market,” said Rafique. “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 a stable investment.”

Maybank Islamic is currently running a referral campaign where you and your referrals can earn a complimentary 0.01g of gold each. Find out more about the Maybank Islamic Gold Account-i here.

(Source: The Sun Daily)

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