Maybank Islamic Berhad has launched Maybank Islamic Gold Account-i (MIGA-i), its first investment product, called the which allows customers to open account, buy and sell gold, and transfer gold, all conveniently online via Maybank’s online banking channel, 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 per cent 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 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.
The Bank is also 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 Chief Executive Officer, Dato’ 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 orders to buy or sell 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 Dato’ Mohamed Rafique.
“We at Maybank Islamic believe it is timely for us to launch such an offering to our customers and the opening of the account and the buying, selling and transfer of the gold have been we made very it easy via our M2U platform,” he added.
For MIGA-i, Maybank Islamic partnered with a gold bullion trading company, ACE Innovate Asia Berhad (AIAB), which has been involved in the trading of scrap gold bars, cast gold bars and minted gold bars since 2011.
AIAB CEO Mr. 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 delivering 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,” he added.
Currently, there is also a referral campaign where both the referee and referrer will receive 0.01 gram of gold when the former opens a MIGA-i account online and make a minimum of RM100 investment.
Those without a referrer code could also enjoy the reward by keying in the referral code ‘MIGAM2U’ during account sign up. This reward is on a first come, first serve basis.