MAYBANK Islamic Berhad recently launched its first investment product , called the Maybank Islamic Gold Account-i ( MIGA-i ). It allows customers to open an 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 .
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FIGURE 1 : MIGA-i on Maybank2u
This service allows customers to own the physical gold with 999.9 per cent purity . It is 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 . This Shariah-compliant gold account allows customers to redeem available gold balance in their account with physical gold , in denominations from as small as one gramme minted gold bar to one kilogramme cast gold bar .
The bank is also the first financial
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institution in the country to 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 an investment of 100 grammes and above . This is to ensure customers get the most attractive gold prices in the market ,” said Maybank Islamic CEO Dato ’ Mohamed Rafique Merican .
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FIGURE 2 : Buy Gold on MIGA-i
FIGURE 3 : Sell Gold on MIGA-i
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 . Customers are also offered the flexibility to place future orders to buy or sell based on their preferred price via Maybank2u .
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FIGURE 4 : Future Order – Buying Gold on MIGA-i |
FIGURE 5 : Future Order – Selling Gold on MIGA-i
Other benefits that customers can enjoy from this account includes the lower spread between the bank ’ s buying and selling price . There is also no additional charges when the customer transfers the gold in grams from one MIGA-i account to another MIGA-i account .
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FIGURE 6 : Transfer Gold on MIGA-i |
“ 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 Rafique .
“ Maybank Islamic believes it is time to launch such an offering to these customers . We made it easy for them to not just open the account but also to buy , sell and transfer the gold via our M2U platform .”
For MIGA-i , Maybank Islamic partnered with a gold bullion trading company , ACE Innovate Asia Berhad ( AIAB ), which has been involved in trading scrap gold bars , cast gold bars and minted gold bars since 2011 .
AIAB CEO Go Yoong Chang said : “ This is an essential partnership for us . We will work 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 .”
There is also a referral campaign . The referee and referrer will receive 0.01 gramme 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 .
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