Maybank Islamic is polishing its Islamic fintech game with a Shariah compliant gold savings and trading service on its online platform.
Through its newly launched Maybank Islamic Gold Account-I (MIGA-i), the bank’s customers can now buy, sell and transfer gold via Maybank2u, Maybank Islamic’s online banking channel.
From as low as RM10 (US$2.42), customers would be able to invest in physical gold with 999.9% purity as accredited by the London Bullion Market Association, and also redeem the available gold balance in their MIGA-I Account with physical gold, in denominations ranging from one-gram minted gold bar to one kilogram cast gold bar.
CEO Mohamed Rafique Merican noted that Maybank Islamic is the first financial institution in Malaysia to provide the delivery of physical to the customer’s doorstep following their redemption.