Islamic fintech company Minted has launched a new savings app enabling the UK retail market to invest in gold in a Shariah compliant manner.
Through the Minted app, users will be able to buy gold from an LBMA-approved delivery partner for as little as GBP30 (US$41.17) a month. Licensed by the Financial Conduct Authority, Minted, founded by Hamzah Almasyabi and Haroon Siddiq, also provides users with free insurance and the option to store their gold for free in a London vault.
“Right from the start, we wanted to make investing in gold a possibility for absolutely everyone. There is no reason why it should still be thought of as the preserve of the extremely wealthy or experienced investors. These are uncertain times and investing in precious metals can provide stability and the prospect of strong growth,” commented Becky Hutchinson, Minted’s managing director.
The platform allows users to own physical gold, with the option to withdraw or sell at any point. Currently, Minted offers gold bars ranging in size from 10g to 1kg and is set to add other precious metals to its platform.
Minted is one of 40 Islamic fintech service providers in the UK, making the country home to the largest concentration of Islamic fintech start-ups, according to the IFN Islamic Fintech Landscape as at the 24th August 2021.