Maybank Islamic launches MIGA-i, first online gold investment account


Maybank Islamic CEO, Dato’ Mohamed Rafique Merican (left) and Maybank Community Financial Services-Malaysia Head, Datuk Hamirullah Boorhan holding the minted gold bar and 1 kilogram cast gold bar during the launch of MIGA-i on May 17, 2021.

KUALA LUMPUR: Maybank Islamic Bhd’s first investment product -- Maybank Islamic Gold Account-i (MIGA-i), will allow 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 via the recently launched investment product.

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.

Chief executive officer Datuk Mohamed Rafique Merican said 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 one gramme minted gold bar to one kilogramme 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 grammes and above to ensure customers get the most attractive gold prices in the market, ” he said in a statement.

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 include 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 grammes 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, ” Mohamed Rafique said.

For MIGA-i, Maybank Islamic partnered with a gold bullion trading company, Ace Innovate Asia Bhd (AIAB), which has been involved in the trading of scrap gold bars, cast gold bars and minted gold bars since 2011.

For more information, customers could log on to www.maybank2u.com.my/miga.

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