Customers can start investing in gold, and perform buy-or-sell transactions from as low as RM10.

The service allows customers to own physical gold with 999.9 purity as accredited by the London Bullion Market Association without the hassle of keeping the physical gold or worrying about its safe custody.

Maybank Islamic chief executive officer Mohamed Rafique Merican said MIGA-i differs from conventional gold accounts, as it is shariah-compliant and allows customers to redeem available gold balance in their account with physical gold in denominations from as small as 1gm to 1kg cast gold bar.

The bank is also the first financial institution in the country that can deliver the physical gold to the customer’s doorstep following 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 100gm and above to ensure customers get the most attractive gold prices in the market,” he said in a statement today.

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 prices.

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 a stable investment,” Rafique said.

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