Bank Muamalat launches Shariah-compliant gold investment

Bank Muamalat launches Shariah-compliant gold investment
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Bank Muamalat currently offers Shariah-compliant gold investment through its Muamalat Gold-i range of products and the launch of EasiGold complements the bank’s existing gold product offerings. 

Bank Muamalat director of retail banking Zury Rahimee Zainal Abiden (picture) said the platform caters to shifting customer preference towards mobile accessibility. 

He said the bank is leveraging the financial technology expertise offered by ACE Capital Growth to provide a comprehensive and innovative Islamic wealth management solution for its customers.

“The new platform for interacting with customers is in line with the shift in the trend of more echoing consumers of mobile payment transactions via smartphones.

“As you know, investing in gold can help strengthen your finances when the world is threatened by economic uncertainty.

“We want to promote gold investment as a suitable alternative for all walks of life and to be complementary to the offering of gold products and Bank Muamalat is the first full-fledged Islamic financial institution in the country to offer a fully digital mobile-based gold investment platform.

“The straightforward user experience helps customers to start investing in gold within minutes to grow and manage their wealth,” he said at the launch of EasiGold Digital Mobile Platform today.

The EasiGold platform offers “live” gold price display which enables customers to buy and sell London Bullion Market Association certified 999.9 gold purity in real-time spot prices. 

The “price alerts” feature provides customers with the preferred and targeted “Buy” and “Sell” prices and the platform allows for conversion to unique physical denominations of 1g minted gold, or one- or five-dinar gold coins.

Zury Rahimee added the bank is targeting EasiGold to attract between 300,000 and 350,000 existing customers as well as new customers within a year.

ACE Capital Growth chief marketing officer and ED Fong Pok Yee said the company is pleased to be partnering Bank Muamalat, which has credible know-how and experience in the gold business, as its marketing agent and gold storage provider.

“We believe the platform will appeal to targeted active millennial and Gen Z demographics who favour alternative investment,” he said.