Bank Muamalat Gold Investment

About Bank Muamalat

Bank Muamalat Malaysia started its operations on 1 October 1999 with assets and liabilities brought over from the Islamic banking windows of three banks: Bank Bumiputra Malaysia, BBMB Kewangan (now known as UBS), and Commerce National Bank Berhad.

What is a Gold Investment Account (GIA)?

A gold investment account allows individuals to buy gold without physical assets. Gold investments are perfect for those who want to maintain stability and diversification in their portfolio. There are only certain banks that offer this service, but it is worth looking into if you want an additional source of wealth!

About Bank Muamalat Gold-i investment account

• Gold-i is a Shariah-compliant gold product that offers customers the opportunity to participate in the precious metal market
  • Wakalah
  • Bai` Sarf
  • Wadi`ah
  • Wa`d
  • Hibah
• A unique product that offers a broad range of add-on services intended
• Customers are allowed to sell their gold using their account or to convert their gold account into a physical form

Why should I choose a Bank Muamalat Gold-i investment account?

• It is a Shariah-compliant gold investment
• The convenience of purchasing gold from as low as RM10
• Gold purity of 99.99%
• Flexibility to purchase gold online via i-muamalat retail internet banking
• Pure Gold from The Perth Mint, Australia
• Accredited by London Bullion Market Association

Who can open a Bank Muamalat Gold-i investment account?

• Individual
  • Malaysian citizens who have attained the age of 18 years old
  • Trust account is allowed for children below 18 years old
  • Joint account is not allowed

• Non-individual
  • Club
  • Societies
  • Associations
  • Institutions including firms, corporations, and other business enterprises
  • Corporate and commercial customers

What do I need to know before opening a Bank Muamalat Gold-i investment account?

• Value of the US Dollar
• Political and geopolitical changes
• Inflation
• Conversion (the bank does not offer the conversion of physical gold to gold account)
• Redemption/ sale can be performed by the person/ entity recognised in the Bank’s records
• For children below 18 years old (minors), an account must be opened in the name of the parent or legal guardian

What are the risks of having a gold investment account?

• Market risk

  Your investment may be at risk if market conditions change. Although gold is considered one of the safest investments in the world, you’ll have no control over the profitability of your fund and could sustain losses as well!

• Pricing risk

  The price of gold will be determined by the Bank at its sole and absolute discretion. It considers all relevant factors, including world market conditions, local currency exchange rates between USD and MYR, and fineness levels.

• Not protected by authorities

  Gold investment account is not covered by Perbadanan Insurans Deposit Malaysia (PIDM).

What is the minimum purchase for a Bank Muamalat Gold-i investment account?

• Minimum initial purchase
  • Individual: 1 gram or RM10
  • Non-Individual: 1 gram or RM10

• Minimum subsequent purchase
  • Individual: RM10 (or its equivalent in gram)
  • Non-Individual: RM10 (or its equivalent in gram)

What are the standard fees of a Bank Muamalat Gold-i investment account?

Conversion fee for the conversion of gold (gold account to physical gold)

• Conversion fee is subject to the fluctuation of the gold prices
• Formula: Conversion fee = (physical gold “Bank Sell” price – gold account “Bank Sell” price) x denomination

What is the process of opening a Bank Muamalat Gold-i investment account?

• • Through Bank Muamalat counter

    The customer may walk into the nearest branch to purchase the gold on a Gold Account basis

  • Through online website

Online purchase/ sale refers to the purchase and sale of gold by the bank online via the Bank Muamalat website

What are the common terms of gold investment?

• Minimum initial purchase

  The amount of gold you need to start an investment account. It depends on the bank and type, but it can be as little as 1 gram or more!

• Minimum balance

  The minimum amount of gold needed to maintain your gold investment account.

• Minimum subsequent purchase/ sale

  The minimum amount of gold you must involve in any transactions when buying or selling via your gold investment account.

• Buy-sell spread

  The difference between a bank’s selling price and buying price for gold investments account. For example, you get gold at RM220, and the bank repurchases it at RM210. The buy-sell spread is RM10 (RM220 minus RM210).