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.
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!
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!
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).
Conversion fee for the conversion of gold (gold account to physical gold)
Through Bank Muamalat counter
The customer may walk into the nearest branch to purchase the gold on a Gold Account basis
Online purchase/ sale refers to the purchase and sale of gold by the bank online via the Bank Muamalat website
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!
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.
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).