Kuwait Finance House (Malaysia) Bhd (KFHMB) aims to sell 50kg of gold under its newly-launched KFH Gold Account – i by year-end, says its Retail and Consumer Banking Head Attar Salleh. Since the soft launch of the account two-and-a-half-month ago, the bank had received more than RM1.08 million and transacted nine kilogrammes of gold.
The KFH Gold Account-i, is the first Shariah-based gold account offered in Malaysia where KFHMB sells physical gold to the customer. Through the account, customers are able to purchase and invest in gold in a convenient and secure way. Customers have a choice to either collect the gold or keep it with the bank for safe custody at no charge. Withdrawal of gold can be made in denominations of one, five, 10 and 50 grams
Attar also said customers can start investing from as low as 10 grams of gold and must maintain a minimum balance of two grams. He said the gold price is about RM125 per gram.