Gold Price Rally Best Opportunity To Invest In Shariah-Compliant BIGA-i Account - BIMB
KUALA LUMPUR, Nov 4 (Bernama) -- The price of gold, which has risen by more than 40 per cent since early January 2024, presents the best opportunity to invest in the Bank Islam Gold Account (BIGA-i), a Bank Islam Malaysia Bhd’s (BIMB) Shariah-compliant digital gold product.
BIMB head of Ar Rahnu Wan Shahrum Wan Dahalan said customers can invest in products under the supervision of Bank Negara Malaysia and the Securities Commission Malaysia, with a minimum amount of RM10 for individuals or RM50 for non-individuals, such as businesses or organisations.
He said consumers need to prepare about RM560 to buy one gramme (g) of gold, taking into account the current gold price.
“Gold investment in BIGA-i is affordable, and this can be converted from digital to physical form at any time, from 0.5 g to one kilogramme, including in the dinar denomination.
“However, this is subject to the terms and conditions of the exchange of gold to physical form by BIMB,” he said during Bernama Radio’s “Jendela Fikir” programme today.
He said that BIGA-i, launched since October last year, has no hidden charges, as there are no purchase or sale charges, and buyers only need to make payments for the gold bought without additional fees.
“However, storage fees, as low as 0.8 per cent per annum of the average value of gold savings, will be charged starting on Jan 1, 2027,” he said.
Wan Shahrun said that if customers purchase at least one gram of gold every month through BIGA-i, they have the potential to perform the hajj when the amount of gold savings is sufficient.
He said BIGA-i also aims to diversify customers’ investment portfolios, in line with the recommendation by Morningstar, one of the international investment companies, for customers to have 15 per cent of their investment portfolio in gold products.
“If you have extra cash or want to diversify your savings, BIGA-i is a smart choice to save and start investing in gold at a very affordable price.
“This is due to the increase in gold price, considering that the price of gold in Oct 2024 is around RM377, and a year later, it is around RM560,” he said,
He said customers can monitor gold price movements directly through BIMB's Internet Banking and Mobile Banking services.
Customers must have either a current, savings, or transactional investment account (CASATIA) with BIMB before opening a BIGA-i account, which can also be accessed via BIMB Web and BIMB Mobile digital channels.
-- BERNAMA
