Kuala lumpur: 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.
According to BERNAMA News Agency, BIMB head of Ar Rahnu Wan Shahrum Wan Dahalan stated that 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 mentioned that consumers need to prepare about RM560 to buy one gramme (g) of gold, considering the current gold price.
Wan Shahrum elaborated that gold investment in BIGA-i is accessible and can be converted from digital to physical form at any time, ranging from 0.5 g to one kilogramme, including in the dinar denomination. However, this conversion is subject to the terms and conditions set by BIMB.
BIGA-i was launched in October last year and is structured without hidden charges, as there are no purchase or sale charges; buyers only need to make payments for the gold bought without additional fees. Wan Shahrum noted that 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 emphasized that customers who purchase at least one gram of gold every month through BIGA-i have the potential to perform the hajj when their gold savings reach a sufficient amount. He added that BIGA-i also aims to diversify customers’ investment portfolios, aligning with Morningstar’s recommendation for customers to allocate 15 per cent of their investment portfolio to gold products.
Wan Shahrum highlighted that the increase in gold price, from RM377 in October 2024 to approximately RM560 a year later, makes BIGA-i a smart choice for those looking to diversify their savings or invest in gold affordably. Customers can monitor gold price movements directly through BIMB’s Internet Banking and Mobile Banking services.
To open a BIGA-i account, customers must have a current, savings, or transactional investment account (CASATIA) with BIMB. The account can be accessed via BIMB Web and BIMB Mobile digital channels.