Bank Rakyat has introduced a new Islamic gold investment solution, the eGold Account-i, which enables Malaysians to invest in gold digitally while adhering to Shariah principles, according to The Edge.
The eGold Account-i allows customers to purchase gold with a purity of 999.9, certified by the London Bullion Market Association (LBMA), starting from RM10.
Unlike traditional gold investments, this platform provides real-time access to market prices for both buying and selling, with the added benefit of converting digital gold holdings into physical gold bars.
Physical redemption is available in a range of denominations, from 0.5 grams to 100 grams, including less common sizes such as 4.25 grams and 21.25 grams.
Customers can choose to have their converted gold delivered via courier, with associated delivery and insurance charges depending on the denomination and delivery location within Malaysia.
The conversion process is supported by courier services that can deliver up to 100 grams per transaction.
Additional fees include both conversion charges—which vary by weight—and courier costs.
For example, converting a 10-gram gold bar incurs a conversion charge of RM85, with shipping to West Malaysia costing RM17 and RM22 to East Malaysia.
The gold under this scheme is stored in a secure vault operated by a third-party service provider appointed by the bank.
Investors maintain full ownership of the gold, and can opt to keep it stored or redeem it physically.
The account operates under various Islamic finance contracts including Wakalah bil Ujrah (agency with fee), Bai’ al-Sarf (currency exchange), and Wadiah Yad Amanah (safekeeping based on trust), ensuring full compliance with Shariah requirements.
Eligible customers—those aged 13 and above with an existing Bank Rakyat Current Account-i, Savings Account-i, or Investment Account-i—can open and manage their gold investments directly via online banking.
The account supports gold transfers between users, and imposes no minimum balance requirement.
Gold trading through the platform is available daily, including weekends and public holidays, from 8:30 a.m. to 11:59 p.m., with prices reflecting live market rates.
Bank Rakyat said the initiative aims to broaden access to gold investments across different income levels while offering a secure and ethical way to build financial resilience.
Featured image credit: Edited from Pexels
