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Kuala Lumpur, 30 April 2010 – Kuwait Finance House (Malaysia) Berhad (KFHMB), the first foreign Islamic bank in the country, has launched the KFH Gold Account-i. The Gold Account enables customers to purchase and invest in gold in a convenient and secure way, without having to keep the gold physically. There may even be an opportunity for capital gain if the gold price appreciates. By using gold as the underlying commodity, customers have one of the best possible hedges against inflation.
Given the unique status of this precious metal and the affinity Islamic banking has with commodities, customers are able to benefit from gold as a long-term saving. The KFH Gold Account-i allows customers to purchase the purest available gold commodity, at daily prices in Ringgit Malaysia per gram. It is the first Shariah-based gold account offered in Malaysia where KFHMB sell physical gold to the customer.
“In making available pure gold to our customers, we are entering an area where no other Islamic bank in Malaysia is present. Using the concepts of Bai As Sarf and Qardh Hassan, we are able to provide our customers a choice of either physical delivery or account credit via a statement,” said Mr. Shaheen AlGhanem, Chairman, KFHMB who officiated the launch of the KFH Gold Account-i.
“With the introduction of this KFH Gold Account-i, our customers have the ability 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. If they choose to keep the physical gold with the Bank, they will have a peace of mind, as there is no need to worry about any security or storage issues.
Since the Soft Launch of the KFH Gold Account-i, two and a half months ago, we have to-date received more than Ringgit Malaysia: One Million Eighty Thousand and transacted Nine Kilos of gold,” added Mr. Shaheen.
Customers will be given a Gold Account Statement, which will indicate the quantity of gold owned by them and that which is in the custody of the Bank. As the gold is sold by KFHMB, a wholly-owned subsidiary of one of the largest Islamic banks in the world, customers can be assured of the stability, safety and soundness when dealing with KFHMB, as well as the confirmation on the authenticity, and pureness of the gold.
Bai’ As Sarf refers to the exchange of one monetary form for another, i.e. the exchange of gold for gold, silver for silver and gold for silver or vice versa and Qardh refers to benevolent loan. Customers can start investing from as low as 10 grams of gold and must maintain a minimum balance of 2 grams. Customers can always sell or withdraw their gold at the branch based on the Bank’s daily purchasing price. Physical withdrawal of gold can be made in a denomination of 1, 5, 10 and 50 grams.
KFH Gold Account – i is available at all the seven branches of KFHMB located at KL Main Branch (Etiqa Twins, Jalan Pinang), Pavilion KL, Shah Alam, Klang, Penang, Johor Bahru and Kuching, Sarawak.
The KFH Gold Account-i is being offered by KFHMB a member of the KFH Group, one of the world’s largest Islamic banking institutions, with a diverse range of products and services, including full-scale corporate and investment banking, commercial banking, retail and consumer banking and asset management.
Given the unique status of this precious metal and the affinity Islamic banking has with commodities, customers are able to benefit from gold as a long-term saving. The KFH Gold Account-i allows customers to purchase the purest available gold commodity, at daily prices in Ringgit Malaysia per gram. It is the first Shariah-based gold account offered in Malaysia where KFHMB sell physical gold to the customer.
“In making available pure gold to our customers, we are entering an area where no other Islamic bank in Malaysia is present. Using the concepts of Bai As Sarf and Qardh Hassan, we are able to provide our customers a choice of either physical delivery or account credit via a statement,” said Mr. Shaheen AlGhanem, Chairman, KFHMB who officiated the launch of the KFH Gold Account-i.
“With the introduction of this KFH Gold Account-i, our customers have the ability 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. If they choose to keep the physical gold with the Bank, they will have a peace of mind, as there is no need to worry about any security or storage issues.
Since the Soft Launch of the KFH Gold Account-i, two and a half months ago, we have to-date received more than Ringgit Malaysia: One Million Eighty Thousand and transacted Nine Kilos of gold,” added Mr. Shaheen.
Customers will be given a Gold Account Statement, which will indicate the quantity of gold owned by them and that which is in the custody of the Bank. As the gold is sold by KFHMB, a wholly-owned subsidiary of one of the largest Islamic banks in the world, customers can be assured of the stability, safety and soundness when dealing with KFHMB, as well as the confirmation on the authenticity, and pureness of the gold.
Bai’ As Sarf refers to the exchange of one monetary form for another, i.e. the exchange of gold for gold, silver for silver and gold for silver or vice versa and Qardh refers to benevolent loan. Customers can start investing from as low as 10 grams of gold and must maintain a minimum balance of 2 grams. Customers can always sell or withdraw their gold at the branch based on the Bank’s daily purchasing price. Physical withdrawal of gold can be made in a denomination of 1, 5, 10 and 50 grams.
KFH Gold Account – i is available at all the seven branches of KFHMB located at KL Main Branch (Etiqa Twins, Jalan Pinang), Pavilion KL, Shah Alam, Klang, Penang, Johor Bahru and Kuching, Sarawak.
The KFH Gold Account-i is being offered by KFHMB a member of the KFH Group, one of the world’s largest Islamic banking institutions, with a diverse range of products and services, including full-scale corporate and investment banking, commercial banking, retail and consumer banking and asset management.
