KUALA LUMPUR (April 23): Bank Rakyat has launched the eGold Account-I, a shariah-compliant digital gold investment accessible via its internet banking platform.

The account allows investors to own gold of quality 999.9 accredited by the London Bullion Market Association, with prices starting as low as RM10, Bank Rakyat said in a statement. The account offers real-time trading, and customers have the option to convert their digital holdings into physical gold.

The conversion is available in denominations from 0.5 grammes to 100 grammes, which could then be directly delivered to a customer’s preferred address.

“The eGold Account-i is a shariah-compliant platform that offers trusted and guaranteed gold investment opportunities, in line with Islamic financial principles, while being backed by physical gold investments,” said the bank.

The offering comes at a time when gold prices have been breaking new record highs on the back of rising demand for safe-haven assets amid global market turmoil. Gold prices broke above US$3,500 per ounce overnight.

“This product is part of the bank’s efforts to provide inclusive services to all levels of society to take part in gold transactions, namely buying, selling and converting digital gold investments to physical gold to achieve financial goals easily,” the bank added.

Customers with a Bank Rakyat Current Account-i, Savings Account-i, or Investment Account-i and iRakyat internet banking can set up a digital gold investment account, which is available for eligible individuals aged 13 and above.