Kuwait Finance House, KFH Gold Account-i enables customers to purchase and invest in gold in a convenient and secure way. It enables customers to invest in gold without having to keep the gold physically.It is the first Shariah-based gold account offered in Malaysia where KFHMB sell physical gold to the customer.
Customers have a choice to either collect the gold or keep it with the Bank for safe custody, at no charge. By choosing to keep the physical gold with the Bank, customer will have a peace of mind, as there is no need to worry about any security or storage issues. 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.
The Shariah concept used are Ba’i As-Sarf and Qardh Hasan. Ba’i As-Sarf refers to the exchange ot one monetary form for another in the same or different form i.e. gold for gold coins, silver for silver, silver for gold etc. Qardh refers to benevolent loan whereby the Bank as the borrower only required to repay the principal borrowed. Product Features and Benefits
Own and trade in Gold without the necessity to hold on to the physical commodity
Make the most of commodity price fluctuations with the peace of mind that you have the option to not hold on to the physical commodity.
Ease of purchase
Deposit or purchase can be arranged via a direct debit transaction from your KFH Savings Account-i or KFH Current Account-i.
Affordable initial deposit
Open an account with an initial deposit or purchase of 10 grams of Gold.
Withdrawal or sell at the Bank’s purchase price of gold
The amount of withdrawal is equivalent to the amount of gold sold based on the Bank’s buying price for gold.
Personal Account holders must be 18 years, or above.
Non-personal account holders such as companies, associations, clubs, societies, professionals and government agencies.
Personal Account Holders
Initial deposit, or purchase of 10 grams of Gold, with subsequent purchase or deposit of 5 grams each. (Deposit or purchase can only be in multiples of 1 gram)
Non- Personal Account Holders
Initial deposit, or purchase of 50 grams of Gold, with subsequent purchase or deposit of 5 grams each. (Deposit or purchase can only be in multiples of 1 gram)