ID :
119540
Fri, 04/30/2010 - 18:03
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Shortlink :
https://oananews.org//node/119540
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KUWAIT FINANCE HOUSE M'SIA LAUNCHES KFH GOLD ACCOUNT-i
KUALA LUMPUR, April 30 (Bernama) -- Kuwait Finance House (Malaysia) Bhd (KFHMB) aims to sell 50kg of gold under its newly-launched KFH Gold Account - i by year-end, says its Retail and Consumer Banking Head Attar Salleh.
He said since the soft launch of the account two-and-a-half-month ago, the
bank had received more than RM1.08 million (US$338 million) and transacted nine
kilogrammes of gold.
"The KFH Gold Account-i, is the first Syariah-based gold account offered in
Malaysia, where KFHMB sells physical gold to the customer," he told reporters
after the official launch of the account here Friday.
"Through the account, customers are able 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," he said.
Attar also said customers can start investing from as low as 10 grams of
gold and must maintain a minimum balance of two grams.
He said the gold price is about RM125 (US$39) per gram.
"Customers can always sell or withdraw their gold at the branch based on the
bank's daily purchasing price. The physical withdrawal of gold can be made in
denominations of one, five, 10 and 50 grams," he said, adding that the account
is available at all its seven branches nationwide.
Attar said the bank also plans to launch automobile financing in the
second half of this year.
He said the bank has target its consumer business to constitute half of its
undertakings by 2015.
"We plan to form business alliances with several third parties. I can't
reveal their identity at the moment. We believe such alliances are important to
growing the business," he said.
-- BERNAMA
He said since the soft launch of the account two-and-a-half-month ago, the
bank had received more than RM1.08 million (US$338 million) and transacted nine
kilogrammes of gold.
"The KFH Gold Account-i, is the first Syariah-based gold account offered in
Malaysia, where KFHMB sells physical gold to the customer," he told reporters
after the official launch of the account here Friday.
"Through the account, customers are able 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," he said.
Attar also said customers can start investing from as low as 10 grams of
gold and must maintain a minimum balance of two grams.
He said the gold price is about RM125 (US$39) per gram.
"Customers can always sell or withdraw their gold at the branch based on the
bank's daily purchasing price. The physical withdrawal of gold can be made in
denominations of one, five, 10 and 50 grams," he said, adding that the account
is available at all its seven branches nationwide.
Attar said the bank also plans to launch automobile financing in the
second half of this year.
He said the bank has target its consumer business to constitute half of its
undertakings by 2015.
"We plan to form business alliances with several third parties. I can't
reveal their identity at the moment. We believe such alliances are important to
growing the business," he said.
-- BERNAMA
