IslamicFinance.de

Gold investment accounts are fast gaining popularity among investors as they are comparatively cheaper to invest in than physical gold.
Taking a cue from their popularity, a growing number of financial institutions are offering these products to their customers as an alternative investment option.
Kuwait Finance House (Malaysia) Bhd (KFHMB) CEO Jamelah Jamaluddin said demand for gold has risen significantly as buyers ranging from investors, speculators, hedge funds, central banks and the public, continue to buy gold.

Banks’ gold savings accounts are expected to continue to gain popularity in anticipation of an uptrend in gold price and investors’ desire to diversify their investment portfolio in the current uncertain global economic conditions.
In FY10, the number of gold savings account and investment value recorded an average monthly growth of about 11%.
New entrants to the gold savings account market Kuwait Finance House (M) Bhd (KFH) and United Overseas Bank (M) Bhd (UOB) see good prospects for the product.
KFH chief executive officer Jamelah Jamaluddin said the KFH Gold Account-i which was launched nationwide on April 29 had been very well accepted.
Jamelah expects the demand for gold to hold at current levels, given the public’s heightened awareness on its availability and affordability.