UAE-based RakBank has launched a gold investment tool, dubbed RakGoldInvest, which allows the bank’s high-net-worth (HNW) clients to invest in gold electronically without having to store or move the gold.
Clients can buy, sell, or hold their investments 24/7 via an online trading platform on the lender’s corporate website.
The bank is also offering customers option to convert their holdings to physical gold bars at any time.
RakGoldInvest is the the second gold-themed product rolled out by the lender in 2015. In January, it collaborated with Kalyan Jewellers to launch a co-branded credit card.
Commenting on the launch, RakBank chief executive Peter England said: "RakBank recognises the strong appeal of gold investments especially among Asian communities who still largely consider them to be the ultimate store of value even with the introduction of modern financial instruments and asset classes.
"With the launch of RAKGoldInvest and the Kalyan co-branded credit card, Rakbank offers flexible, convenient, and simple gold-themed products that aim to diversify customers’ investment portfolio."