Emirates Islamic has launched a Shari’ah-compliant digital investment solution in gold and silver, becoming the first Islamic bank in the UAE to offer such a service. The feature is integrated into its EI+ Mobile Banking App, enabling customers to invest seamlessly in precious metals.
The new offering, a first-of-its-kind by an Islamic bank in the UAE, empowers customers to buy and sell certified physical gold and silver bars in a secure environment, providing a convenient way to diversify their portfolios and preserve investment value.
Customers can manage their precious metal investments using their smartphone through the dedicated ‘Wealth’ tab in the EI + Mobile Banking App. This innovative solution underscores Emirates Islamic’s commitment to utilising cutting-edge technology to deliver best-in-class customer experience, making sophisticated, ethical wealth management solutions more accessible than ever before.
Investors can begin with a low minimum investment, benefiting from the intrinsic value of gold and silver as traditional hedges of inflation. The service also offers flexible redemption options, allowing for partial or full cash redemption, or even physical delivery of their holdings. Customers have the flexibility to sell their holdings anytime, regardless of market conditions.
Furthermore, Emirates Islamic ensures the highest standards of quality and security for all precious metal investments. Gold bars meet London Bullion Market Association (LBMA) and Dubai Good Delivery (DGD) standards, featuring trusted brands such as Emirates NBD, PAMP and Valcambi. Similarly, silver bars are compliant with UAE Good Delivery (UAEGD) standards, available from reliable brands including Emirates NBD and UAEGD. All precious metals are held in high-security vault storage.
Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, commented: “We are proud to be the first Islamic bank in the UAE to launch digital investment in gold and silver, through our EI + Mobile Banking App. This launch underscores our unwavering commitment to driving digital innovation in Shari’ah-compliant wealth management, offering a robust and transparent platform that enhances our overall value proposition. It further solidifies our market leadership, demonstrating our dedication to providing sophisticated, accessible solutions that resonate with the evolving financial landscape and reinforce our position as a leader in digital Islamic banking.”
Mohamed Al Hadi, Head of Retail Banking and Wealth Management at Emirates Islamic, said: “This new digital gold and silver offering is a direct response to our core strategic objective of empowering our retail customers and deepening our client relationships. Our customers can now easily leverage the EI + Mobile Banking App to invest in Shari’ah-compliant physical precious metals, enabling them to make informed decisions for their financial future.”
Ebrahim Qayed, Head of Treasury and Markets, Emirates Islamic, commented: “Gold and silver act as a hedge against inflation and helps to preserve investment value. As the UAE’s first Shariah-compliant digital investment solution in precious metals, our offering provides an accessible and flexible way for individuals to confidently manage and grow their wealth, aligning perfectly with their evolving needs.”
The launch of digital gold and silver investment reflects the bank’s ongoing dedication to providing innovative financial products that cater to the evolving demands of its customer base, while upholding its commitment to Shari’ah principles.
