Emirates Islamic has launched the UAE’s first digital gold investment service, allowing users to buy and sell gold online. This is a major fintech milestone and an expansion of digital investment options in the region. 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.
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced the launch of a Shari’ah-compliant digital investment solution in gold and silver, seamlessly integrated into the bank’s EI + Mobile Banking App.
The new offering, a first-of-its-kind by an Islamic bank in the UAE, allows 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.
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 the UAE Good Delivery (UAEGD) standards and are available from reliable brands, including Emirates NBD and UAEGD. All precious metals are stored in high-security vaults.
“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," Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, said.
"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."
The service offers flexible redemption options, including partial or full cash redemption or physical delivery of their holdings. Additionally, customers can sell their investments at any time, regardless of market conditions.
Investments can be managed through the dedicated ‘Wealth tab in the EI+ app. Customers can begin with a low minimum investment and benefit from the intrinsic value of gold and silver as traditional hedges against inflation.
“Gold and silver act as a hedge against inflation and help 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,” Ebrahim Qayed, the head of Treasury and Markets at Emirates Islamic, said.
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Mohamed Al Hadi, the head of Retail Banking and Wealth Management at Emirates Islamic, said that customers can easily use the EI + mobile banking app to invest in Shari’ah-compliant physical precious metals, allowing them to make informed decisions about their financial future.
“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,” he added.