Latest news with #Nilai
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Gold gains traction in Islamic investing as rally spurs interest
Gold has been one of the strongest-performing major commodities over the past year. (File pic)) PETALING JAYA : In a small town an hour's drive from Malaysia's capital, a new, high-security vault illustrates the growing popularity of gold products and services designed to cater to Islamic principles. Run by a unit of Loomis AB, the Swedish cash- and bullion-handling company, together with local security firm E2S Group, the 20-tonne facility in Nilai represents a push to tap into the nation's burgeoning Islamic bullion sector. 'There's a desire among local bullion dealers to have proper storage facilities,' Jeremy Beh, Loomis International's country head in Singapore, said in an interview, before the site was inaugurated to an audience of traders, refiners and bankers last week. 'Several local banks have recently rolled out so-called halal gold investment products as demand has surged,' he said. Gold has been one of the strongest-performing major commodities over the past year, supported by booming central bank and investment demand. Prices last set a record in April, and with the US Federal Reserve now widely expected to reduce interest rates, further gains are widely expected. Among forecasters, Goldman Sachs Group Inc has flagged a push to US$4,000 an ounce. Islamic finance was estimated as a US$5.5 trillion global market last year, and that may rise to US$7.5 trillion by 2028, according to Standard Chartered Plc. Gold should be a good fit given that one of the metal's main characteristics as an asset is that it doesn't typically pay interest, in line with Islamic practice. However, there are other considerations: bullion investments must be tied to specific bars, and during transactions, there needs to be an immediate transfer of ownership. That conflicts with some practices in parts of the global market, where balances are sometimes not linked to identifiable assets. 'Gold really ticks a lot of boxes for an investor with Islamic principles in mind,' said Louis Hems, commercial director of the Dubai Gold and Commodity Exchange, which has a Shariah-compliant gold contract. 'There's no interest paid on it. There's an underlying asset,' he added. Momentum for the Shariah-compliant gold is growing in Malaysia, as well as other nations. A halal gold-backed exchange-traded fund listed in Malaysia reached record holdings this year, while trading volume on the Dubai exchange's Islamic Gold Spot Contract nearly tripled in the first half. 'Demand for gold-investment products is very high,' said Mokhrazinim Mokhtar, senior vice-president of retail deposit and wealth management at Bank Rakyat, which introduced a product in April enabling customers to invest online in physical gold, while adhering to Shariah principles. 'Customers are seen shifting their savings from cash to gold,' she said. Still, a lack of understanding remains a hurdle, according to Andrew Naylor, head of Middle East and public policy at the World Gold Council, who was involved in developing guidelines for Shariah-compliant gold. 'There's a lot of assumptions that, unless you can take the gold home, it is not Shariah-compliant,' said Naylor. 'More work needs to be done to raise awareness,' he said.
Bloomberg
a day ago
- Business
- Bloomberg
Gold Gains Traction in Islamic Investing as Rally Spurs Interest
In a small town an hour's drive from Malaysia's capital, a new, high-security vault illustrates the growing popularity of gold products and services designed to cater to Islamic principles. Run by a unit of Loomis AB, the Swedish cash- and bullion-handling company, together with local security firm E2S Group, the 20-ton facility in Nilai represents a push to tap into the nation's burgeoning Islamic bullion sector.
Free Malaysia Today
10-07-2025
- Free Malaysia Today
Man claims trial to trafficking own relative for scam ring
Jackson Choh Safri, who hails from Sarawak, pleaded not guilty after the charge was read before judge Surita Budin. (File pic) PETALING JAYA : A 24-year-old man has claimed trial in the Seremban sessions court to a charge of trafficking in his own relative to be exploited by a scam syndicate. Jackson Choh Safri, 24, who hails from Sarawak, pleaded not guilty after the charge was read before judge Surita Budin, Harian Metro reported. He was accused of trafficking in Joshua Edward, 27, at around 4am at a house in Youth City, Nilai, on June 24. The charge was framed under Section 12 of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act 2007, which provides for up to 20 years in prison and a fine, upon conviction. Deputy public prosecutor Raya Nurul Balkis Zunaidi, who proposed bail of RM50,000, said the victim was both a relative and an employee of the accused. Lawyer Hafez Zalkapli sought a lower bail amount, saying Choh was now jobless and had to care for a disabled younger brother and an unemployed elder sister. Choh was allowed to post bail of RM20,000 but was told to surrender his passport and report to the nearest police station every month. The court fixed Aug 14 for submission of documents.
Free Malaysia Today
05-07-2025
- Business
- Free Malaysia Today
Trader loses RM600,000 in bogus online investment scheme
Nilai police chief Abdul Malik Hasim said the victim only realised he had been scammed after he was unable to withdraw both his profit and initial capital. (Bernama pic) SEREMBAN : A frozen food trader lost more than RM600,000 after falling victim to an online business investment scheme last month. Nilai police chief Abdul Malik Hasim said they received a report from the victim, a man in his early 50s, at 1.17pm today. 'The man said he had dealings with an individual who offered him an investment opportunity on April 21. He was instructed to register an eBay account to begin investing in a business and sell goods via his own online store. 'The victim then transferred funds into 19 different bank accounts, making a total of 43 transactions amounting to RM677,890,' Malik said in a statement tonight. Malik said the victim only realised he had been scammed after he was unable to withdraw both his profit and initial capital.
Free Malaysia Today
05-07-2025
- Automotive
- Free Malaysia Today
Passengers, driver hurt after express bus crashes into overhead height barrier
The express bus with 19 passengers was believed to be on its way from Kajang, Selangor, to Melaka, according to a Nilai fire and rescue department official. PETALING JAYA : Several passengers and the driver of an express bus were injured after the vehicle hit a height restriction barrier in Nilai, Negeri Sembilan, last night. Nilai fire and rescue department operations commander Azmi Hamid said the injured comprised four men and three women in their 30s to 50s, Bernama reported. He said the department received a distress call at 10.30pm. 'The bus, carrying 19 passengers, was believed to be travelling from Kajang, in Selangor, to Melaka. 'All the injured victims received treatment in the green zone of Serdang Hospital,' he said, adding that a nine-member team conducted a rescue operation at the scene.
