By NUR HAZIQAH A MALEK / Pic By MUHD AMIN NAHARUL

Bank Muamalat Bhd expects the sales of physical minted gold bars to almost triple in value from the RM73 million recorded up to the middle of this year.

Consumer banking division head Mohd Razif Mohd Nor said the Shariah lender will maximise its branch channel to capitalise on the sales of the gold bar under the Muamalat Gold-i Account.

The financial product allows customers to purchase gold from a minimum of RM10 or one gramme.

“By the end of this financial year (March 31, 2018) we hope that we can achieve triple of the gold sales.

“We have 63 branches and with the branches, we can sell triple the amount of what we did. We are aiming (for) around RM150 million to RM200 million of sales,” Mohd Razif said at a campaign officiation and award presentation event in Kuala Lumpur on Tuesday.

The standalone Islamic lender sold 374kg of gold bars valued at RM73 million as of June 30 this year.

Bank Muamalat was established on Oct 1, 1999, as an Islamic financial institution. Conglomerate DRB-Hicom Bhd owns 70% interest in the Islamic lender, with Khazanah Nasional holding the remaining stake.