Koperasi Az-Zahabi Selangor Berhad (B-4-1029) was officially registered on April 6, 2012.
The Koperasi shall operate an Ar-Rahnu business with the members interest in mind. It shall also provide acquisition, safe keeping and liquidity services to members of the Koperasi. The Ar-Rahnu business that Koperasi Az-Zahabi shall adopt evolve not around its simple form of micro financing but more of wealth management.
- Koperasi Az-Zahabi Selangor Berhad facilitates conversion of cash into gold units by its members and customers, made available via its website www.azzahabi.my. The gold units are 0.1 gram units, allotted from a PAMP Suisse 100 gram 999.9 gold cast bars.
- Conversion is made easy with the on-line multi-type-account system at www.azzahabi.my that allows members and customers to deposit cash into their currency account and then ‘buys’ or ‘sells’ gold units. The allocation of gold units are regulated by the system and can easily be monitored via the on-line system.
- Regular audit by an independent auditor shall authenticate the existence of these gold bars, index-linked to and stored in safe deposit boxes. Withdrawals initially shall only be in the form of cash; reversed out through the member/customer registered bank account. In later phases, option to convert into preferred gold bars or dinars and dirhams, would also be available as an option for the members/customers.
- The mainstay of the system would be to allow members/customers to pawn/ar-rahnu their gold savings via their on-line account. A separate ar-rahnu account will be created for each ar-rahnu transaction.