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 a platform for the acquisition, safe keeping and exchange services to members and customers 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 for its members and customers, made available via its mobile application and website; azzahabi.my. The gold units are 0.1 gram units, allotted from PAMP Suisse 999.9 gold cast bars.
- Conversion is made easy with the on-line multi-type-account system that allow members and customers to top up cash into their currency account, buy or sell gold units and exchange the gold units with other products and services.
- Regular audit by an independent auditor shall authenticate the existence of these gold bars, 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 or dirhams.
- The mainstay of the system would be to allow members/customers to pawn/ar-rahnu their gold savings via their online account. A separate ar-rahnu account shall be created for each ar-rahnu transaction.
- The members/customers would also be able to utilise their gold units in the DinarLife ~ a Halal Fintech Eco-System.