Middle East’s first in-bank gold vending machine
Al Hilal Bank, a progressive Islamic bank, has once again made banking history by launching the Middle East’s first-ever bank-installed gold dispensing machine. Located at Al Hilal Bank’s Mall Branch in Abu Dhabi, the country’s largest banking branch, the ‘GOLD to Go’ machine sells gold bars and coins 24 hours a day at prices that are updated every 10 minutes to match current market rates. The new service reaffirms Al Hilal’s commitment to introducing innovative and customer-friendly offerings.
‘GOLD to Go’ went live on September 1, 2011 after rigorous testing. The pioneering equipment is burglar- and tamper-proof and is very easy to use. It is fully operated by Ex Oriente Lux, the German developer of ‘GOLD to Go,’ the world’s first gold vending machine. The new service is expected to do very well in light of gold’s well-established roles as both an alternative currency and a common hedge against inflation.
“Our ‘GOLD to Go’ rollout is in line with our continuous efforts to lead the market by introducing first-of-its-kind services to the UAE. We want to be the best for our customers and so we seek out the best offerings for them. Buying high-quality gold 24/7 in our trusted banking environment is something new and exciting for our customers and I am sure they will highly appreciate our efforts to give them access to this kind of personal service,” said Mohamed Jamil Berro, Chief Executive Officer, Al Hilal Bank.
Al Hilal Bank is fully owned by the Abu Dhabi Investment Council, the investment body of the Abu Dhabi Government. Currently one of the fastest-growing Islamic banks in the UAE, Al Hilal Bank serves customers through 19 branches and over 100 ATMs spread across the UAE and three branches in Kazakhstan. It manages the Al Hilal GCC Equity Fund.