THE VALIDITY OF GOLD INSTALLMENT CONTRACTS IN ISLAMIC BANKS:
An Analysis of KHES and DSN-MUI Fatwas
DOI:
https://doi.org/10.32332/muamalah.6wkc7e35Keywords:
Gold Installments, Sharia Banks, KHES, MUI-DSN Fatwa, Maqashid ShariaAbstract
This study examines the dynamics of gold installment plans at Islamic banks with reference to the DSN-MUI fatwa as a legal basis, because this scheme attracts public interest as an alternative to sharia investment but still often causes uncertainty in the contract. The research method used is normative law of a qualitative nature and literature review, utilizing DSN-MUI Fatwa No. 77/DSN-MUI/VI/2010, contemporary fiqh literature, journal articles, and Islamic bank documents, which were analyzed using content analysis. The study revealed that the fatwa guarantees physical ownership of gold and the establishment of a fixed margin, but in practice, certificates are often issued without physical gold, margins are rarely explained transparently, and post-contract price fluctuations are not optimally accommodated. A comparison with contemporary fiqh scholars shows similarities in the principles of haqiqi, takhsis, and the prohibition of riba ‘uyuniyah, but the fatwa is less flexible regarding extreme price adjustments. An ideal operational model requires a gradual delivery mechanism, cost transparency, and customer protection in accordance with the maqashid syariah. Although the fatwa is consistent with Sharia principles, there is a gap between theory and practice that could potentially harm customers. Recommendations include the implementation of gradual physical delivery, transparent pricing, revision of fatwas related to market price references, and the development of bank SOPs to ensure Sharia compliance and asset protection.
Downloads
References
Addieningrum, Fithri Mehdini, Diana Eravia, Neri Aslina, Nurlatifah Nurlatifah, and Raja Krishnan Mukti. “Analisis Aspek Keabsahan Hukum Pembelian Emas Secara Online Menurut Pandangan Yusuf Qardhawi.” Jurnal Addayyan 19, no. 1 (2024): 27–34.
Agustin, Tiara. “Prosedur Pembiayaan Produk Cicil Emas Di Bank Sumselbabel Syariah Cabang Muhammadiyah Palembang.” Jurnal Ilmiah Mahasiswa Perbankan Syariah (JIMPA) 2, no. 1 (2022): 207–20. https://doi.org/10.36908/jimpa.v2i1.67.
Aleraig, Mahmoud Ali, and Mehmet Asutay. “Islamic Accounting Applications of Islamic Finance.” In Islamic Accounting and Finance: A Handbook, edited by Khaled Hussainey and Hidaya Al Lawati. World Scientific Publishing Europe Ltd, 2023. https://doi.org/10.1142/9781800612426_0001.
Al-Jauzari, Syaikh Abdurrahman. Fikih Empat Mazhab. Jilid. 6. Edited by Muslich Taman and Yasir Maqosid. Translated by Saifuddin Zuhri and Rasyid Satari. Pustaka Al-Kautsar, 2015.
Andiko, Toha, Suansar Khatib, and Romi Adetio Setiawan. Maqashid Syariah Dalam Ekonomi Islam. Edited by Sukmawati. Penerbit Samudera Biru, 2018.
Arifin, Neli. “Deferred Payment in Goods Transactions with Gold Guarantee (An Islamic Legal Perspective).” Jurnal Justisia Ekonomika: Magister Hukum Ekonomi Syariah 8, no. 1 (2024): 961–74. https://doi.org/10.30651/justeko.v8i1.20648.
Asiah, Noor. “The Relevance of Gold Invenstment from the Perspectiveof Sharia Economic Law (Study of DSN Fatwa Number: 77/DSN-MUI/V/2010).” Journal of Islamic and Law Studies 8, no. 2 (2024): 281–300.
Aulia, Putra, Maulana Muklis, and Rosdewi Pulungan. “Perbandingan Perspektif Hukum Pencegahan Kejahatan Dunia Maya Dalam Hukum Positif Dan Hukum Pidana Islam.” Jurnal El-Thawalib 6, no. 2 (2025): 172–86.
Benuf, Kornelius, and Muhamad Azhar. “Metodologi Penelitian Hukum Sebagai Instrumen Mengurai Permasalahan Hukum Kontemporer.” Gema Keadilan 7, no. 1 (2020): 20–33. https://doi.org/10.14710/gk.2020.7504.
Fakhri, Hanifah Oktaviani, and Ahmad Perdana Indra. “Analysis of Public Interest in Gold Installment Products at Bank Syariah Indonesia KCP Medan Tomang Elok.” Jurnal Ekonomi, Manajemen, Akuntansi Dan Keuangan 3, no. 3 (2022): 909–16. https://doi.org/10.53697/emak.v3i3.631.
Febrianto, Ahmad, and Fikri Ahmad Ghani. “Investasi Emas Melalui Produk Pembiayaan BSi Cicil Emas Untuk Jangka Panjang.” PROFIT: Jurnal Kajian Ekonomi Dan Perbankan Syariah 7, no. 1 (2023): 23–35. https://doi.org/10.33650/profit.v7i1.5765.
Gulzar, Rosana, Mansor H. Ibrahim, and Mohamed Ariff. “Islamic Banks: History, Stability and Lessons from Cooperative Banking.” Jurnal Institutions and Economies 13, no. 3 (2021): 1–26. https://doi.org/10.22452/IJIE.vol13no3.1.
Guntoro, Satriak, and Husni Thamrin. “Pemikiran Al Ghazali Tentang Konsep Uang.” Syarikat: Jurnal Rumpun Ekonomi Syariah 4, no. 2 (2021): 18–24. https://doi.org/10.25299/syarikat.2021.vol4(2).8499.
Hasanah, Azmi, Rizal Maulana, and Imam Prawoto. “Praktik Trading Emas Dalam Perspektif Hukum Islam.” MUEAMALA JOURNAL 2, no. 1 (2024): 48–63. https://doi.org/10.61341/mueamala/v2i1.05.
Ichsan, Nurul. “Akad Bank Syariah.” Asy-Syir’ah: Jurnal Ilmu Syari’ah Dan Hukum 50, no. 2 (2016): 399–423.
Ilyas, Rahmat. “Konsep Uang Dalam Perspektif Ekonomi Islam.” BISNIS : Jurnal Bisnis Dan Manajemen Islam 4, no. 1 (2016): 35–57. https://doi.org/10.21043/bisnis.v4i1.1695.
Maulana, Muhammad. Model Transaksi Ekonomi Kontemporer Dalam Islam. Edited by Alidar. Dinas Syariat Islam Aceh, 2020.
Mohamad, Azhar, and Imtiaz Mohammad Sifat. “Gold Vis-à-Vis Money in Islam: The Case against Dinarist Movement.” International Journal of Law and Management 59, no. 6 (2017): 977–92. https://doi.org/10.1108/IJLMA-06-2016-0061.
Nursaid, Nursaid, Zain Smith, and Amrit Dhakal. “Development of Islamic Economics and Practices in Indonesia (2013-2023): Opportunities and Challenges.” Revenue Journal: Management and Entrepreneurship 1, no. 1 (2024): 51–63. https://doi.org/10.61650/rjme.v1i1.323.
Preiser, Rika, María Mancilla García, Lloyd Hill, and Louis Klein. “Qualitative Content Analysis.” In The Routledge Handbook of Research Methods for Social-Ecological Systems, edited by Reinette Biggs, Alta de Vos, Rika Preiser, Hayley Clements, Kristine Maciejewski, and Maja Schlüter. Routledge, 2021. https://doi.org/10.4324/9781003021339-23.
Pusvisasari, Lina, Yadi Janwari, and Ahmad Hasan Ridwan. “Price Mechanisms in Islamic Economics Perspective of Yahya Bin Umar and Ibn Taymiyah.” Al-Afkar, Journal For Islamic Studies 6, no. 4 (2023): 694–703.
Putri, Zalpa Salsabila, and Nur’aeni Nur’aeni. “Analisis Fluktuasi Harga Emas Dan Tingkat Inflasi Terhadap Pendapatan Gadai Emas Syariah Di Bank Syariah Mandiri.” Indonesian Journal of Economics and Management 1, no. 3 (2021): 489–98. https://doi.org/10.35313/ijem.v1i3.3491.
Rahman, Anisa, Rully Trihantana, and Ria Kusumaningrum. “Analisis Manajemen Risiko Pembiayaan Produk Cicil Emas Pada Bank Syariah Mandiri Kantor Cabang Pembantu Bogor Jalan Baru.” Sahid Banking Journal 1, no. 02 (2022). https://doi.org/10.56406/sahidbankingjournal.v1i02.38.
Rifqi, Latif Hanafir, Lia Anissatun Mufiroh, and Ana Zahrotun Nihayah. “Analysis of Gold Investment with Installment Scheme.” Journal of Islamic Economics, Management, and Business (JIEMB) 3, no. 2 (2021): 137–52. https://doi.org/10.21580/jiemb.2021.3.2.11699.
Risman, Asep, Markonah Markonah, Jaih Mubarok, and Budi Lestijawan Eka Saputra. “Islamic Perspective of Gold-Based Investment: The Case of Indonesia.” Tazkia Islamic Finance and Business Review 18, no. 1 (2024): 1–17. https://doi.org/10.30993/tifbr.v18i1.363.
Wibawa, Ginan, Alda Rifada Rizqi, Diar Faroha, and Rianti Oktaviani. “Analisis Kesesuaian Fatwa DSN-MUI No. 77/DSN-MUI/V/2010 Terhadap Pembiayaan Murabahah Cicil Emas.” Journal Presumption of Law 5, no. 2 (2023): 109–23. https://doi.org/10.31949/jpl.v5i2.5044.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Hamdanil, Bagus Pria Alwadipa
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
All articles in the Mu'amalah: Jurnal Hukum Ekonomi Syariah can be disseminated on condition that they still include the identity of the article and the source (Mu'amalah). The publisher is not responsible for the contents of the article. The content of the article is the sole responsibility of the author.
Authors who publish this subject agree to the following terms:
First, the Authors retain copyright and grant the journal rights from the first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
Secondly, the authors can enter into a separate or an acknowledgement of its initial (e.g., post-institutional repository or publish it in a book) publication in this journal.
Third, the authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before publishing work is cited.
