This Is the Cause of Rapid Growth in Sharia Bank Gold Financing at the Beginning of This Year

Several Islamic banks have recorded rapid growth in gold financing services at the beginning of this year.

PT Bank BCA Syariah (BCA Syariah), for example, has reported that it has disbursed gold financing of Rp 791 billion, or grew 253% year-on-year (yoy) in February 2026.

PT Bank Syariah Indonesia Tbk (BSI) has also recorded an increase in gold financing customers of up to 400% (yoy) in February 2026.

PT Bank Muamalat Tbk (Bank Muamalat) also mentioned that there is an acceleration in gold financing growth.

Corporate Secretary of Bank Muamalat Hayunaji said that significant growth occurs across all aspects, starting from outstanding financing, the distribution of booking, and the number of customers. However, Hayunaji did not break down the exact figures.

"Gold financing penetration in Indonesia is still relatively small, so the room for growth is still very large. We are optimistic that gold financing will continue to grow aggressively throughout 2026," Hayunaji said when contacted on Saturday (4/4/2026).

Director of the National Sharia Economic and Financial Committee (KNEKS)Sutan Emir Hidayat said that the rapid growth of gold financing at the beginning of this year was caused by several factors.

First, from the sharia perspective, Emir observed the fatwa from the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), which officially allows gold buying and selling activities on a non-cash basis with the correct contract through a sharia-based gold bank.

This fatwa was just issued in February 2026. This fatwa has provided strong legal certainty for banks providing gold services and for customers who are interested.

"This is important because many Muslim customers previously still had doubts about whether gold installments or gold financing truly complies with sharia. Once that doubt is answered, demand that was previously held back becomes realized," Emir said when contacted on Thursday (2/4/2026).

On the other hand, Emir also mentioned that the increasingly mature bullion bank ecosystem in Indonesia is helping to drive the growth of gold financing. Bullion banks, such as BSI, operate based on physical gold underlying, which increases customer confidence.

Global factors also contribute to the growth of gold financing. Emir said that uncertainty in the global economy, geopolitical tensions, and the trend of gold prices rising to new record levels are making gold increasingly viewed as a safe haven asset (safe haven) that is secure.

"Ever since before, gold has been positioned as family savings, dowries, and reserves when there is an urgent need," Emir said.

Emir said that information about global gold prices spreads relatively very quickly to household levels compared with other investment instruments. It is this ease of access to information and services that is bringing gold closer to the public.

He also expects that gold financing at Islamic banks can still grow. Gold is still seen as capable of protecting purchasing power and long-term wealth.

"I see that customer interest in gold and gold financing still has the potential to grow fairly strongly, even if perhaps at a more moderate pace as the customer base becomes broader," Emir said.

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