Sharia Legality and Conformity in Bullion Business Activities After DSN-MUI Fatwa No. 166/DSN-MUI/II/2026: A Thematic Analysis of Contracts and Operational Provisions
DOI:
https://doi.org/10.32506/p5q0h623Keywords:
Sharia bullion, DSN-MUI fatwa, Sharia contracts, Sharia conformity, goldAbstract
The issuance of Fatwa No. 166/DSN-MUI/II/2026 on Sharia-Compliant Bullion Business Activities by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) marks a significant milestone in strengthening the Sharia foundation for the national bullion industry. This fatwa regulates four main business activities—gold savings, gold custody, gold trading, and gold financing—with specific Sharia contract types along with boundaries (hudud) and operational provisions (dhawabith) for each activity. This study aims to analyze the aspects of Sharia legality and conformity in bullion business activities after the issuance of the fatwa, focusing on contract structure, regulatory framework, and implementation challenges. The study employs a qualitative approach with textual data, analyzing DSN-MUI Fatwa No. 166/DSN-MUI/II/2026 as the primary corpus, supplemented by Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (UU P2SK), Financial Services Authority Regulation (POJK) No. 17 of 2024, and previous DSN-MUI fatwas related to gold. The analytical technique used is thematic analysis to identify patterns and themes within the fatwa's provisions. The main findings indicate that this fatwa provides a comprehensive Sharia framework by establishing four mandatory requirements for gold as a transaction object—physical existence, full ownership (al-Milk al-Tamm), transferability (qabdh), and standardization—as well as formalizing the use of contracts such as qardh, mudharabah, wadi'ah, ijarah, murabahah, musya', musyarakah, and wakalah bi al-istitsmar for bullion activities. However, there is a potential gap between the normative provisions of the fatwa and operational practice, particularly regarding the application of hybrid contracts (al-'uqud al-murakkabah) and the risk of riba in non-cash gold transactions. The implication of this study is the need for refinement of technical regulations by the Financial Services Authority (OJK) and strict oversight by the Sharia Supervisory Board (DPS) to ensure full conformity with Sharia principles.
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