Jakarta, CNBC Indonesia – PT Bank Syariah Indonesia Tbk. (BRIS) is discussing the opportunity to do business as a bullion bank in 2025. This opportunity is becoming stronger, especially after the Financial Services Authority (OJK) issued Regulation No. 17 of 2024 concerning Bullion Business Activities.
Chief Economist of BSI, Banjaran Surya Indrastomo, said that the OJK regulation opens up the potential for developing the gold business ecosystem in the future. He mentioned that since its establishment three years ago, BSI has consistently performed very well in the gold product, installment, and pawn gold businesses.
“Therefore, it is only natural that BSI becomes the driving force behind the bullion business activities regulated by the OJK,” Banjaran said at the BSI Head Office on Monday (12/23/2024).
He also explained that a bullion service bank will be different from the existing online gold trading platforms. Banjaran stated that what sets apart a bullion service owned by a sharia bank is that it always has underlying gold reserves.
“Their concern [digital gold platforms] is that they conduct gold trading or investment transactions without the underlying gold,” Banjaran explained.
“In the context of Sharia, I see that all Sharia financial institutions engaged with gold or commodities always have underlying assets. So, in other words, the uniqueness of Sharia finance makes it possible for any investor, any customer involved in commodity-based investments to feel comfortable with the presence of Sharia financial institutions.”
Banjaran mentioned that several surveys such as SUSENAS show that precious metals including gold are among the top three investment choices for the public. He continued by saying that this bullion service has the potential to financialize commodities like gold.
Banjaran explained that among the 28 commodities that the government focuses on downstreaming, gold can create a multiplier effect of 1.48%. Therefore, Indonesia has great potential to become a gold producer.
“It can be possible with the support of bullion services, and in this case, especially at BSI, we are involved in the bullion context,” he emphasized.
Furthermore, Banjaran stated that this bullion service is a “golden opportunity” and can boost the growth of Sharia banks, which have a growth range of 1% to 2% lower than conventional banks. Therefore, the bullion service is considered to be a driver of non-organic bank growth.
“So, all in all, I see, sorry, this is an analyst’s view, I think we can be a gold bank one day,” Banjaran concluded.
However, he continued, further ecosystem support is needed to develop this gold bank model, which aligns with the needs of downstreaming and achieving Indonesia’s economic growth.
Previously, the President Director of BSI, Hery Gunardi, said they were applying for a license to operate a gold bank.
“Insha Allah, ready,” said Hery at the Smesco Building on Tuesday (12/10/2024) when asked if BSI could establish a bullion bank next year.
Separately, Coordinating Minister for Economic Affairs Airlangga Hartarto proposed that Pegadaian, through PT Bank Rakyat Indonesia (Persero) Tbk.
