Buying and Selling Gold in Gold Electronic Features in the BSI (Bank Syariah Indonesia) Mobile Application from the Perspective of Islamic Law

Abstract

The phenomenon of online buying and selling has become increasingly popular due to the convenience it offers. One of the commodities currently traded online is gold. In this practice, gold is purchased non-cash, meaning the buyer does not directly take possession of the physical gold at the time of purchase. Instead, under the system implemented by Bank Syariah Indonesia (BSI), the purchased gold is deposited until the buyer decides to withdraw it as a physical bar or exchange it back for money. This model raises important questions regarding its mechanism and its compliance with Islamic law. This study employs a qualitative research approach with data collected through observation, interviews, and documentation. The findings show that the mechanism of online gold transactions at BSI is carried out under a depository (wadiah) system. In this system, buyers can later print or withdraw gold bars that have been securely stored, with the condition that the minimum withdrawal amount is not less than 1 gram. In addition, buyers are subject to printing fees if they choose to obtain physical gold. From the perspective of Islamic law, this model is considered permissible. The transaction is structured through a deposit system in which the buyer’s ownership rights over the purchased gold are preserved, even though the gold remains in the custody of the bank until withdrawal. This mechanism ensures that the transaction does not violate sharia principles, particularly regarding riba (usury) or gharar (excessive uncertainty). The ability of buyers to print or withdraw their gold at any time, with clear provisions and transparency, aligns the practice with general rules of buying and selling in Islam. In conclusion, the online gold trading mechanism through BSI’s electronic application reflects a sharia-compliant model of modern financial transactions. By implementing a wadiah deposit system, BSI provides flexibility and security for customers, while maintaining compliance with Islamic legal principles. Thus, online gold trading via Islamic banks in Indonesia can be regarded as a legitimate and permissible form of commerce under Islamic law.