Kepatuhan Syariah dan Mitigasi Risiko Regulasi Operasional Bullion Bank Bank Syariah Indonesia (BSI)

Abstract

The implementation of bullion bank business activities by PT Bank Syariah Indonesia Tbk (BSI) after the issuance of POJK Number 17 of 2024 opens up opportunities for diversification of gold commodity-based products, but at the same time brings double risk complexity. This study aims to analyze the operational alignment of BSI's bullion services to sharia compliance and formulate an adaptive regulatory risk mitigation strategy. Using qualitative research methods with a descriptive-analytical approach, this study combines juridical-normative analysis and risk-management approach. The data source relies on secondary legal materials collected through documentation studies and analyzed using the content analysis method. The results of the study show that although formally BSI gold products have been supported by the adequacy of the muamalah fiqh contract, at the digital technical level there is a critical point of sharia non-compliance risk related to the fulfillment of the pillars of qabdh (handover). This is triggered by the potential synchronization gap between the digital book balance in the BYOND application and the physical availability of gold (underlying asset) in the bank's vault. In addition, the limitation of sharia hedging instruments is suspected to be the cause of fluctuating profitability ratios due to soaring compliance costs. As a resolution, this study reconstructs the Integrated Sharia-Regulatory Risk Framework, which rests on three main pillars, namely the tokenization of physical gold-based assets, the optimization of Wa'dan and Tawaruq schemes for Islamic hedging, and the establishment of the Sharia Bullion Insurance Pool to address the legal void in the commodity guarantee system by the Deposit Insurance Corporation (LPS).