Jakarta, ThedailyID — Dewan Syariah Nasional & Majelis Ulama Indonesia (DSN-MUI) issued Fatwa No. 166/DSN-MUI/II/2026 on Sharia-Based Bullion Business Activities on February 11, 2026, marking a key milestone in strengthening the Islamic legal foundation of Indonesia’s bullion industry. The ruling provides formal guidance for the development of Sharia-compliant bullion services in the country.
The fatwa represents institutional support for the government’s strategy to advance downstream gold processing and reinforce the national gold ecosystem. It establishes a comprehensive framework for Sharia financial institutions to conduct bullion-related activities, covering four main areas: gold custody, gold trading, gold savings, and gold financing.
From a regulatory standpoint, bullion activities in Indonesia are governed by the 2023 Financial Sector Development and Strengthening Law and Financial Services Authority Regulation No. 17/2024 on Bullion Business Operations. The new fatwa complements this framework by ensuring that bullion services can be implemented in line with Sharia principles.
Bank Syariah Indonesia, the first bank to receive a bullion service license from the Financial Services Authority, welcomed the issuance of the fatwa. The bank’s bullion services were officially launched by Prabowo Subianto in February 2025.
Hasanudin, chairman of BSI’s Sharia Supervisory Board, said the bank’s current bullion operations are aligned with the newly issued fatwa. He noted that the council, BSI, regulators, and other stakeholders had conducted extensive discussions and reviews since the introduction of the 2024 bullion regulation.
Anton Sukarna, BSI’s Director of Sales and Distribution, emphasized that the bank has ensured all bullion activities comply with Sharia principles, supported by formal opinions from its Sharia supervisory body and existing religious rulings. He said the new fatwa further strengthens the operational foundation for Sharia financial institutions to run bullion businesses in a prudent and transparent manner.
Separately, Ade Cahyo Nugroho, BSI’s Director of Finance and Strategy, highlighted that the bank’s strong performance has been supported by its dual licensing as both an Islamic bank and a bullion bank. Within less than a year of launching its gold banking services, BSI’s gold ecosystem—including bullion banking, gold installment financing, and gold pawn services—has attracted nearly one million customers, helping push the bank’s total customer base beyond 23 million.
