Digital Gold Investment From A Sharia Perspective: Analyzing Riba And Gharar And Developing A Sharia-Compliant Transaction Framework

The increasing development of digital gold investment in Indonesia has led Pegadaian and its affiliated companies, as the most popular providers of gold savings, to face Sharia compliance issues related to the potential of the riba (interest) and gharar (uncertainty). The objective of this qualitative research is to evaluate the adherence of Pegadaian and its affiliated firms to Sharia principles in ribawi commodity transactions, and to develop a digital gold investment guide that conforms to Sharia principles. The data was gathered through a literature review on digital gold investment and a content analysis of the platforms and applications utilized by Pegadaian and its affiliated companies. The data was subsequently subjected to thematic analysis to generate the concept of Sharia-compliant digital gold transactions. The results of the analysis indicate that Pegadaian's gold savings and the entities associated with it exhibit elements of gharar, as there is no physical gold present. The aforementioned cost savings exhibit traits of riba, as there is neither a physical nor a constructive transfer of gold ownership. Nevertheless, the provided services adhere to the principle of cash payment. The guidelines for digital gold investment compliance highlight the transaction mechanism, taking into account the object, the process of handover, payment, and storage of the investor's gold. The existence of this guide is important to assist investors in deciding on Sharia-compliant gold investments, as well as to provide a reference for the gold investment industry regarding the guidelines for digital gold investments that are free from riba and gharar. And encourage the policymakers to be more cautious in Regulation.