Between Fatwa and Practice: Gold Murabahah Financing and Maqasid al-Shariah in Indonesia

Gold murabahah financing in Indonesia raises questions about the distinction between formal contractual conformity and substantive Sharia compliance, particularly regarding asset ownership, possession, and customer transparency. This study examines gold murabahah financing under applicable DSN-MUI fatwas, evaluates its implementation through maqasid al-shari'ah, and identifies implications for Sharia governance. Employing a qualitative descriptive-analytical approach, the study uses documentary analysis and normative-juridical interpretation of Sharia standards, fatwas, and scholarly literature. The findings indicate that reported gold murabahah practices generally demonstrate conformity with Sharia requirements in contractual design, including deferred sales, murabahah procedures, and collateral arrangements. However, substantive compliance remains insufficiently verified, particularly concerning institutional ownership, constructive possession, risk assumption before sale, and meaningful customer disclosure. From a maqasid al-shari'ah perspective, gold murabahah may facilitate wealth preservation and financial inclusion, although these potential benefits depend on affordability, contractual justice, and transparency. The study develops a three-dimensional analytical framework comprising verifiable ownership and risk assumption, meaningful contractual disclosure, and operational Sharia supervision. Its application highlights the need for clearer operational guidance on electronically recorded ownership, asset allocation, and custody arrangements in digital gold financing. These findings emphasize the importance of evidence-based supervision, institutional accountability, and customer protection in advancing substantive Sharia compliance.