Volume V: Economy, Politics, and Environmental Governance

Partial Reactualization of Gold’s Thamaniyyah in the Bullion Banking Era: Reassessing the Factual Premise of Non-Cash Gold Transactions

  • Deni Permana UIN Sunan Gunung Djati Bandung, Indonesia

Keywords

Bullion Banking; Partial Reactualization of Gold's Thamaniyyah; Non-Cash Gold Transactions; Factual Premise; Islamic Economics.

Abstract

The emergence of bullion banking has introduced a new institutional landscape that has the potential to reshape the economic function of gold within the contemporary Islamic financial system. This study aims to evaluate whether this development has altered the factual premise underlying the juristic argument for the permissibility of non-cash gold transactions by analyzing the concept of the Partial Reactualization of Gold's Thamaniyyah. This study employs a qualitative library research approach using a normative-conceptual framework integrated with a historical approach. The data were collected from classical Islamic jurisprudential literature, contemporary Islamic economics literature, national regulations, international Shariah standards, and relevant scholarly publications, and were analyzed using content analysis. The findings reveal that bullion services, including gold savings, gold financing, gold trading, and gold custody, have expanded the economic function of gold from an investment commodity into a financial asset that supports the intermediation activities of financial institutions. Although gold has not regained its status as legal tender, bullion banking demonstrates the re-emergence of several economic functions historically associated with the concept of thamaniyyah, particularly as a store of value, a vehicle for wealth accumulation, and a supporting instrument for financing activities. These findings provide a conceptual contribution to the development of Islamic economics and may serve as a reference for academics, regulators, the bullion industry, and fatwa institutions in understanding the transformation of gold's economic function. As its primary scholarly contribution, this study introduces the concept of the Partial Reactualization of Gold's Thamaniyyah as an analytical framework for explaining the re- emergence of selected economic functions of gold without restoring its status as money in the classical juristic sense. Unlike previous studies, this research demonstrates that the development of bullion banking has generated new economic realities that warrant a reassessment of the factual premise underlying the juristic permissibility of non-cash gold transactions.

References

  1. Accounting and Auditing Organization for Islamic Financial Institutions. (2016). Shariah Standard No. 57: Gold and Its Trading Controls. AAOIFI.
  2. Adam, F., & Barkatulla, A. K. (2019). Currency in Islamic law. In H. Visser (Ed.), Islamic Finance: Principles and Practice (3rd ed., pp. 117–136). Routledge.
  3. Al-Ghazali, A. H. (2011). Ihya' 'Ulum al-Din (Vol. 2). Dar al-Kutub al-'Ilmiyyah.
  4. Al-Nawawi, Y. S. (1996). Al-Majmu' Sharh al-Muhadhdhab. Dar al-Fikr.
  5. Asadov, A. I. (2020). Money in Islam: A social contract perspective. International Journal of Islamic Economics, 2(1), 39–53. https://doi.org/10.32332/ijie.v2i01.2025
  6. Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27–40. https://doi.org/10.3316/QRJ0902027
  7. Chapman, A. (2010). Historical interpretations. In I. Davies (Ed.), Debates in History Teaching (pp. 96–108). Routledge.
  8. Chapra, M. U. (1992). Islam and the Economic Challenge. The Islamic Foundation.
  9. Creswell, J. W., & Poth, C. N. (2018). Qualitative Inquiry and Research Design: Choosing Among Five Approaches (4th ed.). SAGE Publications.
  10. Dewan Syariah Nasional Majelis Ulama Indonesia. (2010). Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia Nomor 77/DSN-MUI/V/2010 tentang Jual Beli Emas Secara Tidak Tunai. Dewan Syariah Nasional Majelis Ulama Indonesia. https://dsnmui.or.id/ [In Indonesian]
  11. Dewan Syariah Nasional Majelis Ulama Indonesia. (2026). Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia Nomor 166/DSN-MUI/II/2026 tentang Kegiatan Usaha Bulion Berdasarkan Prinsip Syariah. Dewan Syariah Nasional Majelis Ulama Indonesia. https://dsnmui.or.id/ [In Indonesian]
  12. Elo, S., & Kyngäs, H. (2008). The qualitative content analysis process. Journal of Advanced Nursing, 62(1), 107–115. https://doi.org/10.1111/j.1365-2648.2007.04569.x
  13. Hardiansyah. (2024). Syirkah model for Islamic gold monetization: Opportunities for implementing bullion bank in Indonesia. Dinasti International Journal of Economics, Finance & Accounting, 5(2), 399–411. https://doi.org/10.38035/dijefa.v5i2.2488
  14. Ibn Qayyim al-Jawziyyah. (1991). I'lam al-Muwaqqi'in 'an Rabb al-'Alamin. Dar al-Kutub al-'Ilmiyyah.
  15. Ibn Taymiyyah. (1995). Majmu' al-Fatawa. King Fahd Complex.
  16. Kahf, M. (1999). The Islamic Economy: Analytical Study of the Functioning of the Islamic Economic System. Scientific Publishing Centre, King Abdulaziz University.
  17. Krippendorff, K. (2018). Content Analysis: An Introduction to Its Methodology (4th ed.). SAGE Publications.
  18. Meilianingsih, F., Fateh, M., & Zain, N. F. M. (2025). Implementasi Fatwa DSN-MUI dalam jual beli emas secara tidak tunai di Bank Syariah Indonesia. El Hisbah: Journal of Islamic Economic Law, 5(1), 75–88. https://doi.org/10.28918/elhisbah.v5i1.11654 [In Indonesian]
  19. Mishkin, F. S. (2022). The Economics of Money, Banking, and Financial Markets (13th ed.). Pearson.
  20. O'Connor, F., Lucey, B. M., Batten, J. A., & Baur, D. G. (2015). The financial economics of gold: A survey. International Review of Financial Analysis, 41, 186–205. https://doi.org/10.1016/j.irfa.2015.07.005
  21. Otoritas Jasa Keuangan. (2024). Peraturan Otoritas Jasa Keuangan Nomor 17 Tahun 2024 tentang Penyelenggaraan Kegiatan Usaha Bulion. Otoritas Jasa Keuangan. https://ojk.go.id/id/regulasi/Documents/Pages/POJK-17-Tahun-2024-Penyelenggaraan-Kegiatan-Usaha-Bulion/POJK17Tahun2024PenyelenggaraanKegiatanUsahaBulion.pdf [In Indonesian]
  22. Patton, M. Q. (2015). Qualitative Research & Evaluation Methods: Integrating Theory and Practice (4th ed.). SAGE Publications.
  23. Punu, N. A. (2023). Implementasi Fatwa DSN-MUI Nomor 77/DSN-MUI/V/2010 tentang Jual Beli Emas Secara Tidak Tunai pada Produk BSI Cicil Emas (Undergraduate thesis). Institut Ilmu Al-Qur'an Jakarta. [In Indonesian]
  24. Reuters. (2025, February 26). President Prabowo launches Indonesia's first bullion banks. https://www.reuters.com/markets/asia/president-prabowo-launches-indonesias-first-bullion-banks-2025-02-26/
  25. Reuters. (2025, April 9). Indonesians rush to gold as rupiah and stocks plunge amid U.S. tariff worries. https://www.reuters.com/markets/commodities/indonesians-rush-gold-rupiah-stocks-plunge-amid-us-tariff-worries-2025-04-09/
  26. Takhim, T., Teves, R., Fatchurrohman, M., & Ashlyzan, N. (2024). Money in the Islamic economy. Ecopreneur: Jurnal Ekonomi dan Bisnis Islam, 5(1), 33–48.
  27. Visser, H. (Ed.). (2019). Islamic Finance: Principles and Practice (3rd ed.). Routledge.
  28. World Gold Council. (2025). Gold Demand Trends: Full Year 2024. https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2024
  29. Zamani, M. (2016). Metode Istinbath Hukum Fatwa DSN-MUI Nomor 77/DSN-MUI/V/2010 tentang Jual Beli Emas Secara Tidak Tunai (Undergraduate thesis). Universitas Islam Negeri Antasari Banjarmasin. [In Indonesian]
Scroll to Top