PT Bank Syariah Indonesia Tbk. (BSI) has officially received approval from Indonesia’s Financial Services Authority (OJK) to operate a bullion bank. This decision was confirmed on Wednesday (February 12, 2025), marking a major step for Indonesia’s Islamic banking sector.

OJK’s Chief Executive for Banking Supervision, Dian Ediana Rae, verified the approval, stating, “Yes, we have just issued the license today for BSI to operate a bullion bank.”

At the end of last year, BSI’s President Director, Hery Gunadi, expressed support for the government’s initiative, led by Coordinating Minister for Economic Affairs Airlangga Hartarto, to establish BSI as a pioneer in bullion banking. Hery noted that the bank was preparing the necessary infrastructure, feasibility studies, and regulatory frameworks to support its gold banking operations.

Chief Economist at BSI, Banjaran Surya Indrastomo, highlighted the increasing demand for gold investment among Islamic banking customers. He emphasized that gold-backed financial products offer greater security compared to digital gold platforms due to their underlying physical reserves.

According to BSI’s economic research, gold remains a top investment choice for Indonesians. The study also found that among the 28 commodities targeted for downstream processing by the Indonesian government, gold has the highest fiscal multiplier effect, estimated at 1.48%. This means gold-related economic activities can generate significant economic benefits.

Banjaran added that bullion banking could help Indonesia position itself as a leading gold producer while supporting national economic growth. However, he stressed the need for a stronger ecosystem to develop this banking model in line with the country’s downstream industry goals.

With OJK’s approval, BSI is now set to advance its bullion banking services, further strengthening Indonesia’s position in the global gold market.

SOURCE: BISNIS | PHOTO: ANTARA

This article was created with AI assistance.