BSI Records Gold Financing Business Grows 27.2 Percent Until February 2024

Photo: Doc. Antara

JAKARTA - PT Bank Syariah Indonesia Tbk (BSI) noted that the gold financing business grew 27.2 percent on an annual basis (year on year/yoy) until February 2024. As of February 2024, the realization of BSI's gold financing business figures reached Rp3.76 trillion," said BSI Sales & Distribution Director Anton Sukarna in a written statement in Jakarta, quoted from Antara, Saturday 20 April. For information, BSI itself targets the gold financing business to grow by 30 percent in 2024. The company believes that the growth of the gold business will continue to grow as the public's interest in gold prices increases as well as the trend of increasing gold prices. Anton said gold is still an investment instrument that is in demand by the public because of its safe-haven nature and is resistant to inflation. Therefore, he added, gold becomes a secure asset sought after when geopolitical escalation increases. The price of gold sets a record by breaking at a new psychological level, reaching 2,400 US dollars per troy ounce on Friday (19/4). According to Refinitiv data, the price of gold in the spot market rose 0.92 percent to 2,400.13 US dollars per troy ounce. This increase also extends the gold positive trend. The gold price of PT Aneka Tambang Tbk (Antam) on Friday (19/4) for a measure of one gram is priced at Rp1.345 million per gram. Anton noted, currently the total contribution of the gold business to BSI consumer financing is 6 percent.

The majority of customer segments that have gold in BSI come from employees who tend to be able to manage cash flow for gold purchases and gold installments according to monthly income. For the whole of 2024, Anton said BSI has prepared several strategies to improve the gold business for financing. One of these strategies facilitates gold services in more than 1,000 BSI outlets throughout Indonesia. In addition, BSI also prepares digital services through BSI Mobile for gold installments, gold cylinders and gold pawns. Gold installment products have competitive margins and light installments that can be displaced for a maximum period of 5 years.