Comparative Analysis of Financial Performance PT Bank Syariah Indonesia (Persero), Tbk Before and After Becoming a Bullion Bank
Abstrak
The Bullion Bank concept in Islamic banking is a banking service that integrates precious metal (gold) transactions, including storage (deposits), gold-based financing, trading, and structured gold lending in accordance with Islamic jurisprudence (fiqh) of muamalah. Prior to its official transformation into a Bullion Bank, BSI's gold commodity activities were dominated by conventional Sharia-compliant products such as Gold Ownership Financing (PKE) and Gold Pawning (Rahn), which were retail in nature. With the implementation of formal regulations and operational permits as a full-scale Bullion Bank since early 2025, BSI has the capability to conduct large-scale gold trading intermediation (wholesalers) and institutional gold investment portfolio management. An interesting phenomenon is how BSI's strategic steps in developing Bullion Bank can influence overall business performance. Theoretically, product innovation is a key determinant in creating competitive advantage and corporate growth. According to Joseph Schumpeter (1934), innovation is a driving force for economic growth through the creation of new combinations of products and services. In the context of the banking industry, the development of bullion banking services can be viewed as a form of strategic innovation with the potential to expand revenue sources and increase competitiveness. Similarly, Michael E. Porter (1985) emphasized that product differentiation can strengthen a company's competitive position and generate superior performance when managed effectively. Diversification of banking services is also closely linked to increased non-interest income. Research by Roland DeYoung and Tara Rice (2004) shows that revenue diversification through fee-based income can improve bank profitability and stability, although it carries additional risks due to operational complexity. A 2017 World Bank report also confirms that diversifying revenue sources can strengthen banks' resilience to fluctuations in economic cycles and market pressures.
Referensi
Journals:
Abuzayed et al. (2018) atau referensi umum mengenai dampak positif diversifikasi pendapatan non-bunga terhadap stabilitas bank syariah.
Almas Zakya (2022). "Pengaruh Harga Emas Terhadap Minat Nasabah Dalam Produk Cicil Emas di Bank Syariah Indonesia."
Bank Indonesia. (2024). Statistik Perbankan Syariah Indonesia.
Bank Syariah Indonesia. (2023–2025). Laporan Keuangan Publikasi Triwulan. Jakarta: PT BSI Tbk.
BIS. (2010). Principles for enhancing corporate governance.
Karim, A. A. (2022). Bank Islam: Analisis Fiqih dan Keuangan. RajaGrafindo Persada.
Konsep Hifz al-Mal (Menjaga Harta) sangat relevan dikutip dari kitab-kitab ushul fiqh atau jurnal ekonomi Islam kontemporer yang membahas emas sebagai anti-inflasi.
Otoritas Jasa Keuangan. (2025). Laporan Tahunan Industri Jasa Keuangan Syariah.
Porter, M. E. (1985). Competitive Advantage.
Schumpeter, J. A. (1934). The Theory of Economic Development.
Studi tentang Fee Based Income (FBI): Banyak riset menunjukkan FBI berpengaruh positif signifikan terhadap ROA (Return on Asset) bank syariah.
Suhaimi et al. (2023) membahas analisis akad cicil emas dalam perspektif Maqashid Syariah (Hifz al-Din dan Hifz al-Mal).
Wardani, P. A. K., et al. (2024). "Analisis Pengaruh Harga Emas, Tingkat Inflasi, dan Jumlah Nasabah... Terhadap Penyaluran Pembiayaan Gadai Emas Syariah (Studi Kasus BSI)."
Books:
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
DeYoung, R., & Rice, T. (2004). Noninterest income and financial performance. The Financial Review, 39(1), 101–127.
Erb, C. B., & Harvey, C. R. (2013). The Golden Dilemma. Financial Analysts Journal, 69(4), 10–42.
Markowitz, H. (1952). Portfolio selection. Journal of Finance, 7(1), 77–91.
Wibowo, S., & Suharti, E. (2023). Analisis Efisiensi Bank Syariah Menggunakan Rasio Keuangan. Jurnal Ekonomi Syariah Indonesia, 9(2), 101–115.
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