Five sharia gold ETFs have received effective statements from the Financial Services Authority on 4 August 2026 and are scheduled to be listed on the Indonesia Stock Exchange on 10 August 2026. The products are Syailendra ETF Sharia Gold, Mandiri ETF Emas Syariah, Premier ETF Gold Sharia Indonesia, BRI MI Gold ETF Syariah, and Trimegah Syariah ETF Emas.
The launch of these five products goes beyond simply offering a new investment. Indonesia is entering the phase of financialisation of gold, in which physical gold gains a more liquid, transparent, standardised financial representation connected to capital market infrastructure. Through ETFs, investors no longer need to purchase gold bars and handle storage, security, and authentication, but can instead gain gold exposure through investment units traded on the exchange.
Globally, the World Gold Council notes that assets under management in global gold ETFs reached approximately 526 billion US dollars with holdings of around 4,047 tonnes at the end of June 2026. This large market shows how ETFs have transformed gold from merely a store of value into part of modern asset allocation and portfolio diversification strategies.
The sharia foundation for Indonesia's gold ETFs has been prepared through a series of fatwas. The National Sharia Board of the Indonesian Council of Muslim Scholars issued Fatwa No. 154 on Sharia ETFs in 2023, followed by Fatwa No. 163 on Sharia Gold ETFs in 2025, and Fatwa No. 166 on Bullion Business Activities Based on Sharia Principles in 2026. This normative infrastructure was established first before the products were launched, ensuring that the relationship between investment units, ownership, transactions, and the underlying gold meets sharia discipline.
Indonesia is not a pioneer of sharia gold ETFs, but has the opportunity to become an ecosystem integrator connecting gold ETFs, the bullion market, and the sharia capital market. With a large Muslim investor base and a mature sharia investment ecosystem, gold ETFs can become a bridge between public preference for gold and modern capital market infrastructure.
