Operational Risk and Gold Price Volatility Mitigation in E-Rahn Services: A Case Study of PT Pegadaian Syariah Madiun Branch Under Pojk No. 29/2025
DOI:
https://doi.org/10.66931/jmb-445Keywords:
e-Rahn, Antam Gold, POJK No. 29/2025, Risk Management, Pegadaian Syariah MadiunAbstract
The surge in global gold price volatility demands the implementation of a more prudent sharia financial management for gold pawn products (e-Rahn). This study aims to qualitatively analyze the reconstruction of operational and market risk mitigation strategies for PT Aneka Tambang (Antam) gold collateral at PT Pegadaian Syariah Madiun Branch, specifically following the enactment of POJK No. 29 of 2025. Utilizing a descriptive qualitative method with a case study approach, primary data were gathered through in-depth interviews with the Branch Manager, Collateral Estimators, and e-Rahn customers utilizing CertiCard-packaged Antam gold. The findings indicate that PT Pegadaian Syariah Madiun Branch has successfully mitigated the operational risk of untampering CertiCard packaging through advanced non-destructive testing (NDT) technologies, while reducing market risk from extreme price fluctuations of Antam gold by utilizing a dynamic-adaptive Loan to Value (LTV) calibration restricted between 80% and 85%. This research proves that tightening risk management governance in compliance with the latest OJK regulations and DSN-MUI Fatwa No. 25/DSN-MUI/III/2002 preserves business profitability while fostering the economic resilience of local micro-entrepreneurs in Madiun.
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