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The Effect of Rising Gold Prices on Acehnese Society's Investment Practices From an Islamic Economic Standpoint

Susi Wardani, Hemma Marlenny

Abstract

The purpose of this study is to investigate the impact of rising gold prices on the Acehnese community's investing behavior, as well as explore the issue from an Islamic economic perspective.  Gold is a popular investment product in Aceh due to its perceived stability and conformity to Sharia rules. Changes in investing patterns, including increased interest and altering strategies, have been prompted by the notable increase in gold prices in recent years. This study used a qualitative-descriptive methodology by observing and interviewing local investors. The results showed that while rising gold prices motivate the community to make long-term investments more actively, they also cause speculative tendencies that might be contrary to the Islamic precept of prudence.  According to Islamic economic theory, gold investments are acceptable provided they are made with the intention of protecting wealth (hifzh al-mal) and do not include any aspects of gambling (maysir), uncertainty (gharar), or usury (riba). Therefore, Islamic financial literacy is essential to ensure that the community invests wisely and in accordance with the principles of maqasid al-sharia.

 Keywords

Gold Prices, Investment, Islamic Economics, Acehnese Community, Maqasid al-Sharia

 Full Text:

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References

Ahmadsyah, Israk. (2022). Wisata Halal Aceh (Tinjauan Ekonomi Syariah). Disbudpar Aceh, Banda Aceh.

Ahmadsyah, Israk. (2022). Factors Affecting The Level of Understanding of Micro, Small, and Medium Enterprises in The City of Banda Aceh on Qanun Aceh No. 11 The Year 2018 Concerning Sharia Financial Institutions. UIN Ar-Raniry, Banda Aceh.

Choudhury. (2018). Islamic Economics: A Short History. Edward Elgar Publishing, Cheltenham, UK.

Hassa, Kayed. (2017). Islamic Wealth Management: Innovation and the Future of Finansial Services. Wiley Finance, New Jersey, USA.

Hendri, Zulkarnaini. (2019). Investasi Emas dalam Perspektif Ekonomi Islam. Deepublish, Yogyakarta.

Yasir Yusuf, Muhammad. (2022). Inovasi Pembiayaan Syariah untuk Sektor Pertanian. Ar-Raniry Press, Banda Aceh.

Yasir Yusuf, Muhammad. (2021). Wisata Halal Aceh. Ar-Raniry Press, Banda Aceh.

Yasir Yusuf, Muhammad. (2020). Diskursus Riba dalam Transaksi Perbankan Syariah. Bandar Publishing, Banda Aceh.

Yusuf, Syamsuddin. (2021). Ekonomi Islam: Teori dan Implementasi di Indonesia. UIN Ar-Raniry Press, Banda Aceh.

DOI: https://doi.org/10.24815/ijkk.v2i2.46245

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About The Authors

Susi Wardani
Muhammadiyah Aceh University
Indonesia

1. google scholar

2. sinta

Hemma Marlenny
Universitas Muhammadiyah Aceh
Indonesia

1. google scholar

2. sinta

E-Jurnal Kita Kreatif
Kita Kreatif Research Center, Jl. Teuku Nyak Arief No.441, Syiah Kuala University
Darussalam, Banda Aceh, Indonesia
Post code: 23111
Email: risetkitakreatif@usk.ac.id

Submission © 2024 by International Journal of Kita Kreatif is licensed under CC BY-SA 4.0