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APPLICATION MODEL OF GARDENING GOLD INVESTMENT IN

INDONESIAN ISLAMIC BANKING

THE TEAM CONSISTS OF

(Ossi Ferli, S.T.,S.E.,M.S.M : 0315028001) Chief Researcher

(Santi Rimadias, SE., M.Si : 0309038401) Members of Researchers 1

(Sulistyowati, SE., M.Si: 201530966) Members of Researchers 2

STIE INDONESIA BANKING SCHOOL

OKTOBER 2017

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ABSTRACT

This study discusses the investment analysis gardening gold in Islamic banking application methods on a Golden Gardening Quantitative simulation by using secondary data in the form of initial funds to pawn gold, qard rupiah exchange rate against the U.S. dollar and the world price of gold per ounce with the quantitative simulation technique with methods of mathematical simulation. The research is expected to show the existence of a golden gardening practices that the findings do not necessarily bring benefits to compound, but also bring the loss mainly on gold or purchase decision making lag (pause) and four months. It is important to open the public insight to make it more cautious in investing in gold with gold pattern models or gardening. Long term goal, so that the BI as a central bank which oversees Islamic banks more closely regulate and limit in order to prevent the customer practice gardening investment gold which can be detrimental to the client's own and jeopardize the Islamic banking in Indonesia.

Plan activities in the research starting from, among other covers the planning and preparation of the team, dikusi, mathematical modeling of quantitative investment pattern of gardening gold in Syariah bank, of secondary data collection, data entry, namely the application of the Model quantitative mathematical, data analysis, report writing and recommendations to relevant parties such as Bank Indonesia, OJK, LPS through FGD and Islamic banking as well as the submission of reports which are then followed by publication in the form of seminar proceedings, various journals as well as the manufacture of primary reference or textbook enrichment books.

Keywords: gold, investment, Islamic bank, pawn

1. Introduction Gold with significant price improvement from year to year is considered a prospective as a means of investing of the many commodities that exist (Karim, 2006). General view of the community, investing in gold can provide great benefits. Some writing about the history of gold reveals the gold prices never go down, so there is a presumption of this low-risk investments (Subroto, 2013). From the above facts, Ismal (2012) see price increases happened has raised a new trend in the sector, namely the increasing gold pawn transaction volume pawn gold (Qard to Rahn gold) in Indonesia.

Rising gold investment product through pawn gold also occurs in syariah banking industry over continued to rise in the price of gold (Rama, 2011). The trend of gold price tends to rise in the last fifteen years are increasingly shifting paradigm pawn gold lately. Pawn gold is financing the qard aimed at social (tabarru ') and destined for the customer who has an urgent need for the needs of the consumer tergeser be commercial

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Gold1

Gold2

Gold3

Gold4

Pawn to the Islamic Bank A: Qard 1



redeem

For sale

for sale

redeem redeem

For sale

Losses and profits

for sale

purposes (ijarah) (Haryanto, 2012). The reasons above, and then bring up the investment patterns of gold for the purpose of speculating by way of pledge on Islamic banks with Investment gold gardening name (Syafputri, 2013), though this practice is risky because it uses two-thirds of the Fund's loans from the bank ( Sahmono, 2011). Investment gold gardening in Islamic banking in general have the following pattern:

Gardening Gold Investment Pattern Diagram

The ever increasing volume of transactions pawn gold off not getting banyaknyak Islamic banks which opened the service pledge gold and socialize intensively. In Indonesia, there are at least ten Islamic bank pawn gold service with a name that is diverse, the tenth Islamic banks can represent permbiayaan qard pawn gold.

The pattern of repeated pledge to buy and up to four times on different Islamic banks, followed the action of selling at the end of their gardening to redeem the gold diagunkan (see Figure 1). Based on the provisions of Bank Indonesia, a client can only be to pawn its gold one time on one particular Islamic banks. For this reason the increase surely benefit high, customers continue to practise the investment gold and gardening is no longer realistic in investing. Elements of speculation is high, resulting in many investors suffered heavy losses in a short time when the gold price drop significantly. Investors who are interested in berlipatgandapun advantage of not only ignoring the principles of the Sharia but also no longer consider high risk large losses.

Bank Indonesia circular letter No. 14/7/DPbS/2012 which refers to the DSN-MUI fatwa to cope with issues of pawn gold quite effective pressing investment gold gardening behavior, but not necessarily resolved comprehensively. Until the year 2014 is a gold gardening practices, still keep going. Kustandar (2013) inventor of the method

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of investment gold gardening suggests that electronic book series sold to 40,043 copies book sales, seminars up to 2014 is still held persistently in various cities are still in great demand by thousands of people who are interested in the promise of profit investment gold gardening. The large number of testimonies of the real entrepreneurs have been successful in the real sectors also indicate this practice will grow back.

The high interest investment made investors tend to look at the profits only and ignore the risks in the form of potential losses. It should be remembered that this investment is very dependent on the fluctuation of gold prices lately is not constant. The year 2013, gold prices suffered a sharp decline in which August was at 1.429 us dollars (Subroto, 2013). A sharp decline by 28% through the year 2013 (Deil, 2014) should be an important note for more cautious despite early in 2014 rose by 4% (Rodo, 2014).

Speculation gardening gold will have an impact to the continuous heavy losses for the customer. Investment in the real sector will be reduced because the funds allocated for commodity investment gold. Lack of customer information on matters important and fundamental that became the deciding advantages and disadvantages must be immediately addressed. Fluctuations in the gold price must be payed by the customer. The level of losses that must be borne and appropriate or whether a profit than capital issued should understand in depth.

The customer needs to be given a deeper understanding of the real in order to forward more thoroughly, carefully and seek information in full about the ins and outs of the types of investments they choose. Based on the above issues, this research try to give deeper understanding to gold investors in particular and to the wider community at large, by providing scientific proof mathematically results (profits or the loss) that will be accessed a gardening investment gold. Thus, investors expected no one take investment decisions.

Formulation Of The Problem The big problem in the form of a less precise, understanding that a golden

gardening produce enormous profit with initial capital of only one third of the gold end that can be owned. This opinion is wrong, this way thus potentially incur the risk of losses for customers because most of the bank's loan is money (Sahmono, 2011). The customer does not pay attention in terms of BI by continuing to practise its gardens. Many investors often have large losses previously unimaginable. The mistaken viewpoint and understanding that is less about the risk of a golden gardening dipraktikkannya gardening continued, leading to this gold as a aktivitasspekulasi (Atmaja, 2013). From the formulation of the problem above, then the question of this research are:

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1. Does the investment gold gardening incur losses or profits related to the customer's decision making purchases or sales of gold?

2. Is there any difference in the magnitude of the losses and gains in the value of the investment gold gardening?

3. Is there any difference in the number of months of losses and gains on the investment gold gardening?

4. Is the high number of months and months of profit losses can affect the magnitude of the value of the advantages and disadvantages?

Research Hypothesis

The hypothesis in this study in the form of, "there is the potential incidence of loss from

the application of the model of investment gold gardening in Islamic banking

Indonesia"

2. Review Of Literature

InvestmentInvestment can be understood as taking or make use of time, money or effort for the sake of profit or higher benefits in the future. But the investment is essentially the Act of "buying" something which is expected to be able to "resale" in the days to come up with a higher value (Suharto, 2013). In general the investment differenciated into two investment on financial assets and investments in real assets. (Nasution et al, 2008). In this study, discussion of investment focused on the type of financial investment instruments, use one of the Sharia banking products namely pawn gold. Investment objective is to benefit both in the short and long term. Tandelilin (2001) revealed that the purpose or motive of someone investing is to get a more decent life in the future, reducing the pressure of inflation and as an effort to save on taxes.

Gold Investment in IndonesiaSince gold is considered a symbol of wealth and luxury due to the high value and incredible beauty. Gold also wrong commodity in great demand for instruments to invest because of promising high profits compared to other commodities and its liquid (easy resale) when from time to time require. After centuries South Africa became the largest supplier of gold. In 2007, China replaced the position of South Africa and became the world's largest gold producer. Because gold is a limited natural resource, production continued to decline in recent decades and only grow 2% per year is not proportional to the increase in needs in which China and India just took the share of

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40% of the total World Gold needs. In Indonesia, paradigm needs gold to be used as jewelry have started terganti with the rise of precious metals ownership investment (KLM) in the form of gardening gold investment.

Pawn gold in Islamic banks Pawn shops is a formal financial institutions in charge of finance in the form of granting the loan money to people in need (Hadi et al, 2003). While the pawn in the term actually is a translation of the word pand (Netherlands) or pledge or in English United Kingdom called pawn (Salim, 2007). Prodjodikoro (1960) defines a fiduciary as a right acquired by a 2 over an object in motion, to whom it was handed over by the debtor or another on his behalf, to ensure the payment of the debt, and that gives the right to the the 2 to get paid more than the other 2, taken from the money income-income stuff it. Related to pawn gold products in Indonesia, Islamic banking there are five fatwas of DSN-MUI which regulates such products Fatwa No. 09/DSN-MUI/IV/2000 on the financing of Ijarah, Fatwa No. 19/DSN-MUI/IV/2001 about al Qard, Fatwa No. 25/DSN-MUI/ III/2002 is a fatwa which about Qardh of consumer fund.

Bank Indonesia circular letter No. 14/7/DPbS 29 February 2012 About Qard Securities gold for Islamic banks and Syariah business unit Promulgation of the fatwa DSN MUI No. 79/DSN-MUI/III/2011 about qard using customer funds as well as consider the development of a gold-backed securities qard products growing rapidly so that it could potentially increase the risk for Islamic banking and pawn gold abuse as an instrument of speculation (gardening gold), Bank Indonesia issued aspects influenced the policies of the gold-backed security which is the qard implementation of Bank Indonesia Regulation No. 10/17/PBI/2008 in the Public Sharia Bank (BUS) and Syariah Business Units (UUS) as well as the people's Bank Of Syariah (BPRS).

Gardening Gold Investment in Islamic banks Investment gold gardening is a method or technique of gold investment with minimal initial capital but can obtain gold in great numbers by way of utilizing the funds from the loan pledge products (rahn) of Islamic banks or pawn shops ( Rosnia, 2010). While Werner (2011) revealed that the Investment gold gardening is the action of buying gold using the pawn with the initial capital to buy gold bars gold bullion first, then the first digadaikan with a value of approximately 60-80% and pawn the result bought gold back when prices do not go up or down even then the gold successfully purchased digadaikan

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back and so on. Pawn gold and buy the pattern is done repeatedly in different Islamic banks, hence called gardening investment gold.Gardening gold investment concept aims to leverage ownership of gold investors.

Along with the ever-increasing trend of gold price gold gardening practices, increasing

from year to year. The year 2011 is the year in which the pawn transaction volume of

gold in the bank – Islamic banks is very high because of the activity of investment gold

gardening for the purpose of speculation reached its peak (Kustandar, 2013).

Mechanism of gardening done gold individual investors (individuals) that are found in

Islamic banking in Indonesia generally have a pattern of "proprietary gold digadaikan-

buy-purchase-pawn-pawn-buy-sell" (Purnomo, 2012).

Reference Materials As The Cornerstone Of The Implementation Of The Research Previous researchers who conduct research on pawn gold and investing in syariah bank gold gardening include:1. Ismal (2011) examines the economic impact of the qard to rahn against Islamic banks, borrowers and the economy in General. Qard to rahn gold over the limit determined by the Bank Indonesia may threaten the position of Capital Adequacy Ratio (CAR) of syariah bank in question and if the price of gold goes down then the Islamic banks could potentially experience a market risk, liquidity, credit , capital and risk the reputation given the gold very affected by rahn price movement of gold. From the customer side, the gold of the qard rahn does so affect their economic conditions due to the fact the qard rahn gold intended for the financing of non productive. While the impact for the economy in General, this golden rahn for qard only minimal impact because it is not the financing pattern of the ijarah (business). 2. Kustandar (2011) research simulatif by using the instrument of pawn gold both in syariah bank nor the Islamic pawn shops to invest gold garden using assumptions fixed price and the gold price increase assuming a minimum of 30% per year can generate a profit of more than 80% per year with just removing capital amounting to one third of gold that can be purchased. 3. Hapsari (2012) conducts research on risk levels and returns as the detection of the onset of speculation on investing in syariah bank gold gardening "X" in Surabaya. This research focused on the rationality of investments investment gold gardening calculated per 10-day pledge period 120 days. The analysis of risk and rate of return on the investment shows that there is speculation investment gold gardening4. Is Amelia (2013) did a comparison of troubleshooting the customer's inability to pay the repayment of principal pijaman pawn gold Sharia in PT. BSM and perum Sharia

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service unit of pawn shops. The findings in this study is the difference in the magnitude of the cost of maintenance and administration and policy do when delay borrowing costs then PT. BSM will do the diagunkan gold sales, while Islamic pawn shops conducting the auction. While the equation is the Akkadian used IE use the Akkadian rahn and ijarah contract.

The Novelty Of The Research

Islamic Economics Research field is a relative new areas of research after the capitalist

economy and a Socialist. Islamic Economics as a solution to the question of the

economy brought about by the economic doctrine that has been there before becoming

the realm of special research many excavated from various aspects. One is the financial

aspect and Islamic banking, primarily gold investment in Islamic banking because it

brings forth all things halal and thayyib which have the value of novelty as more

Countries are beginning to concern against tourists Muslims such as Japan, Russia,

Thailand and Indonesia.

Research Methods Scope and stages of Research This study is devoted on financing the Qard to look from the side of the customer i.e. a pattern of investing in gold with the methods of investment gold gardening on syariah bank in Indonesia. This research assumes financing Qard Islamic banking as an investment pledge of gold because the allocation of funds for the pawn Gold included in financing the qard.The data used in this research is secondary data. While the time doing research on a January to December 2017. The data used in this research is data monthly gold pawn qard United States (us) from March 2007 until October 2016 Statistical Centre of Islamic banking in the Bank Indonesia website, while the price of gold per ounce per u.s. dollar obtained from the website www.goldprice.org.

Modeling Research In this research, the model used is a mathematical model that is quantitative investment gold gardening simulation using mathematical formulas economy Ismal (2014).

Initial Conditions

1. The Initial Value Of Gold Customer

Qt = (Mt)(Ft) (3.1)

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Where:

Qt = The initial value of gold customer

Mt = The value of gold

Ft = Financing To Value (FTV)

2. Value of Gold After FTV

Mt = (Xt)(Pt)...........................................................................................(3.2)

Where:

Mt = Value of Gold After FTV

Xt = The weight of gold per ounce

Pt = The price of gold per ounce per u.s. dollar month

3. Price

Pt = (Kt)(Pmt) ............................... (3.3)

Where:

Pt = The price of gold month

Kt = Rupiah exchange rate against u.s. dollar month

Pmt = The market price of gold per ounce per u.s. dollar month

b. Use the Qard First to buy the second Gold

(3.4)

Where :

Xt+1 = The weight of gold in first month

Qt = Qard pawn gold month results

Kt+1 = Rupiah exchange rate against the U.S. dollar in the first month

Pm+1 = The market price of gold per ounce per u.s. dollar in the first month

The requirement:

if (Kt+1)(Pmt+1) < (Kt )(Pmt) Xt+1 (3.5)

Where :

if = if


Pmt+1 = The market price of gold per ounce per u.s. dollar in the first month

< = lower

Kt = Rupiah exchange rate in the month

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Pmt = The price of gold market month

= then

Xt+1 = Gold buying decisions both from the results of the first qard

Or

if (Kt+1)(Pmt+1) > (Kt )(Pmt) Qt ............................................................. (3.6)

Where :

if = if



> = higher

Kt = Rupiah exchange rate in the month

Pmt = The market price of gold on the month

= then

Qt = Maintain or deposit funds results qard first

c. Pawn Gold Both for Qard Second

Qt+2 = (Mt+1) (Kt+2 ) (Pmt+2 ) (Lt+2 ) = (Xt+1 ) (Pmt+1) (Kt+2 ) (Pmt+2 ) (Lt+2 )........ (3.7)

Where:

Qt+2 = second Qardh

Mt+1 = The value of the first gold

Kt+2 = Rupiah exchange rate against the U.S. dollar in the second month

Pmt+2 = The market price of gold per ounce per us dollar in the second month

Lt+2 = The ratio of financing the second month

= equal

Xt+1 = Weight in ounces of gold in the first month




Lt+2 = The ratio of financing the second month

d. Buy gold from the Third Second Qard

Xt+3 = .................................................................................. (3.8)

Where :

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Xt+3 = The third weight in gold

Qt+2 = Qard pawn gold results in the second month

Kt+3 = Rupiah exchange rate against the U.S. dollar in the next three months

Pm+3 = The market price of gold per ounce per u.s. dollar in the third month

The requirement:

if (Kt+3 )(Pmt+3) < (Kt+2 )(Pmt+2) Xt+2 (3.9)

Where :

if = if

Kt+3 = Rupiah exchange rate against the U.S. dollar in the third month

Pmt+3 = The market price of gold per ounce per u.s. dollar in the third month

< = lower



= then

Xt+2 = The decision of buying gold from the qard second month

or

if (Kt+3 ) (Pmt+3) > (Kt+2 )(Pmt+2) Qt+2 (3.10)

Where :

if = if



> = higher



= then

Qt+2 = Maintain or deposit funds results qard second

e. The third Gold to pawn for Qard third

Qt+3 = (Mt+2) (Kt+3) (Pmt+3 ) (Lt+3)

= (Xt+2) (Pmt+2) (Kt+3 ) (Pmt+3 ) (Lt+3 ) .......................................................... (3.11)

Where:

Qt+3 = Qard third

Mt+2 = The value of the second gold

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Kt+3= Rupiah exchange rate against the U.S. dollar in the third month


Lt+3 = The ratio of financing the third month

= equal

Xt+2 = Weight in ounces of gold in the second month




Lt+3 = The ratio of financing the third month

f. Buying gold from a Fourth Third Qard

Xt+4 = Qt+3

( Kt+4)(Pm+4)..................................................................................... (3.12)

Where :

Xt+4 = The fourth gold weight

Qt+3 = Qard third

Kt+4 = Rupiah exchange rate against the U.S. dollar in the fourth month

Pm+4 = The market price of gold per ounce per u.s. dollar in the fourth month

The requirements :

if (Kt+4) (Pmt+4) < (Kt+3) (Pmt+3) (Xt+3) ....................................................(3.13)

Where :

if = if


Pmt+4 = The market price of gold per ounce per u.s. dollar in the fourth month

< = lower



= then

Xt+3 = The decision of buying gold from the third month the qard results

or

if = (Kt+4)(Pmt+4) > (Kt+2 (Pmt+2) Qt+2 ...................................................( 3.14)

Where :

if = if

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> = higher



= then

Qt+3 = Maintain or deposit funds results qard third

g. Sell Gold

1. Sell gold First (four gold)

The requirement:

if (Kt+4)(Pmt+4) < (Kt+3 )(Pmt+3) Qt+4 (3.15)

Where :

if = if



< = lower



= then

Qt+4 = The customer decided not to sell its fourth gold purchased from third qard

results

or

if (Kt+4 )(Pmt+4) > (Kt+3 )(Pmt+3) Mt+4 ..................................................... (3.16)

Where :

if = if



> = higher



= if

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Mt+4 = The customer decided to sell its fourth gold purchased from third qard

results

2. Sell gold both times (one gold/proprietary)

The Requirement :

if (Kt+4 )(Pmt+4) < (Kt+3 )(Pmt+3) Qt+1 .....................................................(3.17)

Where :

if = if



< = lower



= then

Qt+1 = The customer decides not to sell gold for himself, which was brought when

first mortgaged to the bank.

or

if (Kt+4 )(Pmt+4) > (Kt+3 )(Pmt+3) Mt+1 .................................................... (3.18)

where :

if = if



> = higher



= then

Mt+1 = The customer decided to sell gold for himself, which was brought when first

mortgaged to the bank.

3. The third times the sell gold (gold)

The Requirements:

if (Kt+4 )(Pmt+4 ) < (Kt+3 )(Pmt+3) Qt+2 ..................................................... (3.19)

Where :

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if = if



< = lower



= then

Qt+2 = The customer decides not to sell gold both purchased from the results of the

qard first.

or

if (Kt+4)(Pmt+4) > (Kt+3 )(Pmt+3) Mt+2 ................................................... (3.20)

Where :

if = if



> = higher



= then

Mt+2 = The customer decided to sell gold second, purchased from the results of the

first qard

4. Sell gold Four Times (gold)

The Requirements:

if (Kt+1)(Pmt+4) < (Kt+3 )(Pmt+3) Qt+3.............................................................................................. (3.21)

Where :

if = if



< = lower



15

= then

Qt+3 = The customer decides not to sell the third gold purchased from the results of

the second qard.

or

if (Kt+1)(Pmt+4) > (Kt+3 )(Pmt+3) Qt+3..........................................................................................(3.22)

Where :

if = if



> = higher



= then

Mt+2 = The customer decided to sell gold third, purchased from the results of the

second qard

h. Paying Off Debt

1. The total value of gold owned by is the number of the first gold sale proceeds plus

gold second, third and fourth gold

Mt+4 x 4 (3.23)

Where :

Mt+4 = The nominal value of the results of the fourth gold sales

2. The total debt is the second gold to buy the qard plus qard second, plus the qard

second third to buy gold

+ ................................................................................................ (3.24)

Where :

Qt+1 = Qard first to buy the second gold

Qt+2 = Qard second third to buy gold

3. So that the total payment is:

+ .................................................... (3.25)

Where :

Mnet = Nominal net debt repayment once owned

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Mt+4 = The nominal value of the results of the fourth gold sales

= then used to pay off

Qt+1 = Qard first to buy the second gold

Qt+2 = Qard second third to buy gold

i. Loss or gain

Profit is the net value of investment grade gold dikurang gold initial

........................................................................... (3.26)

Where:

Mnet = A nominal end result gardening gold

Mt = The initial value of the customer before the gold gardening gold

Positif/negatif = profit or loss

j. Average loss or gain

Loss or gain on average in one year was a total loss and profits divided the number of

months in a year's time the execution results of the investment. Meanwhile, losses or

profits on average in the period of the simulation was the total loss of profits is divided

the number of years in the period of the execution results of the investment over the

period simulated (nine and ten years old). Operasional definition:

Variable DefinitionInvestment gold gardening Investment techniques with the purpose of speculating in a

way to pawn gold to one of Islamic banks, then the funds result qard bought gold for digadaikan back to other Islamic banks and so on.

The initial value of gold The initial value of the gold appraiser clients assigned by the bank based on the market price of gold at that time.

The price of gold per ounce The market price of gold, referring to the price set by PT Antam

Rupiah exchange rate Rupiah exchange rate against u.s. dollar

Other operational definitions related to simulationThe term Definition

\Financing To Value (FTV) atau Loan To Value (LTV)

A comparison between the amount of financing received the customer with the value of the gold diagunkan to Islamic banks BSM (2013). FTV/LTV is defined by each but still refers to the provisions of Bank Indonesia.

Lag Pause time in a matter of months, between menggadaiakan and got a gold loan funds with the purchase of gold in the market and selling it back at the end of the investment period for gardening. In the simulation study the lag sebesanyak 1 to 4 months.

Execution lag The decision to buy and then sell the final gold menggadaian in a certain lag

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Methods and Data analysis tools

Research on the investment of these gold gardening method using simulation. The

simulation can be interpreted as imitating a real complex system with full of

probabilistic nature, without having to experience the real state of affairs. This can be

done by creating a miniature representativedan is valid with the purpose of sampling

and survey statistics on the real system, so the system's behavior can be predicted to be

studied. So a simple simulation can be defined as the process of impersonation (Kanti,

2011). Simulation in the study uses assumptions 4 times on the qard rahn gold and four

types of lag (pause) on their execution i.e. lag 1 month, 2 month lag lag lag 3 months

and 4 months to find out whether there is a difference in the yield on each lag. While the

analysis tools used to process data is Microsoft Excel software.

4. DeliberationsIsmal (2012) in his research analyzes price increases happened, especially since the beginning of 2007 until 2013 has raised a new trend in the sector, namely the increasing gold pawn transaction volume pawn gold (Qard to Rahn gold) in Indonesia. Rising gold investment through pawn gold products this doesn't just happen in pawnshops, but also on the Sharia banking industry in General. Almost all Islamic banks which want to benefit from the fee (ujrah) and deposit administration charge, then opened a pawn gold service where the intensity of the transactions in each bank getting higher as continued to rise in the price of gold (Rama, 2011).

The gold price trends appear to be volatile, culminating in the Years 2011 to 2013 (see

Figure 5.1) it also be the cause of bergesernya paradigm pawn gold in Islamic banking at

the time. Pawn gold is financing the qard aimed at social (tabarru ') and destined for the

customer who has an urgent need for the needs of the consumer, the tergeser became a

commercial purpose (ijarah) (Haryanto, 2012). The reasons above, and then bring up the

investment patterns of gold for the purpose of speculation by way of pledge on Islamic

banks with Investment gold gardening name (Syafputri, 2013). This practice is risky

because it uses two thirds of the loan funds from banks (Sahmono, 2011).

The ever increasing volume of transactions pawn gold does not escape from the role of

Islamic banking that a rollicking opening pawn and mensosialisasikannya services

extensively to the community. The ease of borrowing with a Financing Scheme To Value

(FTV) is high and cheap maintenance costs more and support the development of pawn

gold for speculation. In Indonesia, there are at least ten Islamic banks which opened this

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golden pawn service with a name that is diverse (see table 5.1), the tenth Islamic banks

can represent permbiayaan qard pawn gold in General.Table 5.1.

Pawn Gold service at Bank Syariah Indonesia

No Public Islamic Bank Name

Product Name Pawn

Gold

Financing To Value

(FTV) Ratio

The cost of deposit/Storage

/

Administration Fee

1 Bank BRI Syariah Gadai BRI Syariah iB 90% Not mentioned

Rp 20,000 to Rp 100.00 tailored to weigh gold

2 Bank BNI Syariah Gadai Emas BNIS 85% 0.04% per day Not mentioned

3 Bank Syariah Mandiri

BSM Gadai Emas iB 90% 1.7% per gram

per month Rp 20.000,-

4 Bank Mega SyariahGadai Emas Bank Mega Syariah

93% Not mentionedRp 15.000 toRp 50.000 tailored to weigh gold

5 Bank Danamon Syariah

Solusi Emas Danamon Syariah

Tidak disebutkan Not mentioned Not mentioned

6 Bank Syariah Bukopin

Pembiayaan iB Siaga Emas

80% Not mentioned Not mentioned

7 Bank Jabar Banten Syariah

Mitra Emas iB Maslahah 90% 1.1% per gram

per month Not mentioned

8 Bank BTN Syariah Gadai BTN iB 95% Not mentioned

Rp 10.000 toRp 17.500 tailored to weigh gold

9 Bank Sumut Syariah

Gadai Emas iB Sumut 80% Rp 2.500 per

month Not mentioned

10 Bank Jatim Syariah Emas iB Barokah

Hingga 100%

0.4% per gram per day

Rp 10.000 toRp 35.000 tailored to weigh gold

Sumber: Syariah bank website

Analyzing investment risk gardening gold in Islamic banks with a simulated method in fact aims to find out the magnitude of the value of the benefits that can be achieved and the risk of losses which can be experienced by the customer as well as the difference of each months, each year during the period of the simulation. In addition to these goals, this research also means knowing the intensity or high number of losses and gains of the month and then compare the two to see the influence that can arise.

Tabel 5.2The initial value of gold, the gold price and Rupiah exchange rate (in 2007-2016)

Year

Average per year

The Initial Value Of Gold

(Billion Rp)The price of gold/oz/USD

Kurs Rp/USD

2007 56,266 565 8,8262008 114,611 703 9,758

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2009 217,002 788 10,3622010 507,268 990 9,0892011 2,325,300 1,349 8,7592012 3,007,533 1,676 9,3512013 1,061,367 1,433 10,4912014 748,242 1,258 11,8682015 477,450 1,166 13,3832016 387.258 1,251 13,356

Average 890,230 1,118 10,524Sumber: Bank Indonesia-Statistik Perbankan Syariah

Investment gold gardening simulation in Islamic banking produced some findings of losses should be borne by the customer and the resulting advantages for investing in gold as well as the intensity of the gardens that profits and losses per year as well as a comparison of the two. The analysis below will explain the advantages and disadvantages of profile gold gardening in the four scenarios i.e. lag lag lag 1, 2, 3 lag and lag 3 months.

Comparison of value of gold Beginning with the value of gold After Qard Comparison with the Qard FirstTable 5.2 shows a comparison between the value of gold scratch scratch when first coming to the Islamic bank after cut the value of Financing to Value (FTV) and qard pawn first. Investment gold gardening simulation is dynamic so that after the customer doing the gardening process of gold, then the initial value of gold increased to 5.1 charts is shown by the red line. The initial value of gold higher as you get years to reach the top of the gold price is the highest over the past three years (2011-2013). The highest gold value early figures throughout history shown in 2012 while the result value of the highest on the qard Islamic banking Indonesia reached nearly 3,685 trillion rupiah in September 2011.

Gambar 5.1

The value of gold Beginning with first gold Pawn Qard

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miliar

Comparison with the Qard Second A comparison between the value of gold beginning with second gold pawn qard shows the result of the increasingly high qard significantly compared with the first pledge qard. The highest number over the qard to reach more than 6,300 trillion rupiah in October 2011, nearly twice greater than the contract first execution qard lag 1 month with a value of the same initial gold funds.

Gambar 5.2

The initial value of gold with a second Gold Pawn Qard

A comparison with Third Qard Pawn gold qard accumulated first and second shown by a third pawn qard graph (see Figure 5.3). When compared with the initial funds, then increase the amount of funds the last reached the highest number amounting to more than Rp 8,853 trillion rupiah is still in October 2011 and apparently in General, on a third gold pawn qard gives a constant increase in the his primary than a pawn first qard.

Gambar 5.3

The value of gold Beginning with the third Gold Pawn Qard

The magnitude of the value of the losses and Gains in investment Gold Gardening Issued circulars BI No. 14 year 2012 does not shrink the interest of the customer to invest by utilizing the instrument of pawn gold. It happened because the public is not

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miliar

aware of the high risks to be borne as it tends to think of the magnitude of profit only. The law of "higher return, higher risk" also applies in gardening this gold investment. If the gold price rises the customer benefit are great, but if it dropped, customers naturally have to bear heavy losses also Atmaja (2013).

The magnitude of the losses and Gains Value against the Total value of gold Beginning for 10 years.The following table shows a comparison of the respective result divided the total value of gold beginning in ten year period of simulation that is from January 2007 until December of year year 2017.

Tabel 5.3The magnitude of the value of the losses and Gains in investment Gold Gardening

(Januari 2007 – Desember 2016)

Years

The initial value of

gold (million Rupiah)

Losses and gains (in%)

Lag 1 Lag 2 Lag 3 Lag 4Years Average

2007 56,266.22 0.155 -0.123 -0.165 -0.333 -0.1172008 114,611.26 0.470 0.463 -0.083 -0.379 0.1182009 217,001.51 0.850 0.227 0.090 -0.294 0.2182010 507,267.61 1.795 0.108 -0.945 -1.762 -0.2012011 1,890,355.71 2.433 -11.882 -14.009 -15.057 -9.6292012 1,503,766.67 16.871 13.452 14.340 -0.733 10.983

20131,415,155.56

10.717 11.325 10.923 8.051 10.1062014 995,655.56 10.326 8.009 10.623 8.978 9.5072015 636,600.00 6.576 8.299 8.615 5.931 7.3552016 516,344.44 4.966 11.793 5.180 7.390 7.333

Average per lag 7.669 6.832 5.945 2.255 5.943

Sumber: Bank Indonesia -Statistik bank syariah, “data diolah”.

A gold gardening practices in Islamic banking is not always producing enormous profits, even the specific lag period and found no small percentage losses. In the year 2007 found an average keruigan of IE-0117% despite the lag 1 resulting number 0155%. The average profit for all simulated period is reached in 2012 until 2014 with each product of 10,106 10,983%,%% of 9,507 and four lag which applicated. While the biggest losses on the fourth lag thus experienced in the year 2011 in which the gold

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price per ounce of the middle reach world trot the highest price and the amount of the Fund's Gold start for qard in Islamic banking Indonesia achieve 1.890 trillion rupiah.Years of Losses and Lag-Advantage Gold Gardening Applications Table 5.3 shows the existence of losses in 2007, 2010 and 2011 with the percentage of each-0117%,-0201%-% 9,629. of course it is inversely proportional to the increase in the world price of gold is a fairly drastic where influenced the growing motivation the planters gold in Islamic banking which is very berekspektasi a great profit. Practice in the field, the perpetrators of the Golden gardens often forget to consider the rising rupiah exchange rate in the period running that great small strongly influenced of course advantages and disadvantages.Viewed from the side the Lag or pause time the perpetrators gardens buy gold then pawn or sell off his gold back. Losses dominated the Golden gardens in practice patterns lag 4 months. During the ten-year period of the simulation, the lag of four occupied the years most losses from years 2007 to 2012 where each loss per year on a 4 month lag of-0379-0333%,%,%,-0294-1,762%,-0733-15,057% and%. This proves that the beliefs that embraced the actors during this golden garden wrong when trusting, the longer the holding gold in the bank (digadaikan) then the benefits will be even greater.The important thing in investing is the magnitude of the returns that will be earned by an investor. But how often the loss and how often fortunately also became important information so that investors can minimize risk and optimize profits. the table above, more clearly gives an overview about frequently lose its primary with a large percentage in the years 2011 to 2013 in particular 4 month lag. This proves that investing in gold gardening Islamic banks have a very high speculation aspect with a great potential risk.Based on the results of simulation investment gold gardening, invest in this manner can be hurtful and not just making a profit. Simulation on lag 4 months showed losses often experienced customer every month and every year. Based on the findings of this research, the things that determine the occurrence of investment practice gardening is the value of gold, Financing To Value (FTV) ratio, lag (pause) bought and mortgaged amount of gold, or the number of gold digadaikan. So, these things should be regulated or restricted in order to prevent the customer doing the gardening practices of gold in Islamic banks.

5. Conclusion 1. Investment gold gardening Activity does not always bring benefits. Losses may

occur, especially when his increasingly long lag scenario, then the likelihood of the customer losses.

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2. There is a difference of loss or gain on gold sales of any decision by the customer on the investment gold gardening. Different number of value of gold scratch scratch and changes in gold prices and the fluctuation of the rupiah exchange rate against the dollar caused the loss and the magnitude of the value of the benefits that can be achieved.

3. There is a difference of intensity or high number of months of losses and gains in investment gold gardening, either every month or annually on each distinct lag scenario during the simulation.

4. The intensity or high number of months of losses and gains to the magnitude of the nominal value of the losses and gains experienced by the customer. The greater number of months experience are having a surplus in one year, then the greater the profit value also in one year. Likewise, the losses, the greater number of months experience suffered a minus in one year, then the greater the value of the loss is also to be covered in one year.

5. Major Research Findings is a golden gardening investment incurred a loss. Simulation on lag 4 months showed a loss more frequently experienced customer every month and every year.

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