<![CDATA[Gold installment (cicil emas) products are marketed to Muslim customers as Sharia-compliant, yet their legal construction varies across institutions and delivery channels. This study compares the gold installment scheme of Bank Syariah Indonesia (BSI) with Pegadaian's Sharia gold installment product in Mandau District, Bengkalis Regency, Riau, where no certified Pegadaian Sharia unit operates and the product is sold through a conventional outlet. The study adopts an empirical-normative (socio-legal) qualitative design: data from interviews with the officer responsible for the product at each institution, observation and official product information were evaluated against the relevant DSN-MUI fatwas. BSI combines murabahah with rahn and applies a fixed margin of 9%–13.5% per year, tenors of 12–60 months and a ta'zir fine under Fatwa No. 17/DSN-MUI/IX/2000. At the Pegadaian outlet, the officer described a rahn-secured loan with a tariff of 0.92% per month of the appraised gold value, consistent with Pegadaian's published tariff and also called sewa modal, tenors of 3–36 months and a gradual fine of up to 4% per month. BSI's scheme is broadly compliant, provided that BSI owns the gold before concluding the murabahah contract. Pegadaian's tariff is permissible if it fixes a murabahah price, as Pegadaian's publications state, although it is costlier than BSI's margin at the same tenor. Under the loan construction described at the outlet, however, it becomes a return on a loan and raises a riba concern. The study recommends Sharia service windows, staff training and clearer disclosure of contracts, fees and the allocation of fines.]]>
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