Gold ETF Gains Sharia Compliance, Offers New Investment Alternative
An Exchange Traded Fund (ETF) based on gold was officially launched on the Indonesian capital market on Monday morning. The instrument has obtained sharia compliance approval based on a fatwa from the National Sharia Board of the Indonesian Ulema Council (DSN-MUI), thereby expanding options for the public seeking to invest in gold through the capital market.
Chair of the Board of Commissioners of the Financial Services Authority (OJK) Friderica Widyasari Dewi stated that the launch of the gold ETF is part of efforts to broaden the bullion market and deepen Indonesia’s capital market. “The good news is that this gold ETF has received sharia compliance based on a fatwa from the DSN-MUI. So this can be a main alternative, especially for women, because women like gold,” Friderica said during the opening ceremony of trading and the launch of the gold ETF, coinciding with the 49th anniversary of the Indonesian Capital Market at the Main Hall of the Indonesia Stock Exchange (BEI) in Jakarta.
According to Friderica, the gold ETF offers practicality as it is traded on the Indonesia Stock Exchange. The instrument is also part of eight integrated market deepening action plans.
One of the products launched is the Trimegah Syariah ETF Gold with the trading code XTRA, managed by PT Trimegah Asset Management. Trimegah Asset Management President Director Antony Dirga explained that XTRA can be accessed by the public through exchange trading, similar to stocks. “This gold ETF is launched on the exchange, so access is immediately broad. The public can trade it directly on the exchange, in the secondary market. It has been active today,” Antony said.
According to Antony, XTRA targets both retail and institutional investors. The presence of a gold ETF on the capital market provides a new alternative for investors who previously gained exposure to gold through digital gold products. “Once launched on the capital market, it can be accessed not only by retail investors but also by institutional investors,” he stated.
Trimegah is targeting XTRA to reach a value of several hundred billion rupiah by the end of 2026. This target is the initial goal following the product’s listing on the IDX. “Maybe this year, several hundred billion. Hopefully, it can be achieved,” Antony said.
Meanwhile, Vice Minister of Finance Juda Agung stressed the importance of investor trust in the development of the gold ETF. Since gold serves as the underlying asset for the instrument, its existence and storage must be verifiable by investors. “Investors must believe that the gold exists. Investors must trust the storage. Investors must trust the valuation. And investors must trust that transactions and governance are conducted accountably and transparently,” Juda said.
He added that financial product innovation must be accompanied by integrity. Therefore, the development of the gold ETF must be paired with strengthened governance, accountability, transparency, investor protection, and supervision.
Friderica added that strengthening integrity is increasingly important as the number of capital market investors grows. As of August 2026, the number of Single Investor Identifications (SID) has reached 30.27 million, with new SID growth of nearly 50 percent in the first eight months of the year. “This figure reflects not just a number, not just growth in the number of investors, but the meaning behind it is that there is trust, there is confidence, there is hope from the Indonesian public in the Indonesian capital market,” Friderica said.