Regulating Competition in Sharia Gold Pawning
Bank Syariah Indonesia and PT Pegadaian under POJK No. 29/2025
DOI:
https://doi.org/10.24252/al-risalah.v26i2.70558Keywords:
Gadai Emas Syariah, Tacit Collusion, POJK Nomor 29 Tahun 2025, Maqashid SyariahAbstract
The dynamics of the Islamic finance industry recorded a very strong market concentration in gold pawn services, where Bank Syariah Indonesia (BSI) and the sharia unit of PT Pegadaian controlled 86.75% of the market share. This research aims to analyze how capital regulation and market behavior affect business competition in the sector. Using a Socio-Legal approach, this study dissects the implementation of POJK Number 29 of 2025 and its impact empirically. The results of the study show that the minimum capital standard is at Rp100,000,000,000.00 (one hundred billion rupiah) in Article 6 indicated to be the main barrier to entry that strengthens the duopoly structure. This condition, supported by the resource sharing privilege in Article 42A, is indicated to trigger tacit collusion behavior (covert collusion) which manifests in the price rigidity of the maximum administrative tariff of Rp125,000.00. This anomaly is exacerbated by the inequality of tiering strategies that have the potential to harm small customers. Substantively, the effect of regulation and the behavior of this duopoly market is indicated to not fully comply with the principles of Maqashid Sharia, especially in an effort to maintain the fair distribution of economic burdens and the protection of public property (hifz al-mal).
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