Regulation, digitalization, and governance of bullion business and sharia gold pawn services in Indonesia: A systematic review

Abstract

Background: Gold plays a strategic role in Indonesia’s financial system as both a store of value and a liquidity instrument, particularly through bullion business and gold pawn services. The expansion of sharia gold pawn services and the rapid digitalization of financial activities have introduced new regulatory and governance challenges. Existing studies remain fragmented across legal, financial, and technological perspectives, creating gaps in policy understanding. This study aims to systematically review the literature on the regulation, digitalization, and governance of bullion business and sharia gold pawn services in Indonesia, with particular attention to legal certainty, sharia compliance, consumer protection, and financial inclusion. Methods: This article adopts a systematic literature review based on the PRISMA guidelines. Relevant studies were identified from Scopus, Web of Science, and Google Scholar and screened using predefined inclusion and exclusion criteria. Twenty-five core studies published between 2010 and 2025 were included in the qualitative synthesis and analyzed through a thematic regulatory governance framework integrating legal and sharia perspectives. Findings: The review finds that Indonesia’s regulatory framework for bullion business and sharia gold pawn services remains sectoral and fragmented, particularly in responding to digital innovation. Governance challenges persist in ensuring effective sharia compliance, transparency, and consumer protection, especially in fintech-based pawn services. While digitalization enhances access and supports financial inclusion, it simultaneously increases legal risks related to regulatory lag, data protection, and physical gold custody. These findings support regulatory and governance theories emphasizing adaptive regulation in digitally mediated financial services. Conclusion: An integrated regulatory and governance framework is essential to harmonize regulation, digitalization, and sharia principles in Indonesia’s bullion and gold pawn sector. Novelty/Originality of this article: This article offers an original interdisciplinary synthesis integrating regulation, digitalization, and sharia governance into a single framework, offering policy-oriented insights for Otoritas Jasa Keuangan to strengthen legal certainty, public trust, and financial inclusion.