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Islamic Finance Briefing - Categorized | Banking more

BI reminds Shariah banks on gold pawn

Posted on 04 January 2012

The volatile gold prices and the widespread practices of gold pawning in the banking sector have concerned Bank Indonesia. The central bank has reminded sharia banking to be careful in financing gold pawning. “Basically, it is allowed, but it has to comply with the guidelines,” said Bank Indonesia Deputy Governor Halim Alamsyah on Monday.
Many banks suspended their gold pawning services after gold prices declined within the last month. Precious metal price at the PT Aneka Tambang is now only IDR 495,000 per gram after hitting IDR 515,000 per gram………………………………………..Full Article: Source

 
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