STRATEGI PENGENDALIAN RISIKO PEMBIAYAAN MULTIGUNA BERKAH DALAM MENGHADAPI VOLATILITAS HARGA EMAS DI BMT NU CABANG CAMPLONG

Abstract

: Gold price volatility is an external factor that can potentially influence the risk associated with gold-backed financing in Sharia financial institutions. This study aims to analyze gold price volatility as a basis for risk control, examine risk control strategies for Multiguna Berkah financing, and formulate a conceptual model for risk control based on gold price volatility at the BMT NU Camplong Branch. The study employs a mixed-methods approach with a sequential explanatory design. The quantitative phase analyzes historical monthly gold price data (sourced from Harga-Emas.org), financing realization data, and Non-Performing Financing (NPF) ratios for the period of January 2021 to December 2025. The qualitative phase involves in-depth interviews with the branch manager, financing staff, and customers, supplemented by observation and documentation. Qualitative data were analyzed using the Miles and Huberman interactive model, while gold price volatility was calculated using the standard deviation of 59 monthly returns. The results indicate that gold prices rose by 177.08% between January 2021 and December 2025, with a monthly volatility of 3.80%. During the same period, internal records from the BMT NU Camplong Branch showed an NPF ratio of 0% for *Multiguna Berkah* financing. Qualitative analysis reveals that financing risk management is conducted through customer feasibility analysis based on the 5C principles, conservative collateral valuation, the application of a Financing-to-Value (FTV) policy of 70–85%, continuous gold price monitoring, an early warning system, and phased financing settlement based on the principle of ta'awun (mutual assistance). Based on these findings, a conceptual model for a financing risk control strategy—based on gold price volatility—was developed; this model integrates gold price monitoring, customer feasibility analysis, FTV policy, and Sharia principles into a risk control framework for the BMT NU Camplong Branch.