The Effect of Gold Price and Integrated Marketing Communication: Determinants of Interest in Gold Installment Financing at BSI
Abstract
This research explores how the price of gold and Integrated Marketing Communication (IMC) influence customer interest in gold installment financing at PT Bank Syariah Indonesia (BSI). Gold installment financing serves as a Sharia-compliant investment option based on a murabahah contract, allowing customers to gradually obtain gold through fixed installment payments. The rising demand for gold as a safe haven asset underscores the significance of both economic and marketing elements in shaping customer choices. This study utilizes a quantitative explanatory approach and employs multiple linear regression analysis. Data were gathered via structured questionnaires distributed among BSI customers and were examined through validity and reliability assessments, classical assumption tests, and hypothesis testing methods. The results indicate that gold price and IMC positively and significantly affect customer interest. Moreover, IMC demonstrates a more dominant influence compared to gold price, indicating that effective and integrated marketing communication strategies play a critical role in enhancing customer awareness, trust, and understanding of gold installment products. These results suggest that while gold price reflects rational economic considerations, IMC functions as a strategic communication mechanism that strengthens customers’ behavioral intentions. This study provides theoretical contributions by integrating economic and marketing determinants within a single analytical framework and offers practical implications for Islamic banking institutions in developing adaptive pricing policies and more effective communication strategies to increase customer interest in gold installment financing.
Keywords:
Gold Price, Integrated Marketing Communication, Customer Interest, Gold Installment Financing, Islamic Banking
References
Abizar Markin, A., Afrizawati, A., & Seto, A. A. (2025). Pengaruh perubahan harga emas dan promosi terhadap minat nasabah pada produk cicil emas Bank Syariah Indonesia. Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis Dan Digital, 2(3), 231–245.
Afifah, A., & Ardyansyah, F. (2023). Analisis Minat Masyarakat Berinvestasi Emas Melalui Produk Pembiayaan Cicil Emas di Bank Syariah Indonesia Menggunakan Pendekatan Theory of Planned Behavior. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(6), 2879–2900. https://doi.org/10.47467/alkharaj.v5i6.3709
Aminuddin, M. (2025). Digital marketing strategy in Islamic banking: Evidence from customer intention analysis. Journal of Islamic Marketing, 16(2), 245–260.
Asmaningrum, D., & Makhtum, A. (2024). Adz Dzahab OPTIMALISASI AKSES PELUNASAN HAJI DENGAN CICIL EMAS DI BANK SYARIAH INDONESIA KC JOMBANG. Adz Dzahab, vol.9, No.1. http://journal.uiad.ac.id/index.php/adz-dzahab
Bank, W. (2024). Commodity markets outlook: Precious metals. World Bank Group.
Chen, C.-S., Yu, C.-C., & Tu, K.-Y. (2023). Exploring the impact of integrated marketing communication tools on green product purchase intentions among diverse green consumer segments. Sustainability, 15(24), 16841. https://doi.org/10.3390/su152416841
Cooper, D. R., & Schindler, P. S. (2019). Business Research Methods. McGraw-Hill.
Council, W. G. (2025). Gold demand trends and market outlook. World Gold Council.
Creswell, J. W., & Creswell, J. D. (2023). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Sage Publications.
Dirgantari, D. A., Barnas, B., & Kristianingsih, K. (2022). Pengaruh harga emas terhadap penyaluran pembiayaan gadai emas pada bank umum syariah di Indonesia. Journal of Applied Islamic Economics and Finance, 2(3), 600–610.
Ergül, N., & Karakaş, M. (2024). Gold as a safe haven asset during economic uncertainty: Evidence from emerging markets. International Journal of Finance and Economics, 29(2), 1154–1168. https://doi.org/10.1002/ijfe.3001
Ervina, R., & Nugroho, A. (2022). Minat masyarakat terhadap tabungan emas digital pada lembaga keuangan syariah. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(3), 421–434.
Fakhri, M. (2022). Pengaruh promosi terhadap minat nasabah produk pembiayaan emas di bank syariah. Jurnal Perbankan Syariah, 6(2), 101–114.
Ferdinand, A. (2020). Metode penelitian manajemen (6th ed.). (6th ed.). Badan Penerbit Universitas Diponegoro.
Field, A. (2022). Discovering Statistics Using IBM SPSS Statistics . In Discovering Statistics Using IBM SPSS Statistics . Sage Publications.
Fitriyah, Z., & Ardyansyah, F. (2025). Implementation of Sharia Marketing Characteristics for Gold Pawn Customers at Bank Mitra Syariah Gresik. AL-FALAH : Journal of Islamic Economics, 10(1), 181–192. https://doi.org/10.29240/alfalah.v10i1.13204
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (10, Ed.). Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2023). Aplikasi Analisis Multivariate dengan Program IBM SPSS 26. Badan Penerbit Universitas Diponegoro.
Gujarati, D. N., & Porter, D. C. (2020). Basic Econometrics. McGraw-Hill Education.
Hafidz, M., & Pratama, A. (2023). Determinan minat nasabah terhadap pembiayaan emas syariah. Jurnal Ekonomi Dan Keuangan Islam, 9(2), 98–111.
Hair, J. F., Page, M., & Brunsveld, N. (2023). Essentials of Business Research Methods. Routledge.
Hidayat, R., & Sari, D. P. (2021). Integrated marketing communication dan keputusan nasabah bank syariah. Jurnal Ekonomi Dan Bisnis Islam, 7(2), 145–158.
Kotler, P., & Keller, K. L. (2022). Marketing Management (16th ed.). Pearson Education.
Kuncoro, M. (2021). Metode Riset untuk Bisnis dan Ekonomi (4th ed.). Erlangga. https://doi.org/10.13140/RG.2.2.23517.14560
Kurniawan, A., & Maulana, H. (2025). Implementasi akad murabahah pada pembiayaan emas di bank syariah. Jurnal Hukum Dan Ekonomi Syariah, 8(1), 1–15.
Latifah, N., & Rachman, A. (2025). Integrated marketing communication dalam perbankan syariah digital. Jurnal Manajemen Dan Inovasi Keuangan Syariah, 6(1), 1–14.
Malhotra, N. K. (2019). Marketing Research: An Applied Orientation (7th ed.). Pearson.
Maysarah, M. (2025). Gold Price Fluctuation Drives Customers’ Gold Installment: Evidence in Islamic Banking. IJINS (International Journal of Islamic & Syariah Research), 1(1). online
Mujiatun, S., Trianto, B., Cahyono, E. F., & Rahmayati. (2023). The Impact of Marketing Communication and Islamic Financial Literacy on Islamic Financial Inclusion and MSMEs Performance: Evidence from Halal Tourism in Indonesia. Sustainability, 15(13), 9868. https://doi.org/10.3390/su15139868
Nachrowi, N. D., & Usman, H. (2019). Pendekatan Populer dan Praktis Ekonometrika untuk Analisis Ekonomi dan Keuangan. Lembaga Penerbit FE UI. https://doi.org/10.13140/RG.2.2.15265.07522
Neuman, W. L. (2020). Social Research Methods: Qualitative and Quantitative Approaches (8th ed.). Pearson.
Ningsih, P. R., & Rahman, T. (2023). ANALISIS PROSEDUR PEMBIAYAAN PRODUK CICIL EMAS BSI DALAM UPAYA MENINGKATKAN NASABAH PEMBIAYAAN PADA BANK SYARIAH INDONESIA KC BOJONEGORO. Justisia Ekonomika Jurnal Magister Hukum Ekonomi Syariah, 7(2), 935–946. https://doi.org/10.15642/alqanun.2021.24.1.33
Nugroho, B., & Salim, M. (2024). Transformasi pemasaran digital perbankan syariah di Indonesia. Jurnal Bisnis Dan Ekonomi Islam, 11(1), 55–68.
Otoritas Jasa Keuangan (OJK). (2024). Roadmap Pengembangan Perbankan Syariah Indonesia 2023-2027. Otoritas Jasa Keuangan.
Pallant, J. (2020). SPSS Survival Manual (7th ed.). McGraw-Hill Education.
Putri, A. R., Lestari, D., & Fadhilah, N. (2024). Inovasi produk ritel perbankan syariah dan inklusi keuangan. Jurnal Keuangan Islam Indonesia, 10(1), 41–55.
Rahman, F., & Yusuf, M. (2024). Pengaruh volatilitas harga emas terhadap minat pembiayaan emas syariah. Jurnal Manajemen Perbankan Syariah, 6(2), 120–134.
Rehman, S. (2022). Developing the Integrated Marketing Communication (IMC) through Social Media — The Modern Marketing Communication Approach. SAGE Open. https://doi.org/10.1177/21582440221099936
Risman, A., Fitria, S., & Hakim, L. (2024). Pembiayaan emas sebagai alternatif investasi syariah di Indonesia. Jurnal Ekonomi Dan Keuangan Islam, 12(2), 89–104. https://doi.org/10.20885/jeki.vol12.iss2.art7
Sekaran, U., & Bougie, R. (2020). Research Methods for Business: A Skill-Building Approach (8th ed.). John Wiley & Sons. https://doi.org/10.1002/9781119593140
Sharma, R. (2024). Integrated marketing communication and customer engagement in Islamic banking. Journal of Islamic Marketing, 15(3), 512–528. https://doi.org/10.1108/JIMA-2023-0194
Shimp, T. A., & Andrews, J. C. (2023). Advertising, promotion, and other aspects of integrated marketing communications (11th ed.). Cengage Learning.
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Syahrul, M., & Amalia, R. (2024). Harga emas dan keputusan pembiayaan emas pada bank syariah. Jurnal Perbankan Syariah Indonesia, 10(1), 33–47.
Syahsya, A., & Humaira, N. (2023). Strategi branding dan komunikasi pemasaran terpadu pada perbankan syariah. Jurnal Manajemen Pemasaran Islam, 5(2), 101–114.
Taber, K. S. (2018). The use of Cronbach’s Alpha when developing and reporting research instruments. Research in Science Education, 48(6), 1273–1296.
Wahyunitasari, D. (2024). Pengaruh komunikasi pemasaran terhadap minat nasabah produk pembiayaan bank syariah. Jurnal Ekonomi Dan Bisnis Islam, 9(2), 145–158.
Widarjono, A. (2021). Ekonometrika: Pengantar dan aplikasinya. UPP STIM YKPN.
Wooldridge, J. M. (2020). Introductory econometrics: A modern approach (7th ed.). Cengage Learning. https://doi.org/10.1007/978-3-319-92974-4
Afifah, A., & Ardyansyah, F. (2023). Analisis Minat Masyarakat Berinvestasi Emas Melalui Produk Pembiayaan Cicil Emas di Bank Syariah Indonesia Menggunakan Pendekatan Theory of Planned Behavior. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(6), 2879–2900. https://doi.org/10.47467/alkharaj.v5i6.3709
Aminuddin, M. (2025). Digital marketing strategy in Islamic banking: Evidence from customer intention analysis. Journal of Islamic Marketing, 16(2), 245–260.
Asmaningrum, D., & Makhtum, A. (2024). Adz Dzahab OPTIMALISASI AKSES PELUNASAN HAJI DENGAN CICIL EMAS DI BANK SYARIAH INDONESIA KC JOMBANG. Adz Dzahab, vol.9, No.1. http://journal.uiad.ac.id/index.php/adz-dzahab
Bank, W. (2024). Commodity markets outlook: Precious metals. World Bank Group.
Chen, C.-S., Yu, C.-C., & Tu, K.-Y. (2023). Exploring the impact of integrated marketing communication tools on green product purchase intentions among diverse green consumer segments. Sustainability, 15(24), 16841. https://doi.org/10.3390/su152416841
Cooper, D. R., & Schindler, P. S. (2019). Business Research Methods. McGraw-Hill.
Council, W. G. (2025). Gold demand trends and market outlook. World Gold Council.
Creswell, J. W., & Creswell, J. D. (2023). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Sage Publications.
Dirgantari, D. A., Barnas, B., & Kristianingsih, K. (2022). Pengaruh harga emas terhadap penyaluran pembiayaan gadai emas pada bank umum syariah di Indonesia. Journal of Applied Islamic Economics and Finance, 2(3), 600–610.
Ergül, N., & Karakaş, M. (2024). Gold as a safe haven asset during economic uncertainty: Evidence from emerging markets. International Journal of Finance and Economics, 29(2), 1154–1168. https://doi.org/10.1002/ijfe.3001
Ervina, R., & Nugroho, A. (2022). Minat masyarakat terhadap tabungan emas digital pada lembaga keuangan syariah. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(3), 421–434.
Fakhri, M. (2022). Pengaruh promosi terhadap minat nasabah produk pembiayaan emas di bank syariah. Jurnal Perbankan Syariah, 6(2), 101–114.
Ferdinand, A. (2020). Metode penelitian manajemen (6th ed.). (6th ed.). Badan Penerbit Universitas Diponegoro.
Field, A. (2022). Discovering Statistics Using IBM SPSS Statistics . In Discovering Statistics Using IBM SPSS Statistics . Sage Publications.
Fitriyah, Z., & Ardyansyah, F. (2025). Implementation of Sharia Marketing Characteristics for Gold Pawn Customers at Bank Mitra Syariah Gresik. AL-FALAH : Journal of Islamic Economics, 10(1), 181–192. https://doi.org/10.29240/alfalah.v10i1.13204
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (10, Ed.). Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2023). Aplikasi Analisis Multivariate dengan Program IBM SPSS 26. Badan Penerbit Universitas Diponegoro.
Gujarati, D. N., & Porter, D. C. (2020). Basic Econometrics. McGraw-Hill Education.
Hafidz, M., & Pratama, A. (2023). Determinan minat nasabah terhadap pembiayaan emas syariah. Jurnal Ekonomi Dan Keuangan Islam, 9(2), 98–111.
Hair, J. F., Page, M., & Brunsveld, N. (2023). Essentials of Business Research Methods. Routledge.
Hidayat, R., & Sari, D. P. (2021). Integrated marketing communication dan keputusan nasabah bank syariah. Jurnal Ekonomi Dan Bisnis Islam, 7(2), 145–158.
Kotler, P., & Keller, K. L. (2022). Marketing Management (16th ed.). Pearson Education.
Kuncoro, M. (2021). Metode Riset untuk Bisnis dan Ekonomi (4th ed.). Erlangga. https://doi.org/10.13140/RG.2.2.23517.14560
Kurniawan, A., & Maulana, H. (2025). Implementasi akad murabahah pada pembiayaan emas di bank syariah. Jurnal Hukum Dan Ekonomi Syariah, 8(1), 1–15.
Latifah, N., & Rachman, A. (2025). Integrated marketing communication dalam perbankan syariah digital. Jurnal Manajemen Dan Inovasi Keuangan Syariah, 6(1), 1–14.
Malhotra, N. K. (2019). Marketing Research: An Applied Orientation (7th ed.). Pearson.
Maysarah, M. (2025). Gold Price Fluctuation Drives Customers’ Gold Installment: Evidence in Islamic Banking. IJINS (International Journal of Islamic & Syariah Research), 1(1). online
Mujiatun, S., Trianto, B., Cahyono, E. F., & Rahmayati. (2023). The Impact of Marketing Communication and Islamic Financial Literacy on Islamic Financial Inclusion and MSMEs Performance: Evidence from Halal Tourism in Indonesia. Sustainability, 15(13), 9868. https://doi.org/10.3390/su15139868
Nachrowi, N. D., & Usman, H. (2019). Pendekatan Populer dan Praktis Ekonometrika untuk Analisis Ekonomi dan Keuangan. Lembaga Penerbit FE UI. https://doi.org/10.13140/RG.2.2.15265.07522
Neuman, W. L. (2020). Social Research Methods: Qualitative and Quantitative Approaches (8th ed.). Pearson.
Ningsih, P. R., & Rahman, T. (2023). ANALISIS PROSEDUR PEMBIAYAAN PRODUK CICIL EMAS BSI DALAM UPAYA MENINGKATKAN NASABAH PEMBIAYAAN PADA BANK SYARIAH INDONESIA KC BOJONEGORO. Justisia Ekonomika Jurnal Magister Hukum Ekonomi Syariah, 7(2), 935–946. https://doi.org/10.15642/alqanun.2021.24.1.33
Nugroho, B., & Salim, M. (2024). Transformasi pemasaran digital perbankan syariah di Indonesia. Jurnal Bisnis Dan Ekonomi Islam, 11(1), 55–68.
Otoritas Jasa Keuangan (OJK). (2024). Roadmap Pengembangan Perbankan Syariah Indonesia 2023-2027. Otoritas Jasa Keuangan.
Pallant, J. (2020). SPSS Survival Manual (7th ed.). McGraw-Hill Education.
Putri, A. R., Lestari, D., & Fadhilah, N. (2024). Inovasi produk ritel perbankan syariah dan inklusi keuangan. Jurnal Keuangan Islam Indonesia, 10(1), 41–55.
Rahman, F., & Yusuf, M. (2024). Pengaruh volatilitas harga emas terhadap minat pembiayaan emas syariah. Jurnal Manajemen Perbankan Syariah, 6(2), 120–134.
Rehman, S. (2022). Developing the Integrated Marketing Communication (IMC) through Social Media — The Modern Marketing Communication Approach. SAGE Open. https://doi.org/10.1177/21582440221099936
Risman, A., Fitria, S., & Hakim, L. (2024). Pembiayaan emas sebagai alternatif investasi syariah di Indonesia. Jurnal Ekonomi Dan Keuangan Islam, 12(2), 89–104. https://doi.org/10.20885/jeki.vol12.iss2.art7
Sekaran, U., & Bougie, R. (2020). Research Methods for Business: A Skill-Building Approach (8th ed.). John Wiley & Sons. https://doi.org/10.1002/9781119593140
Sharma, R. (2024). Integrated marketing communication and customer engagement in Islamic banking. Journal of Islamic Marketing, 15(3), 512–528. https://doi.org/10.1108/JIMA-2023-0194
Shimp, T. A., & Andrews, J. C. (2023). Advertising, promotion, and other aspects of integrated marketing communications (11th ed.). Cengage Learning.
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Syahrul, M., & Amalia, R. (2024). Harga emas dan keputusan pembiayaan emas pada bank syariah. Jurnal Perbankan Syariah Indonesia, 10(1), 33–47.
Syahsya, A., & Humaira, N. (2023). Strategi branding dan komunikasi pemasaran terpadu pada perbankan syariah. Jurnal Manajemen Pemasaran Islam, 5(2), 101–114.
Taber, K. S. (2018). The use of Cronbach’s Alpha when developing and reporting research instruments. Research in Science Education, 48(6), 1273–1296.
Wahyunitasari, D. (2024). Pengaruh komunikasi pemasaran terhadap minat nasabah produk pembiayaan bank syariah. Jurnal Ekonomi Dan Bisnis Islam, 9(2), 145–158.
Widarjono, A. (2021). Ekonometrika: Pengantar dan aplikasinya. UPP STIM YKPN.
Wooldridge, J. M. (2020). Introductory econometrics: A modern approach (7th ed.). Cengage Learning. https://doi.org/10.1007/978-3-319-92974-4
Published
2026-03-07
How to Cite
Maulida, R., Pujiati, T., & Rahman, T. (2026). The Effect of Gold Price and Integrated Marketing Communication: Determinants of Interest in Gold Installment Financing at BSI. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 9(2). https://doi.org/https://doi.org/10.36778/jesya.v9i2.2580
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
