Analisa Sentimen Pasar Produk Pembiayaan Emas (PKE) di Perbankan Syariah Sebelum dan Sesudah Trump Effect

Mutiara Septiani Tasya; Nurul Huda

doi:10.61132/lokawati.v3i4.1849

Authors

Mutiara Septiani Tasya Universitas Paramadina
Nurul Huda Universitas Yarsi

DOI:

https://doi.org/10.61132/lokawati.v3i4.1849

Keywords:

Global impact of Trump Effect, Islamic banking gold financing, RoBERTa classification model, Text mining and NLP, X public sentiment analysis

Abstract

This study aims to analyze market sentiment towards Gold Financing Products (PKE) in Islamic banking before and after the Trump Effect phenomenon using the text mining method. This technique involves extracting information from unstructured text data to then be visualized and analyzed using the Natural Language Processing (NLP) approach and a RoBERTa-based classification model. Data was collected through web scraping from the X application with the help of API and processed using Google Colab. From a total of 4,074 tweets analyzed, it was found that the majority of public sentiment was neutral (59%), followed by negative (24%) and positive (17%). This reflects the public's tendency to discuss informatively rather than emotionally, although there was a spike in negative sentiment in certain periods indicating sensitivity to global dynamics, especially the impact of the Trump Effect on gold prices. The resulting wordcloud reveals key topics such as gold prices, buying and selling activities, and institutions such as Pegadaian Syariah and BSI. Terms such as "sharia", "riba", and "principles" emphasize the importance of Islamic financial values in public perception. The results of this study indicate that text mining-based sentiment analysis is effective in capturing the dynamics of public opinion in real-time and can be a strategic tool for Islamic financial institutions in responding to market changes.

Downloads

Download data is not yet available.

References

Agustin, T. (2022). Prosedur pembiayaan produk cicil emas di Bank Sumselbabel Syariah Cabang Muhammadiyah Palembang. Jurnal Ilmiah Mahasiswa Perbankan Syariah Sekolah Tinggi dan Bisnis Syariah (STEBIS) Indo Global Mandiri, 2(1).

Ali, S. H. (2006). Gold mining and the golden rule: A challenge for producers and consumers in developing countries. Journal of Cleaner Production, 14(3–4), 455–462. https://doi.org/10.1016/j.jclepro.2004.05.009

Darussalam, I., & Muhammad, I. (2024). Currency value changes: Historical dynamics and Islamic legal perspectives in Maqashid Ash-Shari’ah. Az-Zarqa: Jurnal Hukum Bisnis Islam, 16(2). https://doi.org/10.1057/978-1-137-50733-4

Darvishan, S., & Heidari, S. (2024). Investigating the impact of investor sentiment and volatility on investment behavior in the gold market. Journal of Accounting, Financial and Economic Sciences, 4(4). https://doi.org/10.61186/jafes.4.4.136

Dewan Syariah Nasional MUI. (2010). Fatwa Dewan Syariah Nasional Nomor: 77/DSN-MUI/V/2010 tentang Jual-Beli Emas secara Tidak Tunai. https://dsnmui.or.id/kategori/fatwa/page/9/

Dwison Alizah, M., Nugroho, A., Radiyah, U., Gata, W., Komputer, P. I., & Mandiri, N. (2020). Sentimen analisis terkait lockdown pada sosial media Twitter. IJSE - Indonesian Journal on Software Engineering, 6(2), 223–229.

Fekrazad, A., Harun, S. M., & Sardar, N. (2022). Social media sentiment and the stock market. Journal of Economics and Finance, 46(2), 397–419. https://doi.org/10.1007/s12197-022-09575-x

Harga-Emas.org. (2025). Pergerakan harga emas Rp/gram - 1 bulan terakhir. https://harga-emas.org/1-gram/

Heydarian, P., Bifet, A., & Corbet, S. (2024). Understanding market sentiment analysis: A survey. Journal of Economic Surveys. https://doi.org/10.1111/joes.12645

Howell, J. (2025, April 2). Trump umumkan tarif baru AS terhadap sejumlah negara, termasuk Indonesia. BBC World Service. https://www.bbc.com/indonesia/articles/cn91xd1vxe4o

Husriadi, M. (2025, April 6). Kebijakan proteksionisme Trump: Guncangan pasar dan kesejahteraan bersama. Kumparan.com.

Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Economica: Journal of the Economic Society, 47(2), 263–292.

Kasmir. (2018). Bank dan lembaga keuangan lainnya (Revisi). PT. Grafindo Persada.

Kyriazis, N., Papadamou, S., Tzeremes, P., & Corbet, S. (2023). The differential influence of social media sentiment on cryptocurrency returns and volatility during COVID-19. Quarterly Review of Economics and Finance, 89, 307–317. https://doi.org/10.1016/j.qref.2022.09.004

Liu, J. (2016). Covered in gold: Examining gold consumption by middle class consumers in emerging markets. International Business Review, 25(3), 739–747. https://doi.org/10.1016/j.ibusrev.2016.03.004

Mairiza, D., & Harahap, N. M. (2024). Analisis pilihan investasi masyarakat: Berkurangnya minat terhadap bank syariah di tengah meningkatnya popularitas pasar modal. PROFJES: Profetik Jurnal Ekonomi Syariah, 3(1). https://jurnal.uinsyahada.ac.id/index.php/profetik/index

Natalia, T. (2025, February 4). Era Trump 2.0: Harga emas lebih ganas, bakal sampai kapan? CNBC Indonesia. https://www.cnbcindonesia.com/research/20250204110831-128-607772/era-trump-20-harga-emas-lebih-ganas-bakal-sampai-kapan

Parlika, R., Pradika, S. I., Hakim, A. M., & Kholilul, R. N. M. (2020). Analisis sentimen Twitter terhadap Bitcoin dan cryptocurrency berbasis Python TextBlob. JIFTI - Jurnal Ilmiah Teknologi Informasi dan Robotika, 2. https://t.co/qAUw3p2TkC

Putra, T. W., Sofyan, A. S., Sofyan, S., Rusanti, E., & Wahyudi, W. (2023). Analisis sentimen Twitter pada Bank Syariah Indonesia (Studi kasus: Sistem BSI down). El Mudhorib: Jurnal Kajian Ekonomi dan Perbankan Syariah, 4(2), 129–139. https://doi.org/10.53491/elmudhorib.v4i2.894

Reswara, K. (2024). Analisis perkembangan dan tantangan bank syariah dalam persaingan dengan bank konvensional di pasar keuangan modern. Jurnal Ekonomi dan Pembangunan Indonesia, 2(3), 120–125. https://doi.org/10.61132/jepi.v2i3.601

Rismawan, L. O. M. (2025, April 15). Emas jadi andalan, investor mulai lirik lagi. Radio Republik Indonesia. https://www.rri.co.id/investasi/1451841/emas-jadi-andalan-investor-mulai-lirik-lagi

Shefrin, H. (2000). Beyond greed and fear: Understanding behavioral finance and the psychology of investing. Harvard Business School Press. https://doi.org/10.1093/0195161211.001.0001

Shefrin, H. (2008). A behavioral approach to asset pricing (2nd ed.). Elsevier Academic Press. http://elsevier.com

Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D. Alphabet.

Sumeru, D., & Balqiah, T. E. (2022). The effect of marketing strategy on consumer sentiment, price sensitivity, and purchase intention, on National Online Shopping Day: S-O-R model approach. The 6th International Conference on Family Business and Entrepreneurship.

Surat Edaran Bank Indonesia Nomor 14/16/DPbS tentang Produk Pembiayaan Kepemilikan Emas bagi Bank Syariah dan Unit Usaha Syariah, OJK. (2012). https://ojk.go.id/id/regulasi/pages/sebi-tentang-produk-pembiayaan-kepemilikan-emas-bagi-bank-syariah-dan-unit-usaha-syariah.aspx

Suriani, S. (2022). Financial literacy versus financial behavior. In Financial behavior (pp. 73–88). Yayasan Kita Menulis.

Swadjaja, I., Sawarjuwono, T., & Ludigdo, U. (2019). Model of Islamic wealth management based on Maqasid al-Shariah. Journal of Innovation in Business and Economics, 3(2). https://doi.org/10.22219/jibe.v3i02.7465

Syafrian, D., Rosyadah, S. R., Indramawan, D., & Nugraharti, C. (2025). Banking beyond growth: Powering a sustainable and inclusive economy for 2025 onward.

Triki, M. B., & Ben Maatoug, A. (2021). The gold market as a safe haven against the stock market uncertainty: Evidence from geopolitical risk. Resources Policy, 70, 101872. https://doi.org/10.1016/j.resourpol.2020.101872

Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124–1131. http://science.sciencemag.org/

Vu, B. N., & Hoang, H. Y. (2024). Factors influencing gold demand: Evidence from developing countries. Ministry of Science and Technology, Vietnam, 66(3). https://doi.org/10.31276/vmostjossh.2024.0011