Application of the Delphi Technique in the Formation of Shariah-Compliant Gold Instrument (SCGI)

The Delphi technique is a method used in order to get a unanimous decision from a group of experts regarding a certain issue. This technique was created as an effort in order to facilitate the formation of a joint decision among a group of experts in resolving a problem. This paper will establish the formation of Shariah-Compliant Gold Instrument (SCGI) by using this particular technique. A total of 13 experts in Muamalat were selected as participants and a total of three rounds were done in order to obtain their agreement. An open-ended questionnaire method and a close-ended questionnaire method were used during the first round, whereas the 4-point Likert scale questionnaire was used during the second round and for the third round, the Delphi technique was utilized to obtain the relevant data. Analysis of the questionnaire was done at every stage and a unanimous agreement by the experts was obtained by the third round as the item received a 70 % level of agreement or a median frequency of at least 3.25. As a result, this study has obtained 43 items SCGI instruments which is embedded in four dimensions, namely (i) investor and investment institutions; (ii) products and prices; (iii) the contract deal; and (iv) secondary contract. In conclusion, this research has successfully created the SCGI instrument that can be used by Islamic Financial Institutions (IFI) to create new products or an audit of the existing Shariah gold investment in order to ensure it complies with Muamalat.