Legal Literature Review of Peer to Peer Lending in Indonesia: Building Sharia FinTech Ecosystem Literatur Hukum Peer to Peer Lending di Indonesia: Membangun Ekosistem FinTech Syariah
Abstract
Abstract: This article investigates the extent to which peer-to-peer (P2P) lending regulations in Indonesia, both in the context of formal law and Islamic law, have been effective in supporting economic growth. Employing a normative juridical approach, the article highlights various regulations introduced by the government to enhance transparency and accountability in the implementation of fintech P2P lending in Indonesia. Although measures such as the imposition of daily interest rate limits have been implemented to protect consumers, concerns remain regarding the effectiveness of supervision, particularly in safeguarding vulnerable consumers. The study also underscores the importance of financial and digital literacy in helping both borrowers and lenders understand the risks and benefits of P2P lending. Key challenges in integrating Sharia law principles, including the prohibitions on ribā (usury) and gharar (uncertainty), have the potential to constrain financial innovation and reduce competitive lending options. The findings suggest the need for a more flexible regulatory approach and closer collaboration between regulators, the industry, and religious authorities to ensure compliance with Sharia law while supporting the growth of the sector. Continuous education for users is also essential to enhance protection and financial inclusion within the Sharia-compliant P2P lending ecosystem in Indonesia.
Abstrak: Artikel ini meneliti sejauh mana regulasi peer-to-peer (P2P) lending di Indonesia, baik dalam konteks hukum formal maupun hukum Islam, telah berfungsi dengan baik dan mendukung bergeraknya roda perekonomian. Menggunakan pendekatan yuridis normatif, artikel ini menyoroti berbagai regulasi yang ditetapkan oleh Pemerintah dalam meningkatkan transparansi dan akuntabilitas pada penyelenggaraan fintech P2P di Indonesia. Meskipun langkah-langkah seperti pembatasan suku bunga harian telah diberlakukan untuk melindungi konsumen, terdapat kekhawatiran terkait efektivitas pengawasan, terutama dalam melindungi konsumen yang rentan. Penelitian ini juga menekankan pentingnya literasi keuangan dan digital untuk membantu para peminjam dan pemberi pinjaman memahami risiko dan manfaat dari pinjaman P2P. Tantangan utama dalam mengintegrasikan prinsip-prinsip hukum Syariah, termasuk larangan ribā dan garar, berpotensi membatasi inovasi keuangan dan mengurangi opsi pinjaman yang kompetitif. Temuan dalam penelitian ini menyarankan perlunya pendekatan regulasi yang lebih fleksibel serta kolaborasi yang lebih erat antara regulator, industri, dan otoritas keagamaan untuk memastikan kepatuhan terhadap hukum Syariah sekaligus mendukung pertumbuhan sektor ini. Edukasi berkelanjutan bagi pengguna juga diperlukan guna meningkatkan perlindungan dan inklusi keuangan dalam ekosistem P2P lending syariah di Indonesia.
Full text article
References
Adji, Yovie Bramantyo, Wildan Abineri Muhammad, Abdurrachman Nurwira Lucky Akrabi, dan Noerlina Noerlina. “Perkembangan Inovasi Fintech di Indonesia.” Business Economic, Communication, and Social Sciences Journal (BECOSS) 5, no. 1 (2023): 47–58. https://doi.org/10.21512/becossjournal.v5i1.8675.
Andreou, Panayiotis C., and Sofia Anyfantaki. “Financial Literacy and Its Influence on Internet Banking Behavior.” European Management Journal 39, no. 5 (October 2021): 658–74. https://doi.org/10.1016/j.emj.2020.12.001.
Arikunto, Suharsimi. Prosedur Penelitian Suatu Pendekatan Praktek. Jakarta: Rineka Cipta, 2000.
Avianti, Ilya and Triyono. Ekosistem Fintech Di Indonesia. Jakarta: Kaptain Komunikasi Indonesia, 2021.
Baihaqi, Jadzil. “Financial Technology Peer-To-Peer Lending Berbasis Syariah Di Indonesia.” TAWAZUN : Journal of Sharia Economic Law 1, no. 2 (20 September 2018): 116. https://doi.org/10.21043/tawazun.v1i2.4979.
Carlsnaes, Walter, Thomas Risse, and Beth A Simmons. Dari Interdependesi Ke Globalisasi: Handbook Hubungan Internasional. Jakarta: Nusamedia, 2021.
Centre for Governance Resilience and Accountability Studies, Faculty of Economy and Management, Universiti Kebangsaan Malaysia, Shifa Mohd Nor, Noor Azuan Hashim, and Centre for Value Creation and Human Well-being Studies, Faculty of Economy and Management, Universiti Kebangsaan Malaysia. “Trust Motivates Funders to Participate in Shari’ah Crowdfunding.” Malaysian Journal of Society and Space 16, no. 2 (May 30, 2020). https://doi.org/10.17576/geo-2020-1602-18.
Chasanah Novambar Andiyansari. “Akad Mudharabah dalam Perspektif Fikih dan Perbankan Syariah.” SALIHA: Jurnal Pendidikan & Agama Islam 3, no. 2 (2020): 42–54. https://doi.org/10.54396/saliha.v3i2.80.
Dakhoir, Ahmad. Hukum Zakat, Pengaturan dan Integrasi Kelembagaan Pengelolaan Zakat Dengan Fungsi Lembaga Perbankan Syariah. Surabaya: Aswaja Pressindo, 2015.
Dewi Fatmala Putri dan Zuraidah Zuraidah. “ANALISIS MANAJEMEN RESIKO PEMBIAYAAN PEER TO PEER LENDING (P2PL) FINTECH SYARIAH (STUDI KASUS PADA PT ALAMI SYARIAH).” Journal of Management and Social Sciences 1, no. 4 (30 November 2022): 83–97. https://doi.org/10.55606/jimas.v1i4.62.
Djauhari, Politik Hukum Negara Kesejahteraan Indonesia, Studi Tentang Kebijakan Regulasi dan Institusionalisasi Gagasan Kesejahteraan Sosial Ekonomi Masyarakat Nelayan di Jawa Tengah. Semarang: Unissula Press, 2008.
Fauji, Diah Ayu Septi dan Moch. Wahyu Widodo. Financial Technology. Kediri: Fakultas Ekonomi Universitas Nusantara PGRI Kediri, 2020.
Fidiana, Irwan Alnarus Kautsar dan M. Ruslianor Maika. Bahan Ajar; Digital Economy. Sidoarjo: UMSIDA Press, 2018.
Hakim, Lukmanul dan Recca Ayu Hapsari. Buku Ajar; Financial Techno-logy Law. Indramayu: Adanu Abimata, 2022.
Hanafi, Dasar-Dasar Fintech Financial Technology; Pengenalan (Fintech) Financial Technology. Yogyakarta: Aswaja Pressindo, 2021.
Hermawan, Marko Sebira, Ahmad Syamil, and Pantri Heriyati. Perspektif Industri Financial Technology Di Indonesia Perspektif Industri Financial Technology Di Indonesia. Jakarta: Qiara Media, 2020.
Hermawanto, Ariesani, and Meaty Anggrani. Globalisasi, Revolusi Digital Dan Lokalitas : Dinamika Internasional Dan Domestik Di Era Borderless World. Yogyakarta: LPPM UPN VY Press, 2020.
HR, Ridwan. Hukum Administrasi Negara. Yogyakarta: UII Press, 2003.
Huijbers, Theo. Filsafat Hukum Dalam Lintasan Sejarah. Yogyakarta: Kanisius, 1982.
Hutapea, Renova. “Minimalisasi Risiko Kredit (NPL) Pada Fintach Peer to Peer Lending melalui Kewajiban Pelaporan SLIK OJK.” Jurnal Ilmiah Mandala Education 6, no. 2 (2020): 241–53. https://doi.org/10.58258/jime.v6i2.1401.
Jae, Haeran, dan Devon Delvecchio. “Decision Making by Low‐Literacy Consumers in the Presence of Point‐of‐Purchase Information.” Journal of Consumer Affairs 38, no. 2 (Desember 2004): 342–54. https://doi.org/10.1111/j.1745-6606.2004.tb00873.x.
Kahar, Kahar. “Al-Qardh (Pinjam-Meminjam) Dalam Perspektif Al-Qur’an.” Jurnal Adz-Dzahab: Jurnal Ekonomi dan Bisnis Islam 7, no. 2 (2022): 199–209. https://doi.org/10.47435/adz-dzahab.v7i2.1075.
Kansil, C.S.T. and Christine.S.T.Kansil. Ilmu Negara (Umum dan Indonesia). Jakarta: Pradnya Paramita, 2001.
Khoiriyah, Ahyadatul, and Miswan Ansori. “PERAN FINTECH PEER TO PEER LENDING SYARIAH DALAM” 4, no. 4 (2024): 1434–45.
Li, Dongmei, Sanggyun Na, Tao Ding, and Congchong Liu. “Credit Risk Management of P2p Network Lending.” Tehnicki Vjesnik 28, no. 4 (2021): 1145–51. https://doi.org/10.17559/TV-20200210110508.
Maharani Tambunan, Shalsabila Putri, dan Zulham Zulham. “Analisis penyelesaian sengketa cicilan peer to peer lending syariah perspektif fatwa dewan syariah nasional-majelis ulama Indonesia.” Jurnal EDUCATIO: Jurnal Pendidikan Indonesia 9, no. 2 (2023): 833. https://doi.org/10.29210/1202323229.
Majid, Safyan, Muhammad Gulzaib Chaudhary, and Usman Ali. “Financial Literacy and Adoption of Fintech: The Role of Financial Risk Tolerance.” Global Social Sciences Review VII, no. I (30 Maret 2022): 168–79. https://doi.org/10.31703/gssr.2022(VII-I).17.
Moridu, Irwan, Eva Andriani, Eva Yuniarti Utami, and Yudith F. Lerrick. “Dampak Teknologi Finansial Pada Pembiayaan UKM Studi Bibliometrik Tentang Perkembangan Crowdfundingdan Peer-to-PeerLending.” Sanskara Ekonomi Dan Kewirausahaan 02, no. 01 (2023): 39–40.
Musaffa, Muhamad Ulul Albab, Dakum Dakum, Ahmad Hujaj Nurrohim, and Muhammad Rosyad Sudrajad. “Study the Philosophy of Islamic Law in Determination Percentage of Zakat Mal.” Az-Zarqa’: Jurnal Hukum Bisnis Islam 14, no. 1 (June 29, 2022): 19. https://doi.org/10.14421/azzarqa.v14i1.2589.
Nazir, M. Metode Penelitian. Jakarta: Ghalia Indonesia, 2003.
Nurrohim, A. H., Abdurrahman, L. T., & Imam, K. (2023). Usury in Online Loans and Pay Later: From Historical Perspective to Its Contextualization on Modern Practice. Az-Zarqa’: Jurnal Hukum Bisnis Islam, 15(2), 283-306. https://doi.org/10.14421/azzarqa.v15i2.3303
OJK. “SEOJK 1-SEOJK.06-2024 Tata Cara dan Mekanisme Penyampaian Data Transaksi Pendanaan dan Pelaporan Penyelenggara LPBBTI.” OJK, 31 Januari 2024.
Pişkin, Mesut, and Merve Can Kuş. “Islamic Online P2P Lending Platform.” Procedia Computer Science 158 (2019): 415–19. https://doi.org/10.1016/j.procs.2019.09.070.
Praja, Juhaya S. Teori Hukum dan Aplikasinya. Bandung: Pustaka Setia, 2011.
Pratama, Naufal Bagus, and Salsabilla Deniesa. “Legal Protection for Tik Tok Shop Buyers: Comparison between China and Indonesia.” Indonesian Comparative Law Review 5, no. 2 (May 19, 2023): 75–89. https://doi.org/10.18196/iclr.v5i2.17298.
Qorib, Ahmad, Isnaini Harahap, M A Fakultas Ekonomi, Dan Bisnis, Islam Uin, dan S U Medan. “Penerapan Maslahah Mursalah Dalam Ekonomi Islam.” Analytica Islamica 5 (2016): 55–80.
Raharjo, Budi. Fintech: Teknologi Finansial Perbankan Digital, Yayasan Prima Agus Teknik bekerjasama dengan Universitas Sains & Teknologi Komputer. Semarang: Universitas STEKOM, 2021.
Rambe, Laila Afni. “Perkembangan Perbankan Syariah di Timur Tengah dan Pakistan Laila Afni Rambe Universitas Islam Negeri Sunan Kalijaga Yogyakarta.” Az-Zarqa’ : Jurnal Hukum Bisnis Islam 13, no. 1 (2021): 33–58.
Ririn Riani and Ries Wulandari. “Assessing the Islamic Bank Financing During Economic Recession: The Role of Stimulus Regulation POJK Number 11/POJK.03/2020.” AL-MUZARA’AH, March 3, 2022, 57–75. https://doi.org/10.29244/jam.specialissue2022.57-75.
Salsabila, Fazira, Putri Mardiyyah Hasibuan, Satria Mariqom Harahap, and Purnama Ramadani Silalahi. “Analisis Penggunaan Financial Technology (Fintech) Syariah Dalam Perspektif Ekonomi Islam.” Jurnal Penelitian Ekonomi Manajemen Dan Bisnis (JEKOMBIS) 2, no. 1 (2023): 149–57.
Sayyidah Sekar Dewi Kulsum, Muhamad Bisri Mustofa, Siti Wuryan, A. Khumaidi Ja’Far dan Siti Mahmudah, Legalitas Literasi Financial Techology: Peer to Peer Lending Berdasarkan Perspektif Hukum Ekonomi Syari’ah, ADZKIYA: Jurnal Hukum dan Ekonomi Syariah, Volume 10, Nomor 02, hlm. 150, url: https://e-journal.metrouniv.ac.id/ adzkiya/article/do wnload/4499/2905/.
Serbulova, Natalia. “Fintech as a Transformation Driver of Global Financial Markets.” E3S Web of Conferences 273 (2021). https://doi.org/10.1051/e3sconf/202127308097.
Sodiq, Muhammad Jafar, Muhammad Najwan Ramadhan, and Muhammad Saufi. “Pengertian Dan Dampak Hukum Riba Dalam Ekonomi Islam.” Journal Islamic Education 1, no. 3 (2023): 506–12.
Soekanto, Soerjono dan Sri Mamudji. Penelitian Hukum Normatif (Suatu Tinjauan Singkat). Jakarta: Rajawali Pers, 2001.
Soekanto, Soerjono. Pengantar Penelitian Hukum. Jakarta: Universitas Indonesia Press, 1986.
Soeratno dan Lincolin Arsyad. Metodologi Penelitian Untuk Ekonomi dan Bisnis. Yogyakarta: UPP AMP YKPN, 2003.
Sugiyanto, and Wawan Lulus Setiawan. “Initiating Financial Technology (Fintech) as an Innovation of Communication Technology on Credit Cooperatives in Indonesia.” European Journal of Marketing and Economics 5, no. 1 (2022): 1–15. https://doi.org/10.26417/689dma84.
Sugiyono. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta, 2009.
Sun, Yuxin, Linglin Ying, and Jie Zhang. “Analysis of the Impact of Fintech on Small and Medium-Sized Enterprises.” Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) 648 (2022). https://doi.org/10.2991/aebmr.k.220307.132.
Suryono, Ryan Randy, Indra Budi, and Betty Purwandari. “Detection of Fintech P2P Lending Issues in Indonesia.” Heliyon 7, no. 4 (2021). https://doi.org/10.1016/j.heliyon.2021.e06782.
Sutedi, Adrian. Implikasi Hak Tanggungan Terhadap Pemberian Kredit Oleh Bank dan Penyelesaian Kredit Bermasalah. Jakarta: Cipta Jaya, 2006.
Syamhari, Wijaya. “Globalisasi Dan Tatanan Ekonomi Baru.” JMEB Jurnal Manajemen Ekonomi 1, no. 1 (2023): 23–31.
Syarifuddin, Syarifuddin, Rahmawati Muin, and Akramunnas Akramunnas. “The Potential of Sharia Fintech in Increasing Micro Small and Medium Enterprises (MSMEs) in The Digital Era in Indonesia.” Jurnal Hukum Ekonomi Syariah 4, no. 1 (2021): 23. https://doi.org/10.30595/jhes.v4i1.9768.
Tampubolon, Heryucha Romanna. “SEeluk-Beluk Peer to Peer Lending Sebagai Wujud Baru Keuangan Di Indonesia.” Jurnal Bina Mulia Hukum 3, no. 2 (2019): 188–98. https://doi.org/10.23920/jbmh.v3n2.15.
Violina, Delfa, and Renny Supriyatni. “Perlindungan Hukum Terhadap Konsumen Pengguna Teknologi Finansial Berbasis Peer to Peer Lending Syariah Di Indonesia.” Ajudikasi : Jurnal Ilmu Hukum 5, no. 1 (2021): 17–34. https://doi.org/10.30656/ajudikasi.v5i1.3267.
Wardhana, Aditya. Financial Technology 4.0 Indonesia Perspective 2023. Purbalingga: Eureka Media Aksara, 2023.
Winarsih, Tri. “Memaknai Perkembangan Fintech Syariah Melalui Sistem Akad Syariah.” POPULER: Jurnal Penelitian Mahasiswa 1, no. 3 (2022): 130–42.
Authors
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.