Sharia e-commerce in Indonesia: Sharia peer to peer lending

Abstract

Purpose – This article discusses the increasingly rapid development of the sharia e-commerce in Indonesia, focusing on FinTech peer to peer lending sharia.Methodology – This article uses qualitative methods and literature research (library research), with descriptive analysis techniques related to sharia FinTech lending in Indonesia, as well as a statutory approach, which is classified based on hierarchy and sources of law by comprehensive review.Findings – The theme of this article is that Islamic FinTech lending seeks to understand better how vital economic innovation is needed by society because FinTech lending is a new platform for fast and practical financial transaction services. However, although the Financial Services Authority (Otoritas Jasa Keuangan, OJK) has made FinTech lending regulations, no specific rules explicitly mention sharia FinTech lending. So there is still a possibility that some elements are different from Islamic sharia. So, of course, special regulations regarding sharia FinTech lending are urgently needed so that they follow Islamic laws. Implications – This article is useful, apart from adding to the repertoire, it can also be a means for studying financial service platforms in Indonesian society and can be used as reference material for further research in the same field.Originality – This article contributes to various financial service platforms to continue to improve and innovate in sharia-based financial activities, as well as provide an understanding to the wider community regarding the ease of accessing these sharia financial services

Moslem Intention to Use Sharia Peer to Peer Lending: A Case in Indonesia using Technology Acceptance Model (TAM)

“…Moreover, one reason for this could be that the ease of use is not the primary concern for users when it comes to Sharia peer-to-peer lending. Instead, other factors such as trust, religiosity, and perceived usefulness may play a more significant role in determining the likelihood of adoption (Alrasyid et al, 2023;Hanif & Santosa, 2023;Sari et al, 2023). This suggests that users may prioritize other factors over ease of use when evaluating the suitability of a Sharia peer-to-peer lending platform.…”

Regulatory and Legal Challenges of Sharia Peer-to-Peer Lending in Indonesia

“…The contribution of regulatory supervision is one of the causal factors. A survey conducted by Sari (2023) also reported that as many as 83% of Sharia P2P Lending platforms complained about the unclear regulations regarding business models and Sharia financial schemes permitted in P2P Lending.…”