Sharia Principles on Information Technology-Based Financing Services

Usanti, Trisadini Prasastinah; Thalib, Prawitra; Setiawati, Nur Utari

doi:10.20473/ydk.v35i1.14084

Cited by 6 publications

(6 citation statements)

References 5 publications

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“…Murabaha approach prioritizes transparency containing the clear contract-stating the price and the profit based on the seller-buyer's agreement 98 -, the profit margin of administration fees, financing period and deadline, installments, and so forth which are mutually known by each party. 99 In this context, the principle of murabaha essentially needs to be applied as the basis for organizing any fintech so there will be no crime. 100 The transparency principle in a contract is to avoid hidden costs, fraud, and other irresponsible acts and to ensure the ethical transactions for realizing maslahah (mutual benefits) and preventing harms (mafsadah).…”

Section: Aditya Prastian Supriyadimentioning

confidence: 99%

AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

Supriyadi

2023

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The growth of Fintech Peer-to-Peer (P2P) lending in Indonesia is one of the supports for national economic development. The positive growth of this financial sector is not supported by proportional rules, resulting in the practices of business ethics violation which is detrimental to society. To overcome these problems, the spirit of Islam can be the basis for determining ethical and business measures into a better legal framework for Fintech P2P Lending. This article applies a normative legal research method using a conceptual approach and legislation relevant to the theme of the study. The research results indicate that Fintech P2P Lending in Indonesia needs to be regulated in a qualified legal framework because the existing rules have not been able to solve unethical actions of businessmen. The business concept in Islam also accommodates ethical issues that must be applied in business activities as a harmless commerce spirit. This Islamic spirit can be used as a source of material law in determining a clear legal framework to uphold Fintech P2P Lending business ethics so as not to harm the Indonesian people.Pertumbuhan fintech peer-to-peer (P2P) lending di Indonesia merupakan salah satu penunjang pembangunan ekonomi nasional. Pertumbuhan positif sektor keuangan ini tidak diikuti dengan aturan yang proporsional sehingga menimbulkan praktik-praktik yang melanggar etika bisnis dan sangat merugikan masyarakat. Untuk mengatasi permasalahan tersebut, semangat Islam dapat menjadi landasan untuk menentukan langkah-langkah etis dan bisnis ke dalam kerangka hukum fintech P2P lending yang lebih baik. Artikel ini menggunakan metode penelitian hukum normatif dengan menggunakan pendekatan konseptual dan peraturan perundang-undangan yang relevan dengan tema penelitian. Hasil penelitian dalam artikel ini menunjukkan bahwa fintech P2P Lending di Indonesia perlu diatur dalam kerangka hukum yang mumpuni karena aturan yang ada belum mampu mengatasi tindakan tidak etis dari para pelaku bisnis. Konsep bisnis dalam Islam juga mengakomodir persoalan etika yang harus diterapkan dalam kegiatan bisnis sebagai spirit perdagangan yang tidak merugikan. Semangat keislaman ini dapat dijadikan sebagai sumber hukum materil dalam menentukan kerangka hukum yang jelas untuk menegakkan etika bisnis fintech P2P lending agar tidak merugikan masyarakat Indonesia.

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Section: Aditya Prastian Supriyadimentioning

confidence: 99%

AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

Supriyadi

2023

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“…Fintech menjadi industri yang berkembang dan merevolusi industri keuangan secara keseluruhan (Ali, H., Zaini, M. Z., Hashmi, H. S., Abbas, M. H., Shahid, M. W., & Tariq, 2018). Keberadaan Fintech Syariah didasarkan pada Fatwa DSN-MUI Nomor 117/DSN-MUI/II/2018 yang secara tegas menyatakan bahwa layanan pembiayaan berbasis teknologi informasi diperbolehkan dengan syarat yang harus berdasarkan prinsip syariah (Syed, M. H., Khan, S., Rabbani, M. R., & Thalassinos, 2020) (Usanti, T. P., Thalib, P., & Setiawati, 2020). Untuk mendapatkan manfaat Fintech dengan baik, sinergi antara BMT dan perusahaan Fintech harus diwujudkan.…”

Section: Tinjauan Pustakaunclassified

Pengembangan Model Fintech-Micro BMT (FIT)

Haidar,

Hendrasto,

Herindar

et al. 2023

pjieb

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This article's goal is to create a Fintech Micro BMT (FIT) financial technology innovation model for the Islamic microfinance institution Baitul Maal wa Tamwil (BMT) at the APEX/association scale. Being a successful and independent institution (financial self-uffency) as a commercial function and assisting in reducing poverty (poverty alleviation) as a social function are the two fundamental goals of BMT. The goal of fintech micro BMT is to accomplish both objectives. Through the use of descriptive analytic techniques, the research was carried out utilizing qualitative approaches. Primary data from interviews and secondary data from literature reviews make up the utilised data. The basic prototype of the application and its features were analyzed for model innovation using the Business Model Canvas framework. This was followed by a description of the BMT and MSME simple financial reporting accounting systems as well as the credit scoring model. In order to solve the issue of liquidity gaps (mismatch), this study produced a Fintech micro BMT model that maximizes the dualities of commercial BMT functions (increasing market share) and social (ZISWAF). Business management, accounting reporting, as well as a qualified credit rating model, support these two tasks. The triple bottom line purpose of BMT—economic growth, community empowerment, and sustainability—is also embodied by fintech micro BMT. The adoption of Fintech micro BMT is anticipated to assist BMTs in expanding their role in developing the sharia microfinance network, promote cooperation among BMTs in Indonesia, boost the volume of BMT financial transactions, integrate MSME actors as recipients of ZISWAF financing and donors with BMTs, promote market transparency, and lower the risk of information asymmetry in the process of providing financing.

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“…Elucidation of Article 25 paragraph (1) of OJK Regulation Number 18/POJK.07/2018 states that disputes are complaints that do not get a settlement agreement between the consumer and the Financial Services Business Actor. Out-of-court dispute settlement is carried out through the Alternative Dispute Settlement Institution contained in the List of Alternative Dispute Resolution Institutions determined by the OJK and included in the agreement and/or financial transaction documents between financial service business actors and consumers (Novita & Imanullah, 2020;Usanti, Thalib, et al, 2020 (Novita & Imanullah, 2020).…”

Section: The Problems Of Consumer Protection In Fintech Peer To Peer mentioning

confidence: 99%

“…In the current digital era, an innovation that has successfully transformed a system or market that is running has influenced human behavior and expectations, in this case consumers in accessing a variety of information and electronic service features (Hiyanti, Nugroho, Sukmadilaga, & Fitrijanti, 2020;Sulistiani, 2019;Usanti, Thalib, & Setiawati, 2020). Fintech is one of the methods of financial services that is gaining in popularity in today's digital era (Muzdalifa, Rahma, & Novalia, 2018).…”

Section: Introductionmentioning

confidence: 99%

The Problems of Consumer Protection in Fintech Peer To Peer Lending Business Activities in Indonesia

Disemadi

Yusro

Balqis

2020

SCJ

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Industrial Revolution 4.0 has influenced the development of technology and information. The presence of financial technology (fintech) especially fintech peer to peer lending in Indonesia is proof that the Industrial Revolution 4.0 has had an influence on economic aspects as a fundamental aspect of the country. The implementation of fintech peer to peer lending in providing alternative financing to consumers is currently faced with several problems, especially issues related to consumer protection. This study uses a normative legal research method with a statutory approach. This research shows that the state has tried to provide preventive protection to consumers through several regulations, namely Bank Indonesia Regulation Number 19/12/PBI/2017 concerning the Implementation of Financial Technology that regulates the procedures for implementing fintech in Indonesia and also the OJK Regulation Number 77/POJK.01/2016 on Information Technology-Based Lending and Borrowing Services that regulates OJK's supervisory function in implementing fintech peer to peer lending in Indonesia. This protects consumers through the regulation of digital-based savings and loan providers which must be officially registered to guarantee the legality of the organizer, electronic documents by statutory provisions, and dispute resolution mechanisms in the event of a dispute related to fintech peer to peer lending business activities.

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Sharia Principles on Information Technology-Based Financing Services

Cited by 6 publications

References 5 publications

AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

Pengembangan Model Fintech-Micro BMT (FIT)

The Problems of Consumer Protection in Fintech Peer To Peer Lending Business Activities in Indonesia

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