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HARMONISASI HUKUM DALAM PENYELENGGARAAN PEER TO PEER LENDING SYARIAH DI INDONESIA
One rapidly developing form of fintech is Peer-to-Peer (P2P) Lending, a technology-based financial service that directly connects fund providers and fund recipients through internet-based electronic systems. In the context of Sharia-based services, P2P Lending is regulated through the application of Sharia contracts (akad) throughout all transactional processes. In practice, there are two main regulatory references: DSN-MUI Fatwa No. 117/DSN-MUI/II/2018 and the Financial Services Authority Regulation (POJK) No. 10/POJK.05/2022. However, a significant difference exists between them regarding the scope of financing. DSN-MUI Fatwa No. 117 limits financing solely to productive purposes, in line with Sharia principles that encourage business activities and discourage consumptive practices. In contrast, POJK No. 10/2022, Article 25 paragraph (1), allows financing for both productive and multipurpose needs, without explicitly differentiating between Sharia and conventional principles. This study is a normative legal research with a descriptive-analytical nature, aimed at describing regulations related to Sharia-based P2P Lending. The approach used is the statute approach, conducted through a study of applicable laws and legal principles. Primary data were obtained from official regulations, including OJK regulations and DSN-MUI fatwas, while secondary data were derived from books, journals, scholarly articles, and other supporting documents. The research objects include OJK Regulation No. 10 of 2022 and DSN-MUI Fatwa No. 117 of 2018. Data collection was conducted systematically through library research, and the theoretical framework employed is the theory of authority, which serves to analyze the relationship between formal regulations and the practice of Sharia-based P2P Lending. The study finds that the differences in the regulation of consumptive financing between POJK No. 10 of 2022 and DSN-MUI Fatwa No. 117/2018 create legal disharmony in the implementation of Sharia P2P Lending in Indonesia. This is because OJK provides flexibility through multipurpose funding, while DSN-MUI restricts financing to productive purposes only. This difference stems from the type of authority held by each institution—OJK derives its power from statutory attribution, while DSN-MUI’s authority is based on a Sharia mandate—which necessitates legal harmonization so that formal regulations and Sharia norms operate synergistically. The research concludes that harmonization can be achieved through regulatory adjustments, alignment of interpretations, and legal construction, thereby establishing a Sharia P2P Lending system that is consistent, Sharia-compliant, and supports legal certainty as well as the sustainability of the industry.
FAKULTAS SYARIAH DAN HUKUM, UIN SUNAN KALIJAGA YOGYAKARTA
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