UNAIR legal expert review sharia principles on financing services

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Illustration by Feri Fenoria

UNAIR NEWS – Lending and borrowing activities are one of the common activities carried out by legal subjects when they need funds and the article on credit has been regulated in the last legal product concerning banking, Law Number 10 of 1998. Banks are one of the financial institutions providing lending and borrowing services and in Islamic banking known as Al-Qardh.

Dr. Trisadini Prasastinah Usanti S.H., M.H., a lecturer of Faculty of Law UNAIR, conducted a study entitled “Sharia Principles on Information Technology-Based Financing Services” with two of her colleagues. The Financial Services Authority (OJK) in Indonesia only regulates information technology-based money lending and borrowing services but does not yet regulate sharia-based information technology financing services.

“Until May 2019, there were only five fintech operators working based on sharia principles, Ammana (PT. Ammana Fintek Syariah), Danasyariah (PT. Syariah Syariah Indonesia), Danakoo (PT. Danakoo Mitra Artha), Alamisharia (PT. Al. Famiq Syariah) and Duha Syariah (PT. Duha Mandani Syariah). This study describes and analyzes information technology-based financing services based on sharia principles carried out by Ammana, Danasyariah and Duha Syariah, “Trisadini said.

Furthermore, it was a case study method focuses on contracts that frame the legal relationship between the provider, the financing provider and the recipient of the financing. Such contracts include wakalah bil ujrah, mudharabah, musyarakah, ijarah and murabahah contracts.

“OJK regulations regarding fintech -based financing services are still in conflict with Islamic regulations because there are provisions for lending rates. The basis of Islamic fintech is DSN-MUI Number 117 / DSN-MUI / II / 2018, “Trisadini explained.

In the fatwa DSN-MUI number 117 / DSN-MUI / II / 2018, she continued, it has been stated that information technology-based financing services are permitted with provisions that must be met. These provisions include the fulfillment of sharia principles so that they cannot promise usury, gharar, maysir, tadlis, and dharar.

In conclusion, she believes that OJK in the Financial Services Authority Regulation Number 77 / POJK.01 / 2016 regarding Loans and Financing Services Based on Information Technology has not regulated Islamic fintech. So, when channeling funds to the recipient, Ammana, Dana Syariah, and Syariah Duha act as representatives of financiers. From this activity, Ammana, Dana Syariah, and Syariah Duha will get ujrah. Contracts that frame the legal relations of the parties are wakalah bil ujrah, mudaraba, musharaka, ijarah and murabahah.

Author: Tsania Ysnaini Mawardi

Editor: Nuri Hermawan

Penelitian lebih lanjut: https://e-journal.unair.ac.id/YDK/article/view/14084

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