Implementation Of The Fatwa Of Indonesian Ulema Council On Sharia-Based It Financial Services Product In Indonesia

Abstract

As the largest Muslim population in the world, Indonesia has potential to become leading sharia financial country. With the technological development in Information Technology, more IT financial service products are introduced to Muslim market. One of them is peer-to-peer lending financial technology (fintech) service. Sharia-based fintech company has been developed due to some factors, namely: the rise of middle-class Muslims, increasing Muslim awareness of sharia-compliant financial product, and increasing number of smartphone users in Indonesia. DSN-MUI fatwa no. 117/DSN-MUI/II/2018 provides guidance on the implementation of information technology-based financing services based on sharia principles in Indonesia. This research aims to study the concept of fatwa and its implementation in sharia-based fintech product. In addition, this research also determines the problems and challenges of the fatwa implementation. Dana Syariah as one of the sharia-based fintech that has obtained an operational license by OJK, Dana Syariah uses wakalah bil ujroh contracts and murabahah sale and purchase contract. According to the results of this study, the two contracts are in accordance and comply with the DSN-MUI fatwa no. 117/DSN-MUI /II/2018. However, this fatwa is not legally binding and cannot be enforced by law enforcement. While the operational and legality of fintech uses regulations from OJK. The challenge in implementing the fatwa is the differences of opinion among scholars regarding the concepts of qabdu haqiqi (actual possession) and qabdu hukmi (constructive possession) in murabahah contract.