Harmonisation Between DSN-MUI Fatwas and OJK Regulations: Towards an Innovative and Inclusive Sharia-Compliant Fintech Ecosystem in Indonesia
Keywords:
Sharia FinTech, Fatwa DSN-MUI, OJK Regulation, Innovative, Inclusive
Abstract
Since 2018, Sharia FinTech in Indonesia has grown significantly through platform-based innovations combining Islamic contracts and digital technology. The development of this industry is influenced by ongoing efforts to harmonize DSN-MUI fatwas with OJK regulations, aiming to enhance Sharia compliance and legal certainty. Through DSN-MUI fatwas (2008–2021) and POJK regulations (2016, 2022), religious and state authorities have worked to enhance legal certainty and consumer protection in the Sharia-based digital finance sector. This study adopts a qualitative approach through literature-based document analysis to examine how DSN-MUI fatwas and OJK regulations contribute to developing the Sharia FinTech industry. The research findings indicate that while fatwas offer normative guidance for Sharia compliance, challenges persist in areas such as financial literacy, technological readiness, and regulatory oversight effectiveness. The findings suggest a need for clearer regulations, improved public education, and more effective use of technology to enhance the transparency and efficiency of Sharia financial services. Stronger collaboration between financial regulators and religious institutions can improve the capacity of Sharia FinTech to support financial inclusion and contribute to sustainable growth in the Islamic economy.
References
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Faculty of Islamic Economics and Business, Universitas Suryakancana, Indonesia, Dadang Saepudin, Hasan Bisri, Graduate School, State Islamic University of Sunan Gunung Djati Bandung, Indonesia, Ending Solehudin,
Graduate School, State Islamic University of Sunan Gunung Djati Bandung, Indonesia, Jaenudin Jaenudin, and Graduate School, State Islamic University of Sunan Gunung Djati Bandung, Indonesia,. “Problems with Financial Services Authority Regulation Number 77/POJK.01/2016 as the Legal Basis for Sharia Fintech Peer-To-Peer Lending in the Review of Islamic Law.” International Journal of Social Science and Human Research 7, no. 05 (May 31, 2024). https://doi.org/10.47191/ijsshr/v7-i05-127.
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Anshari, Muhammad, Mohammad Nabil Almunawar, and Masairol Masri. “An Overview of Financial Technology in Indonesia:” In Advances in Finance, Accounting, and Economics, edited by Muhammad Anshari, Mohammad Nabil Almunawar, and Masairol Masri, 216–24. IGI Global, 2020. https://doi.org/10.4018/978-1-5225-9183-2.ch012.
Anshori, Ahmad Yani. “The Contestation of Legal Foundations in the Resolution of Islamic Economic Disputes in Religious Courts.” Al-Manahij: Jurnal Kajian Hukum Islam, 2024, 271–88. https://doi.org/10.24090/mnh.v18i2.11934
Adi Syahputra Sirait, Nurhotia Harahap, Ta. Ansori, Ansori. “Position of Fatwa in Islamic Law: The Effectiveness of MUI, NU, and Muhammadiyah Fatwas.” Ijtihad : Jurnal Wacana Hukum Islam Dan Kemanusiaan 22, no. 1 (July 29, 2022): 53–72. https://doi.org/10.18326/ijtihad.v22i1.53-72.
Barata, Amrin. “Strengthening National Economic Growth And Equitable Income Through Sharia Digital Economy In Indonesia.” Journal of Islamic Monetary Economics and Finance 5, no. 1 (May 16, 2019): 145–68. https://doi.org/10.21098/jimf.v5i1.1053.
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Doshi, Anil R., and William Schmidt. “Soft Governance Across Digital Platforms Using Transparency.” Strategy Science 9, no. 2 (June 2024): 185–204. https://doi.org/10.1287/stsc.2023.0006. DSN-MUI. “Fatwa DSN-MUI No. 142/DSN-MUI/VII/2021,” n.d. https://drive.google.com/file/d/15IGwVaQij0RMBrWQv2bKarlSrIgqEJOg/view.
Faculty of Islamic Economics and Business, Universitas Suryakancana, Indonesia, Dadang Saepudin, Hasan Bisri, Graduate School, State Islamic University of Sunan Gunung Djati Bandung, Indonesia, Ending Solehudin,
Graduate School, State Islamic University of Sunan Gunung Djati Bandung, Indonesia, Jaenudin Jaenudin, and Graduate School, State Islamic University of Sunan Gunung Djati Bandung, Indonesia,. “Problems with Financial Services Authority Regulation Number 77/POJK.01/2016 as the Legal Basis for Sharia Fintech Peer-To-Peer Lending in the Review of Islamic Law.” International Journal of Social Science and Human Research 7, no. 05 (May 31, 2024). https://doi.org/10.47191/ijsshr/v7-i05-127.
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Fauzia, Ika Yunia. “Enhancing the Literacy of Shariah Financial Technology for Generation X, Y and Z in Indonesia.” Jurnal Minds: Manajemen Ide Dan Inspirasi 7, no. 2 (December 8, 2020): 65. https://doi.org/10.24252/minds.v7i2.15871.
Ferdiana, Nurman. “Akad Qardh Dan Wakalah Bil Ujrah Dalam Transaksi Financial Technology Syari’ah Peer to Peer Lending:” Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah 6, no. 1 (May 1, 2023): 443–70. https://doi.org/10.47467/alkharaj.v6i1.3535.
Firdaus, Taufiq Maulana, Fahdi Saidi Lubis, and Muharman Lubis. “Financial Technology Risk Analysis for Peer to Peer Lending Process: A Case Study of Sharia Aggregator Financial Technology.” In 2022 10th International Conference on Cyber and IT Service Management (CITSM), 1–4. Yogyakarta, Indonesia: IEEE, 2022. https://doi.org/10.1109/CITSM56380.2022.9935926.
Fitriya, Ibnatil, Umi Rahayu, and Bambang Sunarko. “Hubungan Kondisi Fisik Rumah, Personal Hygiene Dengan Kejadian Kusta Tahun 2020 (Di Wilayah Kerja Puskesmas Talango, Kecamatan Talango, Kabupaten Sumenep).” Gema Lingkungan Kesehatan 19, no. 1 (2021). https://doi.org/10.36568/kesling.v19i1.1295.
H., Maurya, and Kulkarni P. “Fintech In Indian Capital Markets.” Cardiometry, no. 24 (November 30, 2022): 843–48. https://doi.org/10.18137/cardiometry.2022.24.843848.
Harnavela Sofyan, Khariidatul Bahiyyah, and Santy Sriharyati. “Financial Technology In Financial Inclusion.” Jurnal Ekonomi Bisnis Dan Manajemen 1, no. 2 (December 21, 2023): 98–104. https://doi.org/10.38204/ekobima.v1i2.1698.
Hartini, Sri, Ady Purwoto, Rudi Hartono, and Ari Apriadi. “Authority of the National Sharia Council (DSN) and the Financial Services Authority (OJK) in the Regulation of Shakira Banks After the Birth of Law No.21 of 2011 Linked to Sharia Principles According to Sharia Banking Law.” Journal of Lifestyle and SDGs Review 5, no. 2 (January 17, 2025): e04625. https://doi.org/10.47172/2965-730X.SDGsReview.v5.n02.pe04625.
Hasan, Lucky Omega. “Dewan Syariah Nasional – Majelis Ulama Indonesia Under Construction Sharia Economic Supervision System In Indonesia.” Asian Journal of Engineering, Social and Health 3, no. 1 (January 22, 2024): 134–46. https://doi.org/10.46799/ajesh.v3i1.228.
Islam Dan Mata Wang Kripto | Mohd Noor Bin Omar | Institut Kefahaman Islam Malaysia | 9789832718802 | eSentral Indonesia. Accessed March 26, 2025. https://esentral.id/book/info/326380/Islam-dan-Mata-Wang-Kripto.
Ismamudi, Ismamudi, Gina B. Alcoriza, Marzuki Marzuki, and Maesya’ Bani. “Islamic Fintech and Financial Inclusion: Innovations for Sustainable Economic Empowerment.” DEAL: International Journal of Economics and Business 1, no. 01 (October 31, 2023): 54–60. https://doi.org/10.37366/deal.v1i01.3303.
Judijanto, Loso, Muhamad Ammar Muhtadi, and Yana Priyana. “A Bibliometric Analysis of the Challenges and Opportunities of Fintech in Promoting Access to Sharia Finance.” West Science Interdisciplinary Studies 2, no. 03 (March 28, 2024): 638–46. https://doi.org/10.58812/wsis.v2i03.744.
Lemma, Valerio. “Fintech, Chain Transactions and Open Banking.” In FinTech Regulation, by Valerio Lemma, 245–97. Cham: Springer International Publishing, 2020. https://doi.org/10.1007/978-3-030-42347-6_5.
Mansur, Mansur, Andriani Samsuri, Nurhayati Nurhayati, and K Khoyyilah. “A Slanted View on the Future of Islamic Fintech and Conventional Fintech in South and Southeast Asian Countries.” El Barka: Journal of Islamic Economics and Business 5, no. 2 (December 27, 2022): 207–34. https://doi.org/10.21154/elbarka.v5i2.5147.
Mun’im, Zainul, and Abdussamet Kaya. “An Empirical Approach in Culinary Fiqh of Coastal Communities: Critical Study of ‘Aysh al-Baḥr.” Al-Ahkam 33, no. 1 (2023): 23–44. https://doi.org/10.21580/ahkam.2023.33.1.14523.
Mun’im, Zainul, Muhamad Nasrudin, Suaidi Suaidi, and Hasanudin Hasanudin. “Revisioning Official Islam in Indonesia: The Role of Women Ulama Congress in Reproducing Female Authority in Islamic Law.” AHKAM: Jurnal Ilmu Syariah 24, no. 1 (2024).
Nasihin Aziz, Athoillah. “Fintech Contribution to Indonesia’s Economic Growth,” 2019. https://mpra.ub.uni-muenchen.de/97884/1/MPRA_paper_97884.pdf.
Noor, Afif, Dwi Wulandari, and Aqila-Syarief Muhammad Afif. “Regulating Fintech Lending in Indonesia: A Study of Regulation of Financial Services Authority No. 10/POJK.05/2022.” Qubahan Academic Journal 3, no. 4 (October 18, 2023): 42–50. https://doi.org/10.48161/qaj.v3n4a156.
Palladino, Lenore M. “The Impacts of Fintech on Small Business Borrowing.” Journal of Small Business & Entrepreneurship 33, no. 6 (November 2, 2021): 639–61. https://doi.org/10.1080/08276331.2020.1796110.
Rabbani, Mustafa Raza, Abu Bashar, Nishad Nawaz, Sitara Karim, Mahmood Asad Mohd. Ali, Habeeb Ur Rahiman, and Md. Shabbir Alam. “Exploring the Role of Islamic Fintech in Combating the Aftershocks of COVID-19: The Open Social Innovation of the Islamic Financial System.” Journal of Open Innovation: Technology, Market, and Complexity 7, no. 2 (June 2021): 136. https://doi.org/10.3390/joitmc7020136.
Rahmi, Nispan, Akhmad Fauzi Aseri, Abdul Hafiz Anshary, Hanief Monady, and Badrian Badrian. “Methodological Procedure for Determining the Fatwa of the National Sharia Council (DSN) Indonesian Ulama Majelis (MUI) Concerning Islamic Economics and Finance.” Al Qalam: Jurnal Ilmiah Keagamaan Dan Kemasyarakatan 18, no. 4 (June 30, 2024): 2920. https://doi.org/10.35931/aq.v18i4.3544.
Rohman, Adi Nur. “Urgensi Pengaturan Fintech Lending Syariah Di Indonesia: Analisis Perlindungan Hukum Bagi Pengguna Layanan.” Jurnal Legislasi Indonesia 20, no. 1 (2023): 16.
Siregar, Rahmad Nauli, Hasim Purba, Utary Maharany Barus, and Idha Aprilyana Sembiring. “Indonesia and Malaysia: Convergence of Syariah Bank Rental and Conventional Bank Credit Agreements.” Proceedings of the 1st International Conference on Social Science (ICSS) 3, no. 2 (August 16, 2024): 332–43. https://doi.org/10.59188/icss.v3i2.212.
Sofyan, Syaakir, Nur Syamsu, and Noval Noval. “Sharia Fintech Education for Disaster-Affected Communities in Palu City.” Journal of Community Service: In Economics, Bussiness, and Islamic Finance 1, no. 1 (November 13, 2023): 1–8. https://doi.org/10.24239/jcsebif.v1i1.2395.1-8.
Solihah. “Maqashid Sharia in Islamic Economics and Finance Research.” Journal of Islamic Economic Literatures 2, no. 1 (June 30, 2021). https://doi.org/10.58968/jiel.v2i1.31.
Suaidi, Suaidi. “Bridging Institutional and Regulatory Gaps: Enhancing Sharia Compliance in Islamic Financial Institutions in Indonesia.” El-Uqud: Jurnal Kajian Hukum Ekonomi Syariah 3, no. 1 (2025): 23–39. https://doi.org/10.24090/eluqud.v3i1.13288.
Suaidi, Suaidi, Rehana Anjum, Muhamad Nasrudin, Maksum Maksum, and Sriyati Dwi Astuti. “Halal Food Development in Bali: Dynamics of Muslim Beliefs, State Regulations, and Local Culture.” Al-Ahkam 35, no. 1 (2025): 147–78. https://doi.org/10.21580/ahkam.2025.35.1.25732.
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Published
2025-06-17
How to Cite
Suaidi, S., Mun’im, Z., Astuti, S., Riyadi, I., Khabibah, S., & Huda, N. (2025). Harmonisation Between DSN-MUI Fatwas and OJK Regulations: Towards an Innovative and Inclusive Sharia-Compliant Fintech Ecosystem in Indonesia. Mazahib, 24(1), 182-197. https://doi.org/10.21093/mj.v24i1.10032
Section
Articles
Copyright (c) 2025 Suaidi Suaidi, Zainul Mun'im, Sriyati Dwi Astuti, Ivan Riyadi, Siti Khabibah, Nurul Huda
This work is licensed under a Creative Commons Attribution 4.0 International License.
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