Islamic Fintech Business Model and Regulation in Indonesia

Authors

  • Surbakti Mhd Handika Universitas Indonesia
  • Mohamad Soleh Nurzaman Universitas Indonesia

DOI:

https://doi.org/10.21111/at.v10i1.10418

Keywords:

Business Model, Regulation, Islamic Fintech

Abstract

The growth of the sharia financial technology (fintech) industry in Indonesia presents a joint task with stakeholders, namely increasing literacy in order to create a conducive ecosystem for the development and sustainability of sharia fintech. This study aims to systematically explain the various Islamic fintech business models in Indonesia and transaction schemes to the regulations and regulators that regulate and supervise them. This study uses a qualitative approach and descriptive analysis (qualitative descriptive analysis). This preliminary research found that there are four sharia fintech business models operating in Indonesia, namely: fintech payment, peer to peer lending, securities crowdfunding and digital financial innovation. The regulators that carry out regulation and supervision are Bank Indonesia (Ministry of Payment System Policy), Financial Services Authority (Directorate of Fintech Regulation, Licensing, and Supervision, Department of Capital Markets and Digital Finance and Innovation Group) and the Indonesian Ulema Council (National Sharia Council). The author suggests that further researchers can explore the study of each of these sharia fintech clusters, both in terms of regulation, consumer behavior, business model development and so on. 

References

Asosiasi Fintech Syariah Indonesia. (2022). https://fintechsyariah.id/id/about, diakses pada 3 Mei 2022, pukul 21.00 WIB.

Bank Indonesia. (2017). Peraturan Bank Indonesia Nomor 19/12/PBI/2017 tentang Penyelenggaraan Teknologi Finansial.

Bank Indonesia. (2018). Peraturan Bank Indonesia Nomor 20/6/PBI/2018 tentang Uang Elektronik.

Bank Indonesia. (2020). Peraturan Bank Indonesia Nomor 23/6/PBI/2021 tentang Penyedia Jasa Pembayaran.

Bank Indonesia. (2022). https://www.bi.go.id/id/fungsi-utama/sistem-pembayaran/ritel/financial-technology/default.aspx, diakses pada 3 Mei 2022, pukul 21.00 WIB.

Basya, MM., Pratama, Rafi, SI., Pratikto, Muhammad, IS. 2020. Strategi Pengembangan Fintech Syariah Dengan Pendekatan Business Model Canvas di Indonesia. Oecenomicus Journal of Economics, 4(2), p. 180-196.

Chuen, D.L.K., & Teo, G.S. 2015. Emergence of fintech and the LASIC principles.

Dewan Syariah Nasional MUI. (2017). Fatwa Dewan Syariah Nasional-Majelis Ulama Indonesia No. 116/DSN-MUI/IX/2017 tentang Uang Elektronik Syariah.

Dewan Syariah Nasional MUI. (2018). Fatwa Dewan Syariah Nasional-Majelis Ulama Indonesia No. 117/DSN-MUI/II/2018 tentang Layanan Pembiayaan Berbasis Teknologi Informasi Berdasarkan Prinsip Syariah.

Dinar Standard dan Elipses. (2022). Global Islamic Fintech Report 2022.

Financial Stability Board. (2022). https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/fintech/, diakses pada 3 Mei 2022, pukul 21.00 WIB.

Kontan. (2022). https://keuangan.kontan.co.id/news/bisnis-fintech-syariah-kian-merekah, diakses pada 3 Mei 2022, pukul 21.00 WIB.

Nasution, Dewi Sartika. 2021. Urgensi Fintech Dalam Kurikulum Pendidikan Tinggi. Iqtishaduna Jurnal Ekonomi Syariah, 8(2) p. 116-129.

Nasution, Saddat. 2003. Metode Research. Bumi Aksara: Jakarta.

Osterwalder, Alexander & Yves Pigneur. 2010. Business Model Canvas. John Wiley & Sons: New Jersey.

Otoritas Jasa Keuangan Republik Indonesia. (2014). Surat Edaran Otoritas Jasa Keuangan Nomor 14/SEOJK.07/2014 tentang Kerahasiaan dan Keamanan Data dan/atau Informasi Pribadi Konsumen.

Otoritas Jasa Keuangan Republik Indonesia. (2016). Peraturan Otoritas Jasa Keuangan Nomor 77/POJK.01/2016 tentang Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi

Otoritas Jasa Keuangan Republik Indonesia. (2016). Peraturan Otoritas Jasa Keuangan Nomor 77/POJK.01/2016 tentang Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi.

Otoritas Jasa Keuangan Republik Indonesia. (2018). Peraturan Otoritas Jasa Keuangan Nomor 13/POJK.02/2018 tentang Inovasi Keuangan Digital di Sektor Jasa Keuangan.

Otoritas Jasa Keuangan Republik Indonesia. (2018). Peraturan Otoritas Jasa Keuangan Nomor 37/POJK.04/2018 tentang Layanan Urun Dana Melalui Penawaran Saham Berbasis Teknologi Informasi (Equity Crowdfunding).

Otoritas Jasa Keuangan Republik Indonesia. (2018). Peraturan Otoritas Jasa Keuangan Nomor 57/POJK.04/2020 tentang Penawaran Efek Melalui Layanan Urun Dana Berbasis Teknologi Informasi.

Otoritas Jasa Keuangan. (2022). https://www.ojk.go.id/GESIT/Index, diakses pada 3 Mei 2022, pukul 21.00 WIB.

Otoritas Jasa Keuangan. (2022). https://www.ojk.go.id/id/kanal/iknb/financial-technology/Default.aspx, diakses pada 3 Mei 2021, pukul 21.00 WIB.

PPM Manajemen. 2015. Penjelasan Singkat Business Model Canvas. PPM Manajemen: Jakarta.

Rusydiana, A. S. 2018. Developing Islamic financial technology in Indonesia. Hasanuddin Economics and Business Review, 2(2), p. 143-152.

Safitri, Teti Anggita. 2019. The Development of Fintech in Indonesia. 1st Borobudur International Symposium on Humanities, Economics and Social Sciences.

The Journal of Financial Perspectives: Fintech, p. 24-37.

Tripalupi, Ramadhani Irma. & Anggahegari, Prameshwara. (2020). The Impact of Covid-19 Pandemic: Challenges and Opportunities of Syariah financial technology. International Journal of Nusantara Islam, 8(2), p. 119-128.

Undang-Undang dan Turunannya:

Yahya, Adibah. 2020. Sharia Fintech Development in Indonesia. International Conference on Economics Engineering and Social Science.

Yudhira, Ahmad. 2020. Analisis Perkembangan financial technology (Fintech) Syariah Pada Masa Pandemi Covid-19 di Indonesia. Jurnal Ilmiah Akuntansi Keuangan dan Bisnis, 2(1), p. 13-28.

Downloads

Published

2024-06-25

How to Cite

Mhd Handika, S., & Nurzaman, M. S. (2024). Islamic Fintech Business Model and Regulation in Indonesia. Al Tijarah, 10(1), 25–35. https://doi.org/10.21111/at.v10i1.10418

Issue

Vol. 10 No. 1 (2024): Al Tijarah | June

Section

Articles

License

The Authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to Al Tijarah journal and Departement of Management, Faculty of Economics and Management, University of Darussalam as publisher of the journal.