Mazahib: Jurnal Pemikiran Hukum Islam, 2025
Vol. 24, No. 1, Page 182 of 197
https://doi.org/10.21093/mj.v24i1.10032

Harmonisation Between DSN-MUI Fatwas and OJK
Regulations: Towards an Innovative and Inclusive
Sharia-Compliant Fintech Ecosystem in Indonesia
Suaidi,1 Zainul Mun'im,2 Sriyati Dwi Astuti,3 Ivan Riyadi,4
Siti Khabibah,5 Nurul Huda6
1 Universitas Islam Negeri Madura, Indonesia

2 Universitas KH. Mukhtar Syafaat Blokagung Banyuwangi, Indonesia
3 Institut Agama Islam Negeri Syaikh Abdurrahman Siddik Bangka Belitung, Indonesia
4 Universitas Islam Negeri Raden Fatah Palembang, Indonesia
5 Institut Agama Islam Sunan Giri Ponorogo, Indonesia
6 Universitas Annuqayah Sumenep, Indonesia

Corresponding author: Suaidi. Email: suaidisyafiie1922@iainmadura.ac.id

Abstract
Since 2018, Sharia FinTech in Indonesia has grown significantly through platformbased 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.

Keywords: Sharia FinTech, Fatwa DSN-MUI, OJK Regulation, Innovative, Inclusive


This research was funded by Beasiswa Indonesia Bangkit (BIB), a collaborative programme between
the Ministry of Religious Affairs of the Republic of Indonesia and the Education Fund Management
Institution (Lembaga Pengelola Dana Pendidikan, LPDP) under the Ministry of Finance. The authors
would like to express their sincere gratitude for this valuable support, which has contributed
significantly to the development of this study.

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I. Introduction
FinTech (Financial Technology) refers to technological innovation in financial products
and services that enhances financial inclusion, ultimately improving societal well-being.1
The National Survey on Financial Literacy and Inclusion (SNLIK) recorded that, as of
2024, the financial inclusion index had reached 75.02%, while the financial literacy index
stood at 65.43%. FinTech adoption is also evident in a 32% surge in digital transactions
(EV-DCI 2023) and in the growth of peer-to-peer (P2P) lending services, which had
disbursed over IDR 100 trillion by 2020, supporting MSMEs struggling to access
traditional banking. However, Sharia financial inclusion remains low, with an index of
only 12.88%, despite a financial literacy rate of 39.11%.2 These SNLIK findings are
supported by research conducted by Muhammad Anshari et al., which states that FinTech
in Indonesia has grown rapidly and influenced society through payment channels, digital
banking, peer-to-peer lending, and crowdfunding.3 The growing adoption of FinTech, as
reflected in national surveys and digital transaction data, suggests that FinTech,
particularly Sharia-based services, holds significant potential to expand financial access
and enhance societal well-being.
With the emergence of various digital innovations such as peer-to-peer (P2P) lending,
payment gateways, crowdfunding, and digital banking, this sector has significantly
expanded financial access, particularly for those previously excluded from traditional
financial services. In 2018, FinTech transactions in Indonesia reached Rp 47.1 trillion,
contributing to an increase in Indonesia's GDP by Rp 25.97 trillion.4 It is hardly
surprising that Sunaryono, based on his research, revealed that Sharia-based FinTech
lending in Indonesia grew by more than 300% in assets from 2019 to 2022, making it a
promising business field for investors and entrepreneurs.5
Sunaryono's idea is further reinforced by the rapid growth of FinTech, as recorded by
the Financial Services Authority (OJK), which projected that the value of digital trade
transactions in 2023 would exceed Rp 492.9 trillion. This figure is based on data released
by the Indonesian FinTech Association (AFTECH) and the Indonesian Sharia FinTech
Association (AFSI), covering 382 FinTech companies as members. Users also increased
from 183.84 million in 2023 to 213.15 million.6 The rapid expansion of FinTech is
1

2

3

4
5

6

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.
“Survei Nasional Literasi Dan Inklusi Keuangan (SNLIK) 2024,” accessed March 25, 2025,
https://ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Survei-Nasional-Literasi-dan-InklusiKeuangan-(SNLIK)-2024.aspx.
Muhammad Anshari, Mohammad Nabil Almunawar, and Masairol Masri, “An Overview of Financial
Technology in Indonesia:,” in Advances in Finance, Accounting, and Economics, ed. Muhammad Anshari,
Mohammad Nabil Almunawar, and Masairol Masri (IGI Global, 2020), 216–24,
https://doi.org/10.4018/978-1-5225-9183-2.ch012.
Athoillah Nasihin Aziz, “Fintech Contribution to Indonesia’s Economic Growth,” 2019,
https://mpra.ub.uni-muenchen.de/97884/1/MPRA_paper_97884.pdf.
Ibnatil Fitriya, 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.
Reza Felix Citra, “Pertumbuhan dan Peluang Fintech di Indonesia,” Kompaspedia, July 21, 2024,

184 Suaidi, et. al

expected to provide faster, more transparent, and more flexible services while
contributing to economic growth, income generation, and job creation, thereby reducing
poverty and inequality.7 As FinTech grows rapidly, Ryan Randy Suryono et al. highlight
the non-compliance with Sharia principles, such as riba, gharar, and maysir, exacerbated by
low public awareness and weak data protection. Regulatory challenges also arise due to
suboptimal compliance standards and unharmonized oversight.8 Therefore, adaptive
regulations, strengthened supervision, and public education are essential to ensuring
Sharia compliance within the FinTech ecosystem.9
The phenomenon above has sparked debates among scholars of Islamic economics
and FinTech. Some argue that FinTech enhances accessibility and inclusivity in Islamic
financial practices, with regulatory frameworks, regional dynamics, and the compatibility
of FinTech innovations with Sharia principles playing a crucial role.10 On the other hand,
critics worry that FinTech may inadvertently introduce elements of riba, potentially
eroding the essence of the Islamic financial system due to pressures to compete on equal
footing with conventional finance.11 Consequently, it becomes difficult to prove the true
superiority of the actual Sharia-based system. Additionally, some researchers note that
many FinTech services offer interest-based lending models, such as small business
FinTech loans, which charge an annual interest rate of an average of three percentage
points higher than consumer loans. This highlights the urgent need for regulatory clarity
and oversight to protect small businesses from predatory non-bank lenders directly
related to the Islamic prohibition of riba.12
Therefore, the academic debate above was addressed by the National Sharia Council
of the Indonesian Ulema Council (DSN-MUI), which issued Fatwa DSN-MUI No.
67/DSN-MUI/III/2008 to regulate the mechanism of factoring with a Sharia-based
approach.13 This fatwa was further reinforced by Fatwa DSN-MUI No. 117/DSNhttps://kompaspedia.kompas.id/baca/paparan-topik/pertumbuhan-dan-peluang-fintech-diindonesia.
7
Amrin Barata, “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.
8
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.
9
Ryan Randy Suryono, Indra Budi, and Betty Purwandari, “Detection of Fintech P2P Lending Issues in
Indonesia,” Heliyon 7, no. 4 (April 2021): e06782, https://doi.org/10.1016/j.heliyon.2021.e06782.
10 Loso Judijanto, 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.
11 Mustafa Raza Rabbani et al., “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.
12 Lenore M. Palladino, “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.
13 The fatwa is developed through collective ijtihad, involving various scholars and experts from different
fields. This collaborative approach ensures the integrity and accuracy of the fatwa, making it a reliable
guide for sharia economic actors. Nispan Rahmi et al., “Methodological Procedure for Determining
the Fatwa of the National Sharia Council (DSN) Indonesian Ulama Majelis (MUI) Concerning Islamic

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MUI/II/2018, which provided more comprehensive operational guidelines for
technology-based financing services. Additionally, DSN-MUI issued Fatwa No.
142/DSN-MUI/VIII/2021, which specifically focused on Sharia-compliant digital
payment services, offering clear guidelines for Sharia-based financing services, ensuring
the legitimacy of FinTech products, and preventing riba and gharar in invoice financing.14
This research is crucial given the vast potential of Sharia-compliant FinTech in driving
financial inclusion in Indonesia. However, gaps remain in the literature regarding the
effectiveness of regulations, Sharia compliance standards, and implementation challenges
amid socio-economic dynamics. While some FinTech services claim adherence to Sharia
principles, underdeveloped regulatory enforcement remains a significant obstacle. This
study contributes by analyzing how regulations can be more adaptive in bridging
technological innovation with Sharia principles and optimizing fatwas to address industry
dynamics. It also provides insights for industry players and policymakers in designing
more effective regulations to ensure Sharia compliance while fostering inclusive,
transparent, and sustainable growth of Sharia FinTech at both national and global levels.
II. Sharia FinTech: Regulation, Challenges, and Future Prospects
Sharia FinTech in Indonesia is based on DSN-MUI fatwas and OJK regulations to ensure
compliance with Islamic principles.15 However, DSN-MUI does not always conduct
direct supervision, making compliance largely dependent on each platform's internal
Sharia Supervisory Boards (DPS).16 Fatwa DSN-MUI No. 117/DSN-MUI/II/2018
serves as the primary guideline for FinTech operators in providing digital financial
services that align with Islamic values.17 This fatwa strictly prohibits riba in digital
financing transactions. It mandates the use of legitimate Islamic contracts such as
murabahah (cost-plus financing), mudharabah (profit-sharing partnership), and musyarakah
(joint venture partnership).18 This technology-based funding model offers convenience
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.
14 Nurman Ferdiana, “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.
15 Mohammad Adnan et al., “Mui’s Strategic Role In Islamic Banking: An Overview,” El-Arbah: Jurnal
Ekonomi, Bisnis Dan Perbankan Syariah 8, no. 2 (September 27, 2024): 205–19,
https://doi.org/10.34005/elarbah.v8i2.4138. Sri Hartini et al., “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/10.47172/2965730X.SDGsReview.v5.n02.pe04625.
16 Adi Nur Rohman, “Urgensi Pengaturan Fintech Lending Syariah Di Indonesia: Analisis Perlindungan
Hukum Bagi Pengguna Layanan,” Jurnal Legislasi Indonesia 20, no. 1 (2023): 16.
17 “Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia No: 117/DSN-MUI/II/2018 Tentang
Peraturan & Perundang-Undangan Tentang Layanan Pembiayaan Berbasis Teknologi Informasi
Berdasarkan
Prinsip
Syariah,”
2018,
https://putusan3.mahkamahagung.go.id/peraturan/detail/11eb40220b53a5349f7b313134303532.ht
ml.
18 “Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia No: 117/DSN-MUI/II/2018 Tentang
Peraturan & Perundang-Undangan Tentang Layanan Pembiayaan Berbasis Teknologi Informasi

186 Suaidi, et. al

while prioritising fairness for all parties involved.19 However, some Sharia FinTech
platforms still face challenges in fully implementing contracts, particularly regarding
transparency and risk management.20 For instance, in murabahah transactions, some
providers fail to purchase the goods beforehand, thereby making the process resemble
conventional financing rather than one that adheres to Sharia principles.21
DSN-MUI Fatwa No. 142/DSN-MUI/VIII/2021 on Technology-Based Payment
Services provides a legal framework to ensure digital payment systems remain aligned
with Islamic principles.22 It stipulates that all technology-based payment services must
avoid elements of gharar (excessive uncertainty), maysir (speculation), and tadlis
(deception), while ensuring transparency in all transactions. Implementing this fatwa
presents significant challenges, particularly in managing third-party funds within Shariacompliant digital payment platforms. Many FinTech companies are still seeking
operational models that comply with Sharia requirements and remain competitive in an
industry increasingly dominated by conventional payment platforms. Balancing
compliance with efficiency and innovation is crucial for the long-term success of Islamic
digital finance.
POJK No. 77/POJK.01/2016 on Sharia P2P Financing mandates that P2P lendingbased FinTech providers must comply with Sharia contracts and operate under the
supervision of a Sharia Supervisory Board (DPS). This regulation ensures that every
transaction remains free from riba, gharar, and practices contradicting Islamic principles.
However, its implementation still faces challenges. Dadang Saepudin highlights legal
ambiguities in the regulation and emphasizes the need for more specific rules to oversee
Sharia compliance in P2P FinTech.23 As a result, Sharia FinTech platforms are caught in
a dilemma between strictly adhering to Sharia principles and offering more flexible
schemes to attract a broader user base.
Therefore, POJK No. 10/POJK.05/2022 was established to strengthen supervision
of the Sharia FinTech sector by implementing risk mitigation mechanisms and stricter
Sharia compliance standards. Afif Noor et al. stated that POJK 10/2022 is a more
comprehensive regulation on FinTech lending than POJK 77/2016, as it introduces new
provisions on Sharia-compliant financing, invoice defaults, and supervision. While this
regulation represents progress in ensuring the sustainability of Sharia FinTech, it also
Berdasarkan Prinsip Syariah,” 8–9.
Zainul Mun’im et al., “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).
20 Zainul Mun’im 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.
21 Rahmad Nauli Siregar et al., “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.
22 DSN-MUI,
“Fatwa
DSN-MUI
No.
142/DSN-MUI/VII/2021,”
n.d.,
https://drive.google.com/file/d/15IGwVaQij0RMBrWQv2bKarlSrIgqEJOg/view.
23 Faculty of Islamic Economics and Business, Universitas Suryakancana, Indonesia, et al., “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.
19

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presents new challenges, especially for smaller platforms that lack robust Sharia
compliance systems.24 It is important to note that, despite the Financial Services
Authority (OJK) supporting the Sharia FinTech ecosystem, there is still a coordination
gap with Bank Indonesia (BI) and the Indonesian Ulema Council (MUI) in formulating
adaptive regulations that keep pace with technological advancements in Sharia-based
financial services. For instance, the fragmented governance of digital payments between
BI and OJK creates barriers to Sharia compliance in e-wallet services, particularly in
ensuring payment schemes remain free from riba and gharar. This regulatory disharmony
risks hindering innovation and slowing the broader adoption of Sharia FinTech.
The principles of transparency and certainty are crucial in implementing this fatwa, as
they aim to ensure that Sharia-based regulations can be applied in modern financial
activities. Thus, the fatwa does not merely serve as a normative guideline and provides
legal certainty for industry players and consumers within the Sharia FinTech ecosystem.25
In the digital technology-driven world of FinTech, all parties must receive clear
information regarding the products offered, transaction terms and conditions, and
applicable fees.26 Sharia FinTech providers must ensure that no elements of riba (usury),
gharar (excessive uncertainty), maysir (gambling), tadlis (deception), or dharar (harm) are
present in any transaction under Sharia principles.27 This is essential to prevent
consumers from feeling disadvantaged or confused about the contractual terms being
offered. For instance, FinTech providers must transparently explain how financing
mechanisms operate, the costs involved, and the rights and obligations that apply within
the transaction.
The DSN-MUI fatwa and OJK regulations emphasize that Sharia FinTech providers
must prioritize social responsibility by upholding the principles of justice, sustainability,
and consumer protection.28 Beyond seeking profit, Sharia FinTech is also expected to
generate positive socio-economic impacts, including supporting the Sustainable
Development Goals (SDGs) such as poverty alleviation, job creation, and community
welfare.29 Through Sharia-based financing models, Sharia FinTech can serve as a key
instrument in realizing a more just and inclusive economy.
Afif Noor, 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.
25 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.
26 Valerio Lemma, “Fintech, Chain Transactions and Open Banking,” in FinTech Regulation, by Valerio
Lemma (Cham: Springer International Publishing, 2020), 245–97, https://doi.org/10.1007/978-3-03042347-6_5.
27 Trisadini Prasastinah Usanti, Prawitra Thalib, and Nur Utari Setiawati, “Sharia Principles on
Information Technology-Based Financing Services,” Yuridika 35, no. 1 (October 21, 2019): 153,
https://doi.org/10.20473/ydk.v35i1.14084.
28 As in this Fatwa refers to the Qur'anic text Q.S. al-Isra' (17):34. “Fatwa Dewan Syariah Nasional Majelis
Ulama Indonesia No: 117/DSN-MUI/II/2018 Tentang Peraturan & Perundang-Undangan Tentang
Layanan Pembiayaan Berbasis Teknologi Informasi Berdasarkan Prinsip Syariah,” 1.
29 Trimulato Trimulato, M. Cholil Nafis, and Euis Amalia, “The Role Sharia Fintech Support Sustanaible
Development Goals Program (SDGs),” Jurnal Ilmiah Ekonomi Islam 8, no. 1 (March 8, 2022): 251,
https://doi.org/10.29040/jiei.v8i1.3911.
24

188 Suaidi, et. al

To achieve these goals, the application of Sharia principles in FinTech requires the
use of appropriate technology.30 However, to ensure that the technology used on FinTech
platforms remains compliant with Sharia principles, FinTech providers must collaborate
with the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) in
formulating more precise technical guidelines regarding the technology utilized. Lucky
Omega Hasan states that legal policies and institutional structures need to be enhanced
to create a more cohesive environment that supports Sharia economic practices in
Indonesia.31 Therefore, drafting the proper regulations that accommodate technological
advancements and ensure compliance with Sharia law is a crucial step forward.
To ensure certainty in Sharia compliance, the principle of transparency is essential.
This transparency can be observed through mechanisms that establish "soft" governance
structures in environments with weak governance, helping users distinguish between
legitimate and illegitimate content on digital platforms.32 In FinTech platforms,
transparency not only creates a user-friendly interface where information about costs,
risks, and financing terms is easily accessible but also offers advantages such as reducing
operational costs and providing a secure, user-friendly interface for transactions.33
Building public trust in Sharia-compliant FinTech services is crucial, as it will drive greater
adoption and usage of these services among Indonesians—especially those who are
underserved by conventional financial systems.
In terms of social responsibility, the implementation of Sharia-compliant FinTech is
also expected to play a role in enhancing financial inclusion based on Islamic values. In
the future, more Sharia-compliant FinTech providers are expected to focus on financial
profits and contribute to social development through funding for small businesses, social
projects, and community empowerment programs. Sharia financial services prioritizing
social welfare can create a broader impact, improve the quality of life, and contribute to
sustainable economic development.34 Sharia-compliant financial services that prioritize
social welfare align with the principles of Maqashid al-Sharia, which emphasize the
protection of religion (din), life (nafs), intellect ('aql), lineage (nasl), and wealth (mal).35
Focusing on justice and inclusivity, these services can have a broader impact, improve
quality of life, and contribute to sustainable economic development.
30

31

32
33
34
35

Taufiq Maulana Firdaus, 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) (2022 10th International
Conference on Cyber and IT Service Management (CITSM), Yogyakarta, Indonesia: IEEE, 2022), 1–
4, https://doi.org/10.1109/CITSM56380.2022.9935926.
Lucky Omega Hasan, “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.
Anil R. Doshi 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.
Maurya H. 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.
Trimulato, Nafis, and Amalia, “The Role Sharia Fintech Support Sustanaible Development Goals
Program (SDGs).”
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.

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The above ideas place great hope in creating a fairer and more sustainable financial
system. By adhering to Sharia principles that emphasize justice, transparency, and social
welfare,36 Sharia-compliant FinTech in Indonesia can potentially build an economic
system that is economically beneficial and provides broad social benefits.37 In the long
run, the Sharia FinTech sector can become a key pillar in creating Indonesia's more
inclusive, just, and sustainable economy. With more precise guidelines established by
DSN-MUI and OJK, along with consistent and responsible implementation by all
involved parties, the expectation is that Sharia-compliant FinTech in Indonesia can grow
rapidly and make a significant contribution to the national economy while maintaining
the Sharia values that form its foundation.
III. Challenges for Sharia FinTech in the Era of Rapid Digital Transformation
The implementation of various DSN-MUI fatwas and OJK regulations within Sharia
FinTech services in Indonesia faces multiple challenges, including regulatory gaps
between OJK and Bank Indonesia, limited Sharia financial literacy among users, and
difficulties in ensuring full compliance with Sharia contracts without violating the
principles of gharar (uncertainty) and riba (usury). DSN-MUI Fatwa No. 117/DSNMUI/II/2018 on Information Technology-Based Financing Services provides the legal
foundation for Islamic FinTech development. However, implementation remains
hindered by overlapping regulations between OJK and Bank Indonesia. This regulatory
overlap is evident in services involving both payments and financing. While OJK
oversees the financial services sector, Bank Indonesia governs the payment system,
creating uncertainty for industry players due to overlapping authority. Therefore, stronger
inter-agency coordination is necessary to harmonise regulations and foster a more
conducive Sharia FinTech ecosystem.
Rubi Ahmad et al. emphasize that innovation in Sharia FinTech management is crucial
for maintaining financial stability and enhancing competitiveness amid the rapid
evolution of financial technology.38 These challenges include adapting to breakthrough
technologies, meeting evolving market demands, and fostering a culture of innovation.39
Although regulations such as DSN-MUI Fatwa No. 117/2018, DSN-MUI Fatwa No.
142/2021, POJK No. 77/2016 on Sharia peer-to-peer financing, and POJK No. 10/2022
support industry growth, challenges persist in their implementation amid rapid market
changes.

36
37

38

39

Mun’im et al., “Revisioning Official Islam in Indonesia: The Role of Women Ulama Congress in
Reproducing Female Authority in Islamic Law.”
Suaidi Suaidi, Ali Sodiqin, and Abdur Rozaki, “A Critique of Contemporary Economic Justice and
Sharia Economic Law on The Tompangan Tradition,” Jurnal Hukum Islam 22, no. 2 (November 21,
2024): 249–80, https://doi.org/10.28918/jhi.v22i2.01.
Rubi Ahmad et al., “FINTECH Innovation, Stability and Efficiency: Evidence from Malaysian Bank
Industry,” International Journal of Finance & Economics 30, no. 1 (January 2025): 221–41,
https://doi.org/10.1002/ijfe.2917.
A. S. Sutyagin and A. G. Dmitriev, “Modern Challenges in the Management of Innovative Projects in
Technology Companies in the Turbulent Environment of Digital Technologies,” Scientific Notes of the
Russian Academy of Entrepreneurship 23, no. 2 (May 28, 2024): 64–70, https://doi.org/10.24182/20736258-2024-23-2-64-70.

190 Suaidi, et. al

Judijanto et al. highlight regulatory uncertainty, regional disparities, and challenges in
aligning technological innovations with Sharia principles as key obstacles to developing
Sharia FinTech. As noted by Judijanto et al., existing regulations often fail to
accommodate the rapid advancements in technology, while Sharia compliance standards
vary, creating uncertainty for industry players.40 As Sharia FinTech increasingly relies on
emerging technologies—such as blockchain, Bitcoin, smart contracts, and
cryptocurrencies—new forms of ijtihad (independent reasoning), both individual and
collective, are required to assess their compatibility with Islamic principles. Conducting
this ijtihad is particularly crucial, given the lack of clear scholarly consensus on these
financial technologies' halal or haram status.
Despite FinTech's advantages in convenience, efficiency, transparency, and security,
Islamic scholars still have no clear consensus regarding its compliance with Sharia law. 41
Achmad Yasin et al. argue that blockchain in crypto transactions is prohibited (haram),
as it potentially undermines Islamic legal principles.42 This perspective is supported by
Wiwin Muchtar Wiyono, who notes that although Bitcoin and blockchain are recognised
as groundbreaking innovations, their use as investment instruments involves elements of
maysir (gambling). At the same time, their application in business transactions contains
aspects of gharar (uncertainty). 43 However, scholars such as Mohd Noor bin Omar
contend that Bitcoin, when used with blockchain technology in crypto transactions,
constitutes a permissible (halal) financial solution. He considers it a valuable asset (almutaqawwam) and a legitimate medium of exchange.44
Overall, the challenges in developing Sharia-compliant FinTech in Indonesia are
highly complex. Although DSN-MUI fatwas and OJK regulations have provided clear
guidelines, implementation in the field still requires more excellent technological
adaptation, public education, Sharia compliance oversight, and strengthening regulations
that support innovation without compromising Sharia principles. To overcome these
challenges, collaboration among various stakeholders—including the government,
regulators, FinTech providers, and the wider community—is essential to ensure that
Sharia-compliant FinTech can grow sustainably and provide optimal benefits for the
Islamic economy in Indonesia.
40 Judijanto, Muhtadi, and Priyana, “A Bibliometric Analysis of the Challenges and Opportunities of
41

42

43

44

Fintech in Promoting Access to Sharia Finance.”
When reconstructing Islamic law, scholars should not only refer to one methodology but there are
many different methods that are absorbed so that the conclusions of the ideas concluded are inclusive
and interdisciplinary. Suaidi Suaidi et al., “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.
Achmad Yasin and Arifah Billah, “Blockchain-Based Digital Transaction Security System: Perspective
of Imam al-Shāṭibi’s Maqāṣid al-Sharī’ah Concept,” Al-Muamalat: Jurnal Ekonomi Syariah 11, no. 2 (July
31, 2024): 176–98, https://doi.org/10.15575/am.v11i2.34379.
Wiwin Muchtar Wiyono, “Investasi Cryptocurrency Bitcoin Dalam Teknologi Blockchain Menurut
Syariat
Islam,”
Wijayakusuma
Law
Review
4,
no.
1
(June
14,
2022),
https://doi.org/10.51921/wlr.v4i1.191.
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-MataWang-Kripto.

Mazahib: Jurnal Pemikiran Hukum Islam

191

IV. Sharia FinTech: Opportunities and Aspirations for an Inclusive, Transparent,
and Socially Just Global Financial System
The implementation of DSN-MUI Fatwa No. 117/2018, Fatwa No. 142/DSNMUI/VIII/2021, POJK No. 77/POJK.01/2016 on Sharia Peer-to-Peer (P2P) Financing,
and POJK No. 10/POJK.05/2022 establishes a regulatory foundation for Sharia
FinTech in Indonesia. These regulations create opportunities for innovation in Shariabased financial services while demanding strict compliance with Islamic principles.
Ismamudi et al. state that the development of Sharia FinTech aims to expand access to
financial services, empower individuals and micro-enterprises, and promote sustainable
financial inclusion.45 The presence of Sharia FinTech encourages more inclusive and
affordable financial services by offering products that prioritise fairness, transparency,
and freedom from riba (usury), gharar (uncertainty), and maysir (gambling), in accordance
with Sharia principles and user needs—particularly those of SMEs and individuals
seeking halal financial alternatives. This expansion of accessible, ethical financial services
is expected to accelerate financial inclusion and improve the overall economic well-being
of society.46
Sharia FinTech's development in Indonesia can potentially drive innovation in the
Islamic economy through inclusive financing models and technologies aligned with
Sharia principles.47 However, its global contribution still requires regulatory support,
investment, and strengthening of the digital ecosystem. Given Indonesia's sizeable
Muslim population and vast market potential, the country holds great promise as a
regional hub for Sharia FinTech development in Southeast Asia. With support from
DSN-MUI fatwas and POJK regulations, Indonesia is expected to develop Sharia
FinTech products that cater to the domestic market while attracting international
interest.48 Ultimately, the goal is for Indonesia's Sharia FinTech sector to serve as a model
for other countries, further solidifying Indonesia's position as a key player in the global
Islamic economy.
Another aspiration is for education and literacy in Islamic finance to improve further,
particularly among younger generations. Fostering a literacy culture in the FinTech sector
can accelerate its adoption while enhancing infrastructure and services.49 With the
45

46

47

48

49

Ismamudi Ismamudi et al., “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.
Suaidi Syafiie, “Peran Unit Pengumpul Zakat (UPZ) Iain Madura Terhadap Kemiskinan Sosial Sekitar,”
Filantropi:
Jurnal
Manajemen
Zakat
Dan
Wakaf
1,
no.
2
(2020):
141–50,
https://doi.org/10.22515/finalmazawa.v1i2.2613.
Ahmad Yani Anshori, “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.
The research of Mansur, et al, they said that Fintech is likely to grow rapidly in the Southeast Asian
region, with I-Fintech / Islamic Financial Technology also opening up great opportunities in traditional
banking. Mansur Mansur et al., “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.
Ika Yunia Fauzia, “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,

192 Suaidi, et. al

growing presence of Sharia FinTech platforms, broader awareness of the benefits and
principles of Islamic finance is expected to emerge, helping individuals make more
informed financial decisions aligned with their values. Proper education on Sharia
FinTech will also enhance understanding of financial management based on profit-andrisk-sharing principles, rather than profit-seeking without consideration for social
justice.50
The ability to balance profit and social impact is another key expectation of Sharia
FinTech services. Fatwa DSN-MUI No. 117/2018 and POJK No. 10/POJK.05/2022
stipulates that social responsibility is a core principle that Sharia FinTech providers must
uphold. Looking ahead, more Sharia FinTech providers are expected to focus on financial
gain and social development through financing small businesses, supporting social
projects, and implementing community empowerment initiatives. Ultimately, Sharia
financial services that prioritise social welfare can generate broader impacts, enhance
quality of life, and support sustainable economic development.51 This conceptual
foundation creates opportunities to establish a fairer and more transparent financial
system. By adhering to Sharia principles, which emphasise a balance between profit and
social benefit, Sharia FinTech in Indonesia has the potential to become a key pillar of
equitable economic growth and long-term societal well-being.
V. Conclusion
This study concludes that a procedural harmonisation is emerging between DSN-MUI
fatwas and OJK regulations, particularly in aligning their respective roles in shaping and
regulating the Sharia FinTech ecosystem in Indonesia. The issuance of DSN-MUI Fatwa
No. 67/2008—establishing the legal foundation for Sharia factoring—followed by Fatwa
No. 117/2018 on Sharia-compliant digital financing and Fatwa No. 142/2021 on
transparency in digital payment services, reflects the evolution of the regulatory
framework for Sharia FinTech. These fatwas align with OJK regulations by offering
doctrinal guidance and reinforcing regulatory coherence in the digital finance sector. OJK
support further reinforces DSN-MUI fatwa guidance through the issuance of Regulation
No. 77/2016 and POJK No. 10/2022, both of which incorporate key principles of Sharia
compliance in the digital financial sector. These regulations provide a foundational legal
framework for the Sharia FinTech industry and enhance financial inclusion by improving
access to Sharia-compliant services for underserved communities. However, persistent
challenges—including limited Sharia financial literacy, inadequate digital infrastructure,
and weak supervisory mechanisms—remain critical issues requiring urgent attention.
Therefore, sustained collaboration among regulators, industry stakeholders, and the
public, combined with the strategic adoption of technologies such as blockchain and
Sharia-compliant smart contracts, is essential to enabling Sharia FinTech to evolve into a
key driver of the Islamic economy's digital transformation.

50

51

https://doi.org/10.24252/minds.v7i2.15871.
Syaakir Sofyan, 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.
Trimulato, Nafis, and Amalia, “The Role Sharia Fintech Support Sustanaible Development Goals
Program (SDGs).”

Mazahib: Jurnal Pemikiran Hukum Islam

193

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