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Analysis of Legal and Sharī’ah Risks in Islamic Fintech Peer-To-Peer (P2P) Financing in Indonesia

Al-'Adalah · Vol. 23 No. 1 (2026) · hlm. 289–332

DOI
10.24042/adalah.v231.29640
ISSN
2614-171X, 0854-1272
Terbit
2026-06-25
Penerbit
Universitas Islam Negeri Raden Intan Lampung
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-sa/4.0

Abstrak

The rapid growth of Islamic financial technology (fintech), particularly Sharī’ah-compliant peer-to-peer (P2P) financing, has played a significant role in promoting financial inclusion. Islamic fintech possesses unique characteristics and risks due to its compliance with Sharī’ah principles. Sharī’ah risk arises from non-compliance with Sharī’ah principles and is closely linked to legal risk, as such compliance is shaped by the applicable regulatory framework. Although previous studies have examined legal and Sharī’ah risks, limited attention has been paid to their interaction within the regulatory framework governing Islamic P2P financing. Therefore, this study aims to analyze the legal and Sharī’ah risks associated with Islamic fintech P2P financing and to examine the role of regulation in mitigating these risks. This study adopts a doctrinal legal research approach, using a case study of Sharī’ah-compliant P2P financing platforms in Indonesia and employing literature review, leximetric analysis, and content analysis. The findings identify several weaknesses in the existing regulatory framework that may undermine legal certainty and Sharī’ah compliance, and highlight the importance of strengthening regulation, supervisory mechanisms, and Sharī’ah governance as integrated risk-mitigation strategies for Islamic P2P financing. These findings contribute to the development of a regulatory governance framework for the Islamic fintech ecosystem

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  • University of Mataram
  • University of Indonesia
  • International Islamic University Malaysia
  • Universitas Islam Negeri Maulana Malik Ibrahim
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  • Organisasi berbeda
  • Organisasi sama
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Rekan penulisOrganisasiArtikel bersama
Budi SantosoUniversity of Mataram1
Try HardyanthiAfiliasi tidak diketahui1
Ninik ZakiyahAfiliasi tidak diketahui1
Muh. Afif MahfudAfiliasi tidak diketahui1
Raihanah AbdullahAfiliasi tidak diketahui1
Qurrata AyuniAfiliasi tidak diketahui1
Rini MaryamAfiliasi tidak diketahui1
Suparjo SuparjoAfiliasi tidak diketahui1
Hendra FebriAfiliasi tidak diketahui1
Tomy PrasetiaAfiliasi tidak diketahui1
Tika ArundinaUniversity of Indonesia1
Kenny D. IndraswariAfiliasi tidak diketahui1
M. Budi PrasetyoAfiliasi tidak diketahui1
Ichwan IchwanAfiliasi tidak diketahui1
Meis Winih SosiantiAfiliasi tidak diketahui1
Ronald RulindoInternational Islamic University Malaysia1
Muhammad RifqiAfiliasi tidak diketahui1
Muhammad Rizky Prima SaktiAfiliasi tidak diketahui1
Adela Miranti YuniarAfiliasi tidak diketahui1
Mohamad Isa Abd JalilAfiliasi tidak diketahui1
Siti Hajar SamsuAfiliasi tidak diketahui1
Debrina Puspita AndrianiAfiliasi tidak diketahui1
Shariff Umar Shariff Abd. KadirAfiliasi tidak diketahui1
Ahmad GhoziUniversitas Islam Negeri Maulana Malik Ibrahim1
Heru SusetyoAfiliasi tidak diketahui1
Farida PrihatiniAfiliasi tidak diketahui1
ZainuddinAfiliasi tidak diketahui1
Wirdyaningsih WirdyaningsihAfiliasi tidak diketahui1
Fahrul FauziAfiliasi tidak diketahui1
Aufi Qonitatus SyahidaAfiliasi tidak diketahui1
Zalina ZakariaAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) http://ejournal.radenintan.ac.id/index.php/adalah/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Analysis of Legal and Sharī’ah Risks in Islamic Fintech Peer-To-Peer (P2P) Financing in Indonesia</dc:title>
	<dc:creator xml:lang="en">Karimah, Iffah</dc:creator>
	<dc:creator xml:lang="en">Wirdyaningsih</dc:creator>
	<dc:creator xml:lang="en">Kasri, Rahmatina A.</dc:creator>
	<dc:creator xml:lang="en">Makarim, Edmon</dc:creator>
	<dc:creator xml:lang="en">Widianto, Rahmadhani Nur </dc:creator>
	<dc:creator xml:lang="en">Syahrul, Achmad Sultan Richard</dc:creator>
	<dc:creator xml:lang="en">Ahmed, Habib</dc:creator>
	<dc:subject xml:lang="en">Islamic fintech</dc:subject>
	<dc:subject xml:lang="en">legal risk</dc:subject>
	<dc:subject xml:lang="en">P2P</dc:subject>
	<dc:subject xml:lang="en">Sharī’ah risk </dc:subject>
	<dc:description xml:lang="en">The rapid growth of Islamic financial technology (fintech), particularly Sharī’ah-compliant peer-to-peer (P2P) financing, has played a significant role in promoting financial inclusion. Islamic fintech possesses unique characteristics and risks due to its compliance with Sharī’ah principles. Sharī’ah risk arises from non-compliance with Sharī’ah principles and is closely linked to legal risk, as such compliance is shaped by the applicable regulatory framework. Although previous studies have examined legal and Sharī’ah risks, limited attention has been paid to their interaction within the regulatory framework governing Islamic P2P financing. Therefore, this study aims to analyze the legal and Sharī’ah risks associated with Islamic fintech P2P financing and to examine the role of regulation in mitigating these risks. This study adopts a doctrinal legal research approach, using a case study of Sharī’ah-compliant P2P financing platforms in Indonesia and employing literature review, leximetric analysis, and content analysis. The findings identify several weaknesses in the existing regulatory framework that may undermine legal certainty and Sharī’ah compliance, and highlight the importance of strengthening regulation, supervisory mechanisms, and Sharī’ah governance as integrated risk-mitigation strategies for Islamic P2P financing. These findings contribute to the development of a regulatory governance framework for the Islamic fintech ecosystem</dc:description>
	<dc:publisher xml:lang="en">Universitas Islam Negeri Raden Intan Lampung</dc:publisher>
	<dc:date>2026-06-25</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://ejournal.radenintan.ac.id/index.php/adalah/article/view/29640</dc:identifier>
	<dc:identifier>10.24042/adalah.v231.29640</dc:identifier>
	<dc:source xml:lang="en">Al-'Adalah; Vol. 23 No. 1 (2026): Al-'Adalah; 289-332</dc:source>
	<dc:source xml:lang="id">al-'adalah; Vol 23 No 1 (2026): Al-'Adalah; 289-332</dc:source>
	<dc:source>2614-171X</dc:source>
	<dc:source>0854-1272</dc:source>
	<dc:source>10.24042/adalah.v23.i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://ejournal.radenintan.ac.id/index.php/adalah/article/view/29640/11341</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Iffah Karimah, Wirdyaningsih, Rahmatina A. Kasri, Edmon Makarim, Rahmadhani Nur  Widianto, Achmad Sultan Richard Syahrul, Habib Ahmed</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>