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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) · pp. 289–332

DOI
10.24042/adalah.v231.29640
ISSN
2614-171X, 0854-1272
Published
2026-06-25
Publisher
Universitas Islam Negeri Raden Intan Lampung
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

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

Keywords

Collaboration network of the authors

38 authors · 92 co-authorship links

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  • University of Mataram
  • University of Indonesia
  • International Islamic University Malaysia
  • Universitas Islam Negeri Maulana Malik Ibrahim
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Budi SantosoUniversity of Mataram1
Try HardyanthiAffiliation unknown1
Ninik ZakiyahAffiliation unknown1
Muh. Afif MahfudAffiliation unknown1
Raihanah AbdullahAffiliation unknown1
Qurrata AyuniAffiliation unknown1
Rini MaryamAffiliation unknown1
Suparjo SuparjoAffiliation unknown1
Hendra FebriAffiliation unknown1
Tomy PrasetiaAffiliation unknown1
Tika ArundinaUniversity of Indonesia1
Kenny D. IndraswariAffiliation unknown1
M. Budi PrasetyoAffiliation unknown1
Ichwan IchwanAffiliation unknown1
Meis Winih SosiantiAffiliation unknown1
Ronald RulindoInternational Islamic University Malaysia1
Muhammad RifqiAffiliation unknown1
Muhammad Rizky Prima SaktiAffiliation unknown1
Adela Miranti YuniarAffiliation unknown1
Mohamad Isa Abd JalilAffiliation unknown1
Siti Hajar SamsuAffiliation unknown1
Debrina Puspita AndrianiAffiliation unknown1
Shariff Umar Shariff Abd. KadirAffiliation unknown1
Ahmad GhoziUniversitas Islam Negeri Maulana Malik Ibrahim1
Heru SusetyoAffiliation unknown1
Farida PrihatiniAffiliation unknown1
ZainuddinAffiliation unknown1
Wirdyaningsih WirdyaningsihAffiliation unknown1
Fahrul FauziAffiliation unknown1
Aufi Qonitatus SyahidaAffiliation unknown1
Zalina ZakariaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) http://ejournal.radenintan.ac.id/index.php/adalah/oai, first harvested 8 Nov 2026, last seen 8 Nov 2026.
Original metadata (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>