Regulation and consumer protection of fintech in Indonesia: The case of Islamic fintech lending

Afif Noor; Haniff Ahamat; Ismail Marzuki; Dwi Wulandari; Akhmad Arif Junaidi; Edy Lisdiyono; Bakti Trisnawati

doi:10.21744/lingcure.v6nS3.1938

Authors

Afif Noor
afif_noor@walisongo.ac.id
Universitas Islam Negeri Walisongo, Semarang, Indonesia
Haniff Ahamat The National University of Malaysia, Selangor, Malaysia
Ismail Marzuki Universitas Islam Negeri Walisongo, Semarang, Indonesia
Dwi Wulandari Diponegoro University, Semarang, Indonesia
Akhmad Arif Junaidi Universitas Islam Negeri Walisongo, Semarang, Indonesia
Edy Lisdiyono Universitas 17 Agustus 1945, Semarang, Indonesia
Bakti Trisnawati Universitas 17 Agustus 1945, Semarang, Indonesia

Keywords:

consumer protection, fintech, Islamic fintech lending, policymakers, regulation

Abstract

Islamic fintech lending regulation and consumer protection are important matters that serve as behavioral guidelines and guarantee the fulfillment of consumer rights. Islamic fintech lending has high risks, such as default, sharia compliance, and implementation of dispute resolution. This study aims to find and analyze the regulation and protection of Islamic fintech lending consumers in Indonesian laws and regulations. This research is normative juridical research that examines the law as a norm in legislation by using secondary data which is analyzed qualitatively by descriptive analysis method. Normatively, there are no regulations that specifically regulate or contain Islamic fintech lending. Thus, consumer protection is also weak. Policymakers must carry out legal reforms by issuing laws or regulations that regulate Islamic fintech lending and its business activities to realize legal certainty, justice, and benefit.

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