Consumer Protection in Fintech Agreements Reviewed from the Perspective of Islamic Law and Positive Law

Abstract

The development of financial technology (fintech), particularly information technology-based money lending services (peer-to-peer lending), provides easy access to finance for the public. However, this convenience also raises various legal issues, particularly those related to consumer protection. This article aims to analyze the forms of consumer protection in fintech agreements from the perspective of Islamic law and positive law in Indonesia. The research method used is normative legal research with a qualitative approach through a literature study of laws and regulations, DSN-MUI fatwas, and related legal literature. The results of the study show that consumer protection in fintech according to Islamic law is based on the principles of justice, benefit, and the prohibition of gharar, riba, and zalim, as reflected in DSN-MUI Fatwa Number 117 of 2018. Meanwhile, in positive law, consumer protection is regulated through POJK Number 77 of 2016 and POJK Number 13 of 2018, which have basically provided legal certainty, although they still focus on conventional fintech. Therefore, it is necessary to strengthen specific regulations on sharia fintech so that consumer protection can be realized comprehensively.