P054 EFEKTIVITAS SINERGI OTORITAS JASA KEUANGAN DAN BANK INDONESIA DALAM PENANGANAN FINTECH LENDING ILEGAL PERSPEKTIF HUKUM EKONOMI SYARIAH

Abstract

The proliferation of illegal fintech lending in Indonesia, increasing from 1,200 entities in 2020 to over 4,000 in 2023, reveals weaknesses in the regulatory synergy between the Financial Services Authority (OJK) and Bank Indonesia (BI) and raises concerns from the perspective of Islamic economic law. This study examines: (1) the conformity of illegal fintech lending practices with Islamic prohibitions of riba, gharar, and maysir; (2) the alignment of OJK-BI regulatory synergy with the principle of hifz al-mal; and (3) Islamic legal recommendations for strengthening consumer protection. Using normative legal research with conceptual and comparative approaches, the study finds that illegal fintech lending violates the objectives of Maqashid Syariah through usurious interest, psychological intimidation, and systematic data exploitation, thereby undermining hifz al-mal, hifz al-nafs, and hifz al-'aql. Although OJK-BI coordination has achieved partial success, regulatory fragmentation and the absence of a specific Islamic fintech framework limit its effectiveness. The study recommends integrating DSN-MUI fatwas into the national regulatory framework and developing a Shariah-compliant digital financial protection system.