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All Journal Jurnal Ekonomika dan Bisnis Islam
Ihsan Rafifalah
Universitas Islam Negeri (UIN) Salatiga
Economics, Econometrics & Finance

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Strategy To Eliminate Riba In Ethical Fintech Practices Ihsan Rafifalah
Jurnal Ekonomika dan Bisnis Islam Vol 8 No 2 (2025): Agustus
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v8n2.p124-130

Abstract

The development of Islamic financial technology (fintech) responds to the need for digital financial services that align with Islamic legal and ethical principles. However, the globalization of digital finance also brings the risk of riba infiltrating business models that lack standardized shariah compliance. This study aims to identify and analyze strategies to eliminate riba in ethical fintech practices in Indonesia. Using a qualitative-descriptive approach based on literature and current regulatory analysis, the study found three main strategies: (1) integrating shariah-based contracts into product design; (2) utilizing smart contract and blockchain technology to ensure automatic and transparent shariah compliance; and (3) strengthening the role of the Shariah Supervisory Board (SSB) in product innovation and oversight. The findings suggest that riba elimination in ethical fintech requires synergy between legal frameworks, digital infrastructure, and religious authority.
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