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All Journal JURNAL HUKUM Volksgeist: Jurnal Ilmu Hukum dan Konstitusi
Fareha, Nur
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Religion Humanities Law, Crime, Criminology & Criminal Justice Social Sciences

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The Challenges of Sharia Fintech Regulation in Indonesia: A Global Comparative Analysis Durianto, Darmadi; Hasana, Dahniarti; Fareha, Nur; Maharani, Dewi Nadya
Jurnal Hukum Vol 41, No 1 (2025): Jurnal Hukum
Publisher : Unissula

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/jh.41.1.19-30

Abstract

The purpose of this study is to analyze Sharia-compliant fintech regulations in both countries and provide recommendations to strengthen their regulatory frameworks. Financial technology (fintech) has transformed the global financial industry landscape by introducing innovations that accelerate access to financial services. Sharia-compliant fintech, as part of this development, plays a critical role in providing financial services that comply with Sharia principles, such as the prohibition of riba, gharar, and maysir. The study found that Sharia-compliant fintech regulations in several countries, such as Indonesia and Bangladesh, are still in their infancy. Existing regulations are often not fully aligned with the needs of Sharia-compliant fintech, highlighting the need for a more comprehensive and inclusive regulatory approach. In Indonesia, the Financial Services Authority and Bank Indonesia have issued several policies to support fintech development, but there is still no specific regulation for Sharia-compliant fintech. In Bangladesh, the development of Sharia-compliant fintech is supported by Islamic banking initiatives, although a more mature regulatory framework is still needed. By adopting best practices from countries such as Malaysia, which have developed more advanced regulations for Sharia-compliant fintech, both countries can increase financial inclusion and create a more sustainable fintech ecosystem.
The Challenges of Using the Omnibus Law Method in Indonesia’s Legal System Widayati, Widayati; Winanto, Winanto; Laksana, Andri Winjaya; Huda, Moh. Nurul; Fareha, Nur
Volksgeist: Jurnal Ilmu Hukum dan Konstitusi Vol. 8 Issue 2 (2025) Volksgeist: Jurnal Ilmu Hukum Dan Konstitusi
Publisher : Faculty of Sharia, Universitas Islam Negeri (UIN) Profesor Kiai Haji Saifuddin Zuhri Purwokerto, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24090/volksgeist.v8i2.13382

Abstract

The introduction of the Omnibus Law with Law Number 11 of 2020 on Job Creation marked a significant change in Indonesia’s approach to legislation, as this method was previously unfamiliar in the country. Consequently, the law faced legal challenges and was brought before the Constitutional Court (MK) for review. The Court ruled that the legislative process was flawed, highlighting a lack of public involvement and transparency, and found that the omnibus law method did not have a solid legal foundation within Indonesia’s existing legal framework. In response to these concerns, the House of Representatives and the President passed Law Number 13 of 2022, which included guidelines for using the omnibus law method in future legislation. This method is widely used in common law countries, while Indonesia operates under a civil law system rooted in democratic principles. This study focused on examining implications of the omnibus law method through a normative juridical approach, utilizing secondary data and qualitative analysis. The findings show that while this method can streamline the drafting and discussion of laws—saving time and effort—it also has significant downsides. This include a tendency to prioritize practicality over thorough research and limited public engagement, which undermines its democratic nature. Therefore, if Indonesia chooses to continue using the omnibus law method, it is crucial to address these limitations. Specifically, there must be genuine opportunities for public participation that go beyond just empty formalities. Careful and accurate implementation is needed to ensure that the resulting legislation is effective, high quality, and ultimately regarded as beneficial by the community.
Co-Authors Andri Winjaya Laksana, Andri Winjaya Durianto, Darmadi Hasana, Dahniarti Maharani, Dewi Nadya Moh. Nurul Huda, Moh. Nurul Widayati Widayati winanto, winanto