Transformasi Digital Keuangan Syariah: Analisis Kritis Kepatuhan Syariah dan Perlindungan Konsumen pada Layanan Paylater di Indonesia - Nanang Kunto Adi; Maulana Afnandito; Farih Wahyu Subekti (Lembaga Riset Ilmiah, 2026)
Transformasi digital dalam sektor jasa keuangan telah mendorong berkembangnya layanan Buy Now Pay Later (BNPL) atau paylater di Indonesia seiring meningkatnya transaksi digital dan inklusi keuangan. Namun, praktik BNPL konvensional masih menimbulkan persoalan dari perspektif hukum ekonomi syariah dan perlindungan konsumen. Penelitian ini bertujuan menganalisis tingkat kepatuhan syariah layanan paylater di Indonesia, mengevaluasi efektivitas regulasi Otoritas Jasa Keuangan (OJK), serta merumuskan model operasional BNPL Syariah yang berkeadilan dan berorientasi pada Maqashid Syariah. Penelitian menggunakan pendekatan hukum normatif dengan sumber data berupa regulasi OJK, fatwa DSN-MUI, standar AAOIFI, serta jurnal nasional dan internasional periode 2020–2026. Kebaruan penelitian terletak pada integrasi analisis kepatuhan syariah, perlindungan konsumen, dan reformulasi model operasional BNPL Syariah berbasis regulasi terbaru, yaitu POJK Nomor 22 Tahun 2023 dan POJK Nomor 32 Tahun 2025. Hasil penelitian menunjukkan bahwa mayoritas layanan BNPL konvensional masih menggunakan skema pembiayaan berbasis bunga yang mengandung unsur riba, gharar, dan denda eksploitatif, serta belum memenuhi prinsip transparansi biaya dan etika penagihan. Penelitian ini juga menemukan bahwa regulasi terbaru OJK memberikan dasar hukum yang lebih kuat bagi pengembangan BNPL Syariah melalui penguatan tata kelola, mitigasi risiko, dan perlindungan konsumen. Oleh karena itu, penelitian merekomendasikan penerapan akad murabahah bi al-taqsith dan wakalah bil ujrah dengan mekanisme taʿwidh dan gharamah yang transparan, proporsional, dan sesuai prinsip keadilan syariah. The digital transformation of the financial services sector has accelerated the growth of Buy Now Pay Later (BNPL) services in Indonesia alongside the increasing expansion of digital transactions and financial inclusion. Nevertheless, conventional BNPL practices continue to raise significant concerns from the perspectives of Islamic economic law and consumer protection. This study aims to analyze the Sharia compliance of paylater services in Indonesia, evaluate the effectiveness of regulations issued by the Financial Services Authority (OJK), and formulate a fair and Maqashid Sharia-oriented operational model for Sharia BNPL. This research employs a normative legal approach using data derived from OJK regulations, DSN-MUI fatwas, AAOIFI standards, and national as well as international journal articles published between 2020 and 2026. The novelty of this study lies in the integration of Sharia compliance analysis, consumer protection, and the reformulation of a Sharia BNPL operational model based on the latest regulatory frameworks, namely OJK Regulation Number 22 of 2023 and OJK Regulation Number 32 of 2025. The findings reveal that most conventional BNPL services still apply interest-based financing schemes containing elements of riba, gharar, and exploitative penalty practices, while also failing to fully meet the principles of cost transparency and ethical debt collection. The study further finds that the latest OJK regulations provide a stronger legal foundation for the development of Sharia BNPL through enhanced governance, risk mitigation, and consumer protection mechanisms. Therefore, this study recommends the implementation of murabahah bi al-taqsith and wakalah bil ujrah contracts, accompanied by transparent and proportional taʿwidh and gharamah mechanisms that are aligned with the principles of Sharia justice.