<![CDATA[The rapid growth of Islamic financial technology (fintech), particularly Sharī’ah-compliant peer-to-peer (P2P) financing, has played a significant role in promoting financial inclusion. Islamic fintech possesses unique characteristics and risks due to its compliance with Sharī’ah principles. Sharī’ah risk arises from non-compliance with Sharī’ah principles and is closely linked to legal risk, as such compliance is shaped by the applicable regulatory framework. Although previous studies have examined legal and Sharī’ah risks, limited attention has been paid to their interaction within the regulatory framework governing Islamic P2P financing. Therefore, this study aims to analyze the legal and Sharī’ah risks associated with Islamic fintech P2P financing and to examine the role of regulation in mitigating these risks. This study adopts a doctrinal legal research approach, using a case study of Sharī’ah-compliant P2P financing platforms in Indonesia and employing literature review, leximetric analysis, and content analysis. The findings identify several weaknesses in the existing regulatory framework that may undermine legal certainty and Sharī’ah compliance, and highlight the importance of strengthening regulation, supervisory mechanisms, and Sharī’ah governance as integrated risk-mitigation strategies for Islamic P2P financing. These findings contribute to the development of a regulatory governance framework for the Islamic fintech ecosystem]]>
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