OJK has made attention regarding the sharia-based fintech in Indonesia
Through OJK Regulation No 13 POJK.02 / 2018, OJK (The Financial Services Authority/Otoritas Jasa Keuangan) has made regulations regarding the financial technology industry or commonly known as fintech.
This industry is the answer to the rapid development of digital technology and can ease the economic activities of many people. The nation is also optimistic that the fintech industry can help improve the country's economy.
With the significant government support for fintech, many people hope that the government will also focus on the development of sharia fintech by making legal standards for Islamic fintech.
The Islamic economic system is an Islamic financial system based on the Qur'an and hadith, eliminates interest (riba), and uncertainty concerning payment. For this reason, in this system, there is no credit card payment, and there is no uncertain profit/interest increase as you always find in conventional fintech.
Indonesia is the country with the largest Muslim population in the world. That is the reason why the sharia system gets a warm welcome in this country. Indonesia is also a country with the largest sharia banking consumer in the world.
Besides, in OJK, there have been several sharia-based fintech companies that have been registered, such as Investree, Syariah Funds, and Ammana. This case marks the bright future of Islamic fintech.
The Attention of OJK to Sharia Fintech
Although some sharia fintechs have been registered with the OJK, there are no specific rules regarding sharia fintech. Just like sharia fintech companies that have been registered, other sharia-based fintech companies must register with OJK in the same way as conventional fintech companies.
There are three steps that a fintech company must go through to register with OJK. First, the process of recording to the OJK. Second, the regulatory sandbox or incubator process. The third, the registration process to OJK.
Even so, in POJK No. 13 POJK. 02/2018, there is information about the Islamic fintech company (sharia). The term "other digital financial support" also includes Islamic digital financing. This case means that OJK regulations regarding fintech are including sharia-based fintech.
Meanwhile, the Indonesian Ulema Council (MUI) has issued a regulation that aims to oversee sharia-compliant fintech. The law is contained in the MUI fatwa Number 117 / DSN-MUI / IX / 2018. The fatwa is about the rule that all companies including sharia-based fintech’s should not violate the rules of Islamic economics.
The rules that must be obeyed are the absence of riba/interest, not using illegitimate methods (prohibited by Islam), and the certainty of prices and profits from the sale of goods or services.
The problem is, there is no collaboration between MUI and OJK regarding sharia-based fintech. For this reason, even though the MUI has approved a sharia fintech, business makers must continue to register their Islamic fintech products to the OJK to have legal standards.
Similarly, to be registered as a lawful Fintech Sharia, they must keep registering their products with the MUI. This is considered confusing and impractical for fintech business people in Indonesia.
Even so, OJK continues to encourage the increase of fintech with Islamic sharia. According to Wimboh Santoso, Head of OJK Commissioner, the Islamic banking industry experienced a rapid growth in 2018, which is about nineteen percent.
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