Analisis Dampak dan Risiko Layanan Peer-to-Peer (P2P) Lending Syariah di Indonesia

Khairul Katsirin; Iswandi Akbar; Nurlaili Akbar; Malfiandri

doi:10.59996/cendib.v3i3.1202

Authors

Khairul Katsirin Universitas Sultan Muhammad Syafiuddin Sambas
Iswandi Universitas Sultan Muhammad Syafiuddin Sambas
Nurlaili Universitas Sultan Muhammad Syafiuddin Sambas
Malfiandri Universitas Sultan Muhammad Syafiuddin Sambas

DOI:

https://doi.org/10.59996/cendib.v3i3.1202

Keywords:

Islamic P2P Lending, Islamic Fintech, Economic Impact, Risk Management, Financial Inclusion

Abstract

The development of information technology and the transformation of the financial system have given rise to innovative digital financing services known as Peer-to-Peer (P2P) Lending. Along with the increasing public demand for financial products that are lawful and compliant with Sharia principles, a variant of this service called Islamic P2P Lending has been developed. This study aims to analyze the impacts and identify the inherent risks associated with the operations of such services in Indonesia. The research employs a literature review method with a descriptive qualitative approach, collecting data from official regulations, industry reports, and national and international scientific journals accessible to the public. The findings reveal that Islamic P2P Lending provides positive impacts, including improved financial inclusion, support for the growth of Micro, Small, and Medium Enterprises (MSMEs), and the availability of alternative halal investment options. Nevertheless, this service also faces various risks, such as default risk, Sharia non-compliance, technological system failures and data security issues, as well as legal and reputational risks. Therefore, strengthened supervision, enhanced financial literacy, and the implementation of risk mitigation strategies in accordance with Sharia principles are necessary to ensure the sound and sustainable development of this service.

References

Adlini, M. N., Dinda, A. H., Yulinda, S., Chotimah, O., & Merliyana, S. J. (2022). Metode Penelitian Kualitatif Studi Pustaka. Edumaspul: Jurnal Pendidikan, 6(1), 974–980. https://doi.org/10.33487/edumaspul.v6i1.3394

Aisah, N., Rizkiawan, I. K., & Sholeha, A. (2024). Atensi masyarakat dalam menggunakan peer to peer lending syariah: Mendorong inklusi keuangan syariah. Journal of Management and Digital Business, 4(1), 54–65. https://doi.org/10.53088/jmdb.v4i1.928

Andayani, K. D. (2025). Analisis Yuridis terhadap Pengaturan Perlindungan Data Pribadi dalam Layanan Fintech Peer-To-Peer Lending. Aliansi: Jurnal Hukum, Pendidikan Dan Sosial Humaniora, 2(5), 110–121. https://doi.org/10.62383/aliansi.v2i5.1208

Anggara, M. R., & Nuraeni, N. (2025). Enhancing the Sustainability of Small and Medium Enterprises (SMEs) through Islamic FinTech: A Comprehensive Review of Emerging Trends (2018-2024). Civilization Research: Journal of Islamic Studies, 4(1), 21–37. https://doi.org/10.61630/crjis.v4i1.50

Arini, A. D. (2024). Legal Literature Review of Peer to Peer Lending in Indonesia: Building Sharia FinTech Ecosystem. Az-Zarqa’: Jurnal Hukum Bisnis Islam, 16(1), 36–57. https://doi.org/10.14421/trzf5c05

Asyifa, F. K., Anshar, D. N., & Baidhowi. (2026). Legal Liability in Sharia Fintech: A Study of Default in Peer-to-Peer Lending Schemes. Journal of Legal, Political, and Humanistic Inquiry, 1(4), 198–207. https://doi.org/10.65310/v06mcz76

Billah, M., & Saripudin, U. (2024). Analisis Penggunaan Uang Digital dalam Perspektif Ekonomi Syariah. Ar-Rihlah : Jurnal Keuangan Dan Perbankan Syariah, 4(2), 135. https://doi.org/10.35194/arps.v4i2.4966

Danandjaja, J. (2014). Metode Penelitian Kepustakaan. Antropologi Indonesia, 0(52). https://doi.org/10.7454/ai.v0i52.3318

Dz., A. S. (2018). Inklusi Keuangan Perbankan Syariah Berbasis Digital-Banking: Optimalisasi dan Tantangan. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 10(1), 63. https://doi.org/10.24235/amwal.v10i1.2813

Fachrurrazy, M., & Siliwadi, D. N. (2020). Regulasi dan Pengawasan Fintech di Indonesia: persfektif hukum ekonomi syariah. AL-SYAKHSHIYYAH Jurnal Hukum Keluarga Islam Dan Kemanusiaan, 2(2), 154–171. https://doi.org/10.35673/as-hki.v2i2.928

Fadli, M. R. (2021). Memahami desain metode penelitian kualitatif. HUMANIKA, 21(1), 33–54. https://doi.org/10.21831/hum.v21i1.38075

Fatwa Dewan Syariah Nasional-Majelis Ulama Indonesia Nomor 117/DSN-MUI/II/2018 Tentang Layanan Pembiayaan Berbasis Teknologi Informasi Berdasarkan Prinsip Syariah, Dewan Syariah Nasional-Majelis Ulama Indonesia (2018). https://dsnmui.or.id/kategori/fatwa/page/5/?post_types=all

Fauzan, M. I. (2025). Analisis Yuridis Perlindungan Hukum terhadap Lender sebagai Akibat dari Gagal Bayar yang Dilakukan oleh Borrower pada Fintech P2P Lending. Konstitusi : Jurnal Hukum, Administrasi Publik, Dan Ilmu Komunikasi, 2(3), 338–351. https://doi.org/10.62383/konstitusi.v2i3.1003

Ferdiana, N. (2024). Akad Qardh dan Wakalah Bil Ujrah dalam Transaksi Financial Technology Syari’ah Peer to Peer Lending: Perspektif Fatwa DSN-MUI Nomor 117/DSN-MUI/II/2018. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(1), 323–350. https://doi.org/10.47467/alkharaj.v6i1.208

Fikriawan, S., Ismail, F. B. H., Mahmudah, S. N., & Amila, A. (2025). Maqasid Shariah Parameters to Re-Design Policy Performance Fintech Lending Sharia in Indonesia. Jurnal Minds: Manajemen Ide Dan Inspirasi, 12(1), 375–382. https://doi.org/10.24252/minds.v12i1.55395

Harahap, S. F., & Marliyah, M. (2025). Peran Peer to Peer Lending Syariah sebagai Alternatif Pendanaan UMKM. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 2(1), 11–16. https://doi.org/10.69714/h9fke112

Harp, A. P., Resfa Fitri, & Yekti Mahanani. (2021). Peer-to-Peer Lending Syariah dan Dampaknya terhadap Kinerja serta Kesejahteraan Pelaku Usaha Mikro dan Kecil (UMK) pada Masa Pandemi Covid-19. AL-MUZARA’AH, 9(1), 109–127. https://doi.org/10.29244/jam.9.1.109-127

Hutagalung, J. M., As-Suminar, M. Z., Pebrianto, Z., Al-Kindi, M. I. S., & Masae, M. (2025). Digital Lending Platforms and Islamic Financial Technology in Indonesia: Reconciling Regulatory Paradigms Through Maqāṣid al-Sharīʿah and Consumer Protection Philosophies. JURNAL INDO-ISLAMIKA, 15(1), 173–185. https://doi.org/10.15408/jii.v15i1.47349

International Organization for Standardization. (2018). Risk management - Guidelines (ISO Standard No. 31000:2018). https://cdn.standards.iteh.ai/samples/65694/60673072317a4b96bd36efb910b68926/ISO-31000-2018.pdf

Iskandar, E., Ayumiati, A., & Katrin, N. (2019). Analisis Prosedur Pembiayaan dan Manajemen Risiko pada Perusahaan Peer to Peer (p2p) Lending Syariah di Indonesia. J-ISCAN: Journal of Islamic Accounting Research, 1(2), 1–28. https://doi.org/10.52490/j-iscan.v1i2.698

Islamic Financial Services Board. (2005). Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services. http://shariahlaw.com/files/web_syariah/guidelines/IFSB13.pdf

Jaya, G. P., Warsah, I., & Istan, M. (2023). Kiat Penelitian Dengan Model Pendekatan Telaah Kepustakaan. Tik Ilmeu : Jurnal Ilmu Perpustakaan Dan Informasi, 7(1), 117. https://doi.org/10.29240/tik.v7i1.6494

Khan, T., & Ahmed, H. (2001). Risk Management: An Analysis of Issues in Islamic Financial Industry. Islamic Research and Training Institute (IRTI) - Islamic Development Bank (IDB).

Khoiriyah, A., & Ansori, M. (2024). Peran Fintech Peer to Peer Lending Syariah dalam Meningkatkan Akses Pembiayaan UMKM di Indonesia. Indo-Fintech Intellectuals: Journal of Economics and Business, 4(4), 1434–1445. https://doi.org/10.54373/ifijeb.v4i4.1586

Latifah, F. N., Ariyanti, N., Fauji, I., Tiswanah, N., & Azzara, L. N. (2023). Kegiatan Peningkatan Literasi Fintech Peer To Peer Lending Syariah sebagai Permodalan UMKM Sidoarjo. J-ABDIPAMAS (Jurnal Pengabdian Kepada Masyarakat), 7(2), 241. https://doi.org/10.30734/j-abdipamas.v7i2.3370

Lestari, P. A. (2025). Transformasi Digital Bank Syariah di Era Teknologi: Perkembangan, Tantangan dan Peluang Menuju Pertumbuhan Berkelanjutan. Journal of Sharia Economy and Islamic Tourism, 5(2), 62. https://doi.org/10.31764/jseit.v5i2.30779

M. Masrukhan, & Setya Pramono. (2025). Model Digitalisasi Manajemen Risiko dalam Pembiayaan Ijarah di Bank Syariah Indonesia. Jurnal Publikasi Ekonomi Dan Akuntansi, 5(2), 444–466. https://doi.org/10.51903/jupea.v5i2.4814

Miles, M. B., Huberman, M. A., & Saldaña, J. (2014). Qualitative data analysis: A methods sourcebook (4th ed.). SAGE Publications. https://www.metodos.work/wp-content/uploads/2024/01/Qualitative-Data-Analysis.pdf

Muhammad, R., & Lanaula, R. (2019). Challenges of Islamic Supervisory in The Islamic Financial Technology Industry. Economica: Jurnal Ekonomi Islam, 10(2), 311–338. https://doi.org/10.21580/economica.2019.10.2.3400

Muhammad, R., & Nissa, I. K. (2020). Analisis Resiko Pembiayaan dan Resolusi Syariah pada Peer-To-Peer Financing. Equilibrium: Jurnal Ekonomi Syariah, 8(1), 63. https://doi.org/10.21043/equilibrium.v8i1.6558

Muryanto, Y. T. (2023). The urgency of sharia compliance regulations for Islamic Fintechs: a comparative study of Indonesia, Malaysia and the United Kingdom. Journal of Financial Crime, 30(5), 1264–1278. https://doi.org/10.1108/JFC-05-2022-0099

Noor, A., Wulandari, D., Ahamat, H., Marzuki, I., Junaidi, A. A., & Mahsun, M. (2022). Issues of Sharia Debt-Based Crowdfunding on Regulations in Indonesia. Universal Journal of Accounting and Finance, 10(1), 298–305. https://doi.org/10.13189/ujaf.2022.100130

Nurhaliza, A., & Haryanto, I. (2024). Implementasi Kebijakan Moratorium Fintech Peer- to-Peer Lending Terhadap Perlindungan Konsumen. JURNAL USM LAW REVIEW, 7(3), 1193–1210. https://doi.org/10.26623/julr.v7i3.10303

OJK. (2024). Statistik P2P Lending Periode Desember 2024. Otoritas Jasa Keuangan. https://ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-P2P-Lending-Periode-Desember-2024.aspx

OJK. (2025, December). Statistik LPBBTI Desember 2025: Overview Penyelenggara Fintech Lending. Otoritas Jasa Keuangan. https://ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-LPBBTI-Desember-2025.aspx

OJK. (2026). Statistik Layanan Pendanaan Bersama Berbasis Teknologi Informasi (LPBBTI) Syariah. Otoritas Jasa Keuangan. https://data.ojk.go.id/SJKPublic/Dataset/Dataset/Dataset/316

Oktareza, D., Noor, A., Saputra, E., & Yulianingrum, A. V. (2024). Transformasi Digital 4.0: Inovasi yang Menggerakkan Perubahan Global. Cendekia : Jurnal Hukum, Sosial Dan Humaniora, 2(3), 661–672. https://doi.org/10.70193/cendekia.v2i3.98

Peraturan Otoritas Jasa Keuangan Nomor 77/POJK.01/2016 Tentang Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi, Otoritas Jasa Keuangan (2016). https://ojk.go.id/id/regulasi/otoritas-jasa-keuangan/peraturan-ojk/Pages/POJK-Nomor-77-POJK.01-2016.aspx

Prayitno, G., & Setyowati, R. (2020). The Existence of Sharia Supervisory Board in Sharia Fintech: Legal Basis and Problematic in Indonesia. Syariah: Jurnal Hukum Dan Pemikiran, 20(2), 135. https://doi.org/10.18592/sjhp.v20i2.4060

Pulungan, N. S., Soemitra, A., & Lubis, R. (2023). Peer to Peer Lending, E-Money, and Crowdfunding Economic Perspective Sharia. Manajemen Kreatif Jurnal, 1(1), 10–30. https://doi.org/10.55606/makreju.v1i1.924

Putri, D. F., & Zuraidah. (2022). Analisis Manajemen Resiko Pembiayaan Peer to Peer Lending (P2P) Fintech Syariah (Studi Kasus pada PT Alami Syariah). Journal of Management and Social Sciences, 1(4), 83–97. https://doi.org/10.55606/jimas.v1i4.62

Rahmawati, R. (2025). Sharia Compliance Analysis of Peer-to-Peer Lending Fintech Platforms in Indonesia. Journal of Social Science and Economics, 4(1), 121–135. https://doi.org/10.37812/josse.v4i1.2011

Ramadhan, M. S. (2026). P2P Lending Fintech Default: A Comparative Analysis from the Perspective of Islamic Economic Law in Indonesia and Malaysia. TAWAZUN: Journal of Sharia Economic Law, 8(2), 317. https://doi.org/10.21043/tawazun.v8i2.35253

Ratuwalu, R., Komsatun, K., & Dewayani, S. (2025). Perlindungan Hukum Konsumen Fintech P2P Lending akibat Penagihan oleh Pihak Ketiga sesuai POJK No.22 Perlindungan Konsumen. Jurnal Riset Rumpun Ilmu Sosial, Politik Dan Humaniora, 5(1), 554–570. https://doi.org/10.55606/jurrish.v5i1.6918

Regita, R. (2025). Problematika Pengawasan Kesyariahan Peer-to-Peer Fintech Syariah: Analisis POJK Nomor 10/POJK.05/2022 dan Peran DSN MUI. Al-Muamalat Jurnal Hukum Dan Ekonomi Syariah, 10(1), 130–145. https://doi.org/10.32505/muamalat.v10i1.10941

Rohman, A. N. (2023). Urgensi Pengaturan Fintech Lending Syariah Di Indonesia: Analisis Perlindungan Hukum Bagi Pengguna Layanan. Jurnal Legislasi Indonesia, 20(1), 16–27. https://doi.org/10.54629/jli.v20i1.991

Rozadi, I., Makki, M., & Abrori, F. (2025). Telaah Hukum Ekonomi Syariah Terhadap Sistem Pembayaran Digital dalam Layanan Ojek Online di Situbondo. Jurnal Al-Kharaj: Studi Ekonomi Syariah, Muamalah, Dan Hukum Ekonomi, 5(1), 110–124. https://doi.org/10.30863/alkharaj.v5i1.8983

Ruhliandini, P. Z. (2025). Peran Fintech Syariah dalam Mendorong Inklusi Keuangan Berbasis Digital. Jurnal Dimamu, 4(3), 514–524. https://doi.org/10.32627/dimamu.v4i3.1551

Safitri, F., & Putri, J. (2025). Peran Fintech Syariah dalam Meningkatkan Inklusi Keuangan Masyarakat Muslim. AT TIRMIDZI : Jurnal Ekonomi Dan Bisnis Islam, 2(2), 10–25. https://e-journal.stai-almaliki.ac.id/index.php/ekonomisyariah/article/view/308

Salsabila, Y., & Putri, J. (2025). Fintech P2P Lending dalam Pandangan Islam. Equivalent : Journal of Economic, Accounting and Management, 3(2), 729–743. https://doi.org/10.61994/equivalent.v3i2.1104

Suaidi, S., Mun’im, Z., Astuti, S. D., Riyadi, I., Khabibah, S., & Huda, N. (2025). Harmonisation Between DSN-MUI Fatwas and OJK Regulations: Towards an Innovative and Inclusive Sharia-Compliant Fintech Ecosystem in Indonesia. Mazahib, 24(1), 182–197. https://doi.org/10.21093/mj.v24i1.10032

Syafril, S., & Wardhana, F. S. (2026). Mudharabah in Islamic P2P Lending: A Critical Islamic Economics Perspective. IQTISHODUNA, 22(1), 44–63. https://doi.org/10.18860/iq.v22i1.40492

Syawalina, D., & Wiyanti, D. (2026). Pengawasan OJK terhadap Gagal Bayar P2P Lending PT XYZ berdasarkan POJK. Bandung Conference Series: Law Studies, 6(1). https://doi.org/10.29313/bcsls.v6i1.21934

Ulirrahmi, F. (2023). Peer to Peer Lending Syari’ah. Al-Hiwalah : Journal Syariah Economic Law, 2(1), 18–36. https://doi.org/10.47766/alhiwalah.v2i1.1471

Violina, D., & Supriyatni, R. (2021). Perlindungan Hukum Terhadap Konsumen Pengguna Teknologi Finansial Berbasis Peer to Peer Lending Syariah di Indonesia. Ajudikasi : Jurnal Ilmu Hukum, 5(1), 17–34. https://doi.org/10.30656/ajudikasi.v5i1.3267

Wahab, F., & Ihsan, Moh. (2025). Revolusi Digital Perbankan Syariah: Mendorong Inovasi Keuangan Islam di Indonesia. Journal of Islamic Finance and Syariah Banking, 2(2), 87–99. https://doi.org/10.63321/jifsb.v2i2.74

Zubaidi, A. (2022). Application of Qardh, Ijarah and Wakalah Bil Ujrah in Aqad Financing on Financial Technology. Al-Risalah, 13(1), 1–15. https://doi.org/10.34005/alrisalah.v13i1.1716