A Sharia Economic Law Review of the Contract for the Use of the Duha Syariah Application

Abstract

The covenant is a fundamental pillar in the Islamic economic structure
(muamalah), whose essence is to ensure that all transactions run fairly
and are free from prohibited practices, especially riba, gharar
(uncertainty), and maisir (speculation). Digital disruption through
Financial Technology (Fintech) gives rise to innovations such as Fintech
Syariah, which includes a Sharia-based Peer-to-Peer Lending (P2P
Lending) platform, one of which is Duha Syariah. This study focuses on
an in-depth analysis of the compatibility of the agreements implemented
by Duha Syariah with the framework of Sharia Economic Law, especially
referring to the DSN-MUI Fatwa No. 117/DSN-MUI/II/2018 and the
regulation of the Financial Services Authority (OJK) through POJK No.
10/POJK.05/2022. By using a normative legal approach, the research
results indicate that Duha Syariah which has obtained official permission
from OJK and is under the supervision of the Syariah Supervisory Board
(DPS) consistently applies commercial agreements such as Murabahah
(for goods-based financing) and Ijarah (for financing services), as well as
the Wakalah bil Ujroh agreement in the platform's operational scheme.
This transaction model rigidly requires the existence of a clearly
identified underlying asset (specified), so that it is substantively able to
nullify the element of usury.