The Peer-to-Peer Lending Phenomenon: A Review from Islamic Economic Perspective


Telsy Fratama Dewi Samad(1*), Rosdalina Bukido(2)

(1) Institut Agama Islam Negeri Manado, Indonesia
(2) Institut Agama Islam Negeri Manado, Indonesia
(*) Corresponding Author

Abstract


This paper aims to describe P2P lending from the viewpoint of Islamic economics as well as enclose the illegal p2p lending phenomenon in Indonesia, and the emergence of p2p lending in Europe and China. This research used a qualitative method, while the data obtained through literature review, and the analysis technic used in this research is descriptive analysis. This paper depicts the issues of p2p lending in global cases and the illegal p2p lending that occurred in Indonesia. The result of this paper disclosed that recently the cases of illegal p2p lending in Indonesia have increased. Albeit the p2p lending provides mashallah concerning to the convenience that it serves to society to obtain loans easily, on the other hand, few perpetrators exploit this media by conducting fraud due to the transaction. Thus, based on the Islamic Economic viewpoint, p2p lending is allowed if only following the principles of Islamic economics and cause no harm to anyone who gets involved in the transaction. Furthermore, Otoritas Jasa Keuangan in Indonesia has guaranteed some p2p lending legal companies which are operating based on Islamic principles. We concluded that, in Islam, it is allowed to conduct p2p lending transactions by using shariah legal p2p lending provided by Otoritas Jasa Keuangan (OJK).

Keywords


P2P lending, Peer-to-peer lending, Illegal, Online Loan, Islamic Economics

Full Text:

PDF

References


Ahmad, S. M., & Mamun, A. Al. (2020). Opportunities of Islamic FinTech: The Case of Bangladesh and Turkey. CenRaPS Journal of Social Sciences, 2(3), 412–426.

Ain. (2021). Polisi Ringkus 45 Tersangka Kasus Pinjol Ilegal dalam Sepekan.

Ali, H., Mohamed, H., Hashmi, H. S., & Hassan, M. (2019). Global Landscape of the Islamic Fintech: Opportunities, Challenges and Future Ahead. COMSATS Journal of Islamic Finance, 4(2), 29–53. https://doi.org/10.26652/cjif.4201923

Ashta, A., & Assadi, D. (2009). An Analysis of European Online Micro-lending Websites. Cahiers Du CEREN, 29(June), 147–160. Retrieved from http://www.european-microfinance.org/data/file/microlending-websites.doc

Azganin, H., Kassim, S., & Saad, A. A. (2021). Islamic P2P Crowdfunding (IP2PC) Platform for the Development of Paddy Industry in Malaysia: An Operational Perspective. Journal of Islamic Finance, 10(1), 65–75.

Azman, N. H. N., Zabri, M. Z. M., Masron, T. A., & Malim, N. A. K. (2020). The Utilisation of Islamic Fintech ( I-Fintech ) in Promoting Sustainable Inclusive Growth : Evidence From Micro-Entrepreneurs in Malaysia. Journal of Islamic Monetary Economics and Finance, 6(3), 555–576.

Buford, J. F., Yu, H., & Lua, E. K. (2009). P2P Networking and Application. Oxford: Elsevier.

Byanjankar, A., Heikkila, M., & Mezei, J. (2015). Predicting Credit Risk in Peer-to-Peer Lending: A Neural Network Approach. Proceedings - 2015 IEEE Symposium Series on Computational Intelligence, SSCI 2015, 719–725. https://doi.org/10.1109/SSCI.2015.109

Effendi, K. A., Ichsani, S., Saputera, D., Hertina, D., Wijaya, J. H., & Hendiarto, R. S. (2021). The Importance of Financial Literacy in Preventing Illegal Fintech in MSMEs in Indonesia. 11(6), 316–322. https://doi.org/10.48047/rigeo.11.06.38

Gama, A., Correia, R., Augusto, M., & Duarte, F. (2020). Online Microfinance in Eastern Europe: Personal versus Business Loans Funding (Vol. 10).

Herrero-Lopez, S. (2009). Social Interactions in P2P Lending. Proceedings of the 3rd Workshop on Social Network Mining and Analysis, SNA-KDD ’09, 09. https://doi.org/10.1145/1731011.1731014

Hidajat, T. (2020). Unethical Practices Peer-to-Peer Lending in Indonesia. Journal of Financial Crime, 27(1), 274–282. https://doi.org/10.1108/JFC-02-2019-0028

Hsu, S., Li, J., & Bao, H. (2020). P2P lending in China: Role and prospects for the future. The Manchester School, 89(5), 526–540. https://doi.org/10.1111/manc.12332

Huang, R. H. (2021). Online P2P Lending. In Fintech Regulation in China. https://doi.org/10.1017/9781108768962.004

Ibrahim, A., Amelia, E., Akbar, N., Kholis, N., Utami, S. A., & Nofrianto. (2021). Pengantar Ekonomi Islam (R. Ismal, A. Sakti, M. S. Nurzaman, & L. Tamanni, Eds.). Jakarta: Departemen Ekonomi dan Keuangan Syariah Bank Indonesia.

Liu, X., Huang, F., & Yeung, H. (2018). The Regulation of Illegal Fundraising in China. Asia Pacific Law Review, 26(1), 77–100. https://doi.org/10.1080/10192557.2018.1511086

Maharani, T. (2021). Polisi Tangkap 45 Tersangka Kasus Pinjol Ilegal dalam Sepekan. Retrieved October 25, 2021, from Kompas.com website: https://nasional.kompas.com/read/2021/10/21/16502831/polisi-tangkap-45-tersangka-kasus-pinjol-ilegal-dalam-sepekan

Mulyany, R., & Furqani, H. (2019). Sharing Prosperity: Distributive Justice Framework in An Islamic Moral Economy. Madania: Jurnal Kajian Keislaman, 23(2), 117–126. Retrieved from https://ejournal.iainbengkulu.ac.id/index.php/madania/article/view/2289

Nugroho, H. (2020). Perlindungan Hukum bagi Para Pihak dalam Transaksi Pinjaman Online. JUSTITIA (Jurnal Ilmu Hukum Dan Humaniora), 5(1), 32. https://doi.org/10.35706/positum.v5i1.3482

Nurmantari, N. N. A. D., & Martana, N. A. (2019). Perlindungan Hukum Terhadap Data Pribadi Peminjam Dalam Layanan Aplikasi Pinjaman Online. Kertha Wicara : Journal Ilmu Hukum, 8(12), 1–14. Retrieved from https://ojs.unud.ac.id/index.php/kerthawicara/article/view/50656/30026

Oxera Consulting. (2016). The Economics Of Peer-to-peer Lending - The Market Mogul. (September).

Pratama, R. A. (2021). Bareskrim Polri Tangkap 45 Tersangka Pinjol Ilegal dalam Sepekan. Retrieved October 25, 2021, from katadata.co.id website: https://katadata.co.id/rezzaaji/berita/617185c6d6ef1/bareskrim-polri-tangkap-45-tersangka-pinjol-ilegal-dalam-sepekan

Priliasari, E. (2019). Pentingnya perlindungan data pribadi dalam transaksi pinjaman. Majalah Hukum Nasional, (2), 1–27.

Putra, N. P. (2021). Polisi Tangkap 45 Tersangka Pinjol Ilegal dari Berbagai Wilayah Indonesia. Retrieved October 25, 2021, from liputan6.com website: https://www.liputan6.com/news/read/4690862/polisi-tangkap-45-tersangka-pinjol-ilegal-dari-berbagai-wilayah-indonesia

Raden Aji Haqqi, A. (2020). Strengthening Islamic Finance in South-East Asia Through Innovation of Islamic FinTech in Brunei Darussalam. 202–226. https://doi.org/10.4018/978-1-7998-2257-8.ch010

Shah, A., Roongta, P., Avandhani, S., & Shah, D. (2018). Digital Lending. Retrieved from https://image-src.bcg.com/Images/BCG-Digital-Lending-Report_tcm55-197622.pdf

Sugangga, R., & Sentoso, E. H. (2020). Perlindungan Hukum Terhadap Pengguna Pinjaman Online (Pinjol) Ilegal. PAJOUL (Pakuan Justice Journal Of Law), 01, 47–61. Retrieved from https://journal.unpak.ac.id/index.php/pajoul/index

Supriyanto, E., & Ismawati, N. (2019). Sistem Informasi Fintech Pinjaman Online Berbasis Web. Jurnal Sistem Informasi, Teknologi Informasi Dan Komputer, 9(2), 100–107. Retrieved from https://jurnal.umj.ac.id/index.php/just-it/article/view/3736/3057

Wahyuni, R. A. E., & Turisno, B. E. (2019). Praktik Finansial Teknologi Ilegal Dalam Bentuk Pinjaman Online Ditinjau Dari Etika Bisnis. Jurnal Pembangunan Hukum Indonesia, 1(3), 379–391. https://doi.org/10.14710/jphi.v1i3.379-391

Xiong, J., Tu, M., & Zhou, Y. (2018). Using Weighted Similarity to Assess Risk of Illegal Fund Raising in Online P2P Lending. International Journal of Digital Crime and Forensics, 10(4), 62–79. https://doi.org/10.4018/IJDCF.2018100105

Xu, J., Chen, D., & Chau, M. (2016). Identifying Features For Detecting Fraudulent Loan Requests on P2P Platforms. IEEE International Conference on Intelligence and Security Informatics: Cybersecurity and Big Data, ISI 2016, 79–84. https://doi.org/10.1109/ISI.2016.7745447

Xu, J. J., Lu, Y., & Chau, M. (2015). P2P Lending Fraud Detection: A Big Data Approach. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) (Vol. 9074). Switzerland. https://doi.org/10.1007/978-3-319-18455-5_5

Zhao, H., Ge, Y., Liu, Q., Wang, G., Chen, E., & Zhang, H. (2017). P2P lending Survey: Platforms, Recent Advances and Prospects. ACM Transactions on Intelligent Systems and Technology, 8(6), 1–28. https://doi.org/10.1145/3078848




DOI: https://doi.org/10.15575/ks.v4i1.16747

Refbacks

  • There are currently no refbacks.


Copyright (c) 2022 Telsy Fratama Dewi Samad, Rosdalina Bukido

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

UIN Sunan Gunung Djati

Kota Bandung, Jawa Barat
Handphone: +6285961137790

E-mail: KSosial@uinsgd.ac.id

Lisensi Creative Commons

Khazanah Sosial  are licensed under Attribution-ShareAlike 4.0 International

Click Her For See Stats