Implementation of Fiqh Muamalah Contracts in Electronic Money (E-Money) Transactions

Money is a medium of exchange in economic activities that always changes from time to time, both in form, intrinsic value


INTRODUCTION
The use of money as a medium of exchange in economic activities cannot be separated from human life and always follows its development.The existence of money continues to evolve and originates from the intrinsic value of money, such as dinars and dirhams, in nominal terms, or the extrinsic value of money, such as rupiah and dollars.1 Money has a function as a mere medium of exchange, namely as an intermediary in fulfilling human needs.Paper money and coins currently in effect are called fiat money or currency because these currencies' purchasing power is not based on gold.Still, the government stipulates them as a medium of exchange.And if a government decides to revoke or replace it, the currency changes its value or even has no value.
The development of technology-based payment systems has significantly changed the conventional payment system model that relies on physical means of payment. 2 Even though physical money is still widely used by the world community as a means of payment, in line with the rapid development of payment system technology, cash payment systems are slowly shifting towards non-cash payments. 3Current non-cash payments can use electronic money (e-money). 4Electronic money is expected to be a medium of payment that can complete transactions quickly, effect Current non-cash payments can use electronic money (e-money) and virtual money (virtual money) lively, and inexpensively. 5he advantage of E-Money lies in the practicality of the payment system. 6Buyers no longer need to carry, issue, and count money in advance. 7Especially now that money has to be withdrawn first to an ATM so that it takes up more time and effort to spend. 8The use of electronic money as an alternative means of non-cash payment shows considerable potential to reduce the growth rate of the use of cash.However, electronic money (e-money) is the same as money in general because it functions as a means of payment for selling and purchasing goods. 9lectronic Money (E-Money) also has stored value or prepaid, where the value of money is stored in a chip or server-based electronic media. 10The value of electronic money will automatically decrease when the user makes a payment.Electronic money can be used in various payments because electronic money companies (e-money) provide electronic money services to people who accept different payments.So electronic money that is serverbased and registered because it uses a user ID and user password can be used as a means of payment at merchants that cooperate with service providers. 11he emergence of Electronic Money (E-Money) is motivated by Bank Indonesia Regulations Number 11/12/PBI/2009 and Number 16/8/PBI/2014.Those regulations are one of the supporters of Bank Indonesia's agenda to create a less-cash society in the Republic of Indonesia. 12Based on data from Bank Indonesia, until April 2022, the number of electronic moneys registered reached 106.85 million units.This amount is for both server-based and chip-based electronics (cards). 13Electronic money is intended to provide more convenience than cash, but electronic money also contains various risks from technological sophistication.
The author wants to discuss e-money from the perspective of Islamic economic law.In sharia economic law, every economic activity carried out between humans must use a contract following the type of transaction.Likewise, transactions using e-money should be able to use a contract that follows the purpose of conducting transactions via e-money.Therefore, this research will discuss how to implement sharia contracts that can be used in transactions using e-money payments.

RESEARCH METHODS
This study uses the method of literature study.Literature study is all efforts made by researchers to collect information relevant to the topic or problem to be or is being researched.Therefore, the data sources for this research are scientific books, research reports, scientific essays, regulations, and written sources, both print and electronic. 14This research is also part of qualitative research because the nature or characteristics of this research are more included in qualitative criteria, as evidenced by its descriptive nature. 15

RESULTS AND DISCUSSION Electronic Money (E-Money) According to Sharia Economic Law
Electronic money is defined as a means of payment in electronic form where the monetary value is stored in certain electronic media. 16The Bank for International Settlements (BIS) defines electronic money as "stored value or prepaid products in which a record of the funds or value available to a customer is stored on an electronic device in the customer's 11 Muhammad Ridwan Firdaus, "E-Money Dalam Perspektif Hukum Ekonomi Syariah," TAHKIM 14, no. 1 (December 5, 2018): 145-56, https://doi.org/10.33477/thk.v14i1.613. 12Farida Rohmah, "Perkembangan Uang Elektronik Pada Perdagangan Di Indonesia," BISNIS : Jurnal Bisnis Dan Manajemen Islam 6, no. 1 (July 23, 2018): 1-19, https://doi.org/10.21043/bisnis.v6i1.3568. 13Viva Budy Kusnandar, "Transaksi Digital Marak, Jakarta Dominasi Sebaran Uang Elektronik Terdaftar Di Indonesia | Databoks," databoks, June 20, 2020, https://databoks.katadata.co.id/datapublish/2022/06/22/transaksi-digital-marak-jakartadominasi-sebaran-uang-elektronik-terdaftar-di-indonesia. 14 possession17 And according to the understanding of Bank Indonesia, electronic money is a means of payment issued for the value of money deposited in advance to the issuer.Then the value of money is stored electronically in a media server or chip and used as a means of payment to merchants who are not electronic money issuers. 18The value of electronic money managed by the issuer is not a deposit, as referred to in the law that regulates banking. 19lectronic Money (E-Money), according to Bank Indonesia regulation No.11/12/PBI/2009 concerning electronic money (electronic money) is a means of payment that meets the following elements: 20 1.
They are issued based on the value of money deposited in advance by the holder to the issuer.

2.
The value of money is stored electronically in a medium such as a server or chip.

3.
They are used as a means of payment to merchants who are not issuers of said electronic money.4.
The value of electronic money deposited by the holder and managed by the issuer is not a deposit, as referred to in the Act that regulates banking.Electronic money based on the media is divided into: 21 a) Electronic money whose monetary value is recorded on electronic media managed by the issuer and managed by the holder.And b) Electronic money whose monetary value is only recorded on electronic media managed by the issuer.Electronic Money based on the validity period is divided into: 22 a) Reloadable.Electronic money that can be topped up or refilled, and b) Disposable.Nonrefillable electronic money.Based on the range of use, electronic money is divided into: 23 a) Single purpose, electronic money can only be used for payment transactions for obligations arising from one type of economic transaction.And b) Multi-purpose, electronic money can be used for various types of economic transactions.Electronic money is based on whether the holder's identity is recorded and divided into: 24 a) Registered.Electronic money that is recorded and registered with the holder's identity and b) Uncertified.Electronic money that is not registered and the holder's identity is recorded.
Many types of transactions can be carried out using electronic money.These transactions include:25 a) Issuance and replenishment of electronic money; before the issuer issues electronic money, the issuer will first fill in the value of money into the electronic media that will be used as electronic money.If the value of the electronic money held by the holder has run out, the holder can top up it.And b) Payment transactions with electronic money are carried out by exchanging the value of money contained in electronic money for goods or services between the holder and the seller using a predetermined protocol.Next, c) Transfers.Transfer in an electronic money facility is a facility for sending electronic money values between electronic money holders through terminals equipped with special equipment by the issuer.d) Cash withdrawal is a money withdrawal facility for electronic money values recorded in electronic money media owned by the holder, which can be done at any time by the holder'.and e) Refund/redeem, namely exchanging electronic money values back to the issuer, whether done when the value of electronic money is unused or remains when the holder ends the use of electronic money or the validity period of the electronic money media has ended.
Electronic money in Islam is the same as conventional electronic money.The difference is that electronic money in Islam must follow Islamic law principles. 26Regulations regarding electronic money in Islam are in the DSN-MUI Fatwa Number 116/DSN-MUI/IX/2017 concerning Sharia Electronic Money.The DSN-MUI fatwa states that electronic money that complies with sharia principles is electronic money that fulfills the elements set by the Indonesian Ulema Council (MUI).The elements of electronic money that follow sharia principles are:27 1.
It is issued based on the nominal amount of money deposited in advance to the issuer.

2.
The nominal amount of money is stored electronically in registered media.

3.
The nominal amount of electronic money managed by the issuer is not a deposit, as referred to in the law governing banking.4.
They are used as a means of payment to merchants who are not electronic money issuers.Based on the DSN-MUI Fatwa Number 116/DSN-MUI/IX/2017 concerning Sharia Electronic Money, it is stated that electronic money may be used as a means of payment by following the provisions in the Fatwa.Among the provisions are the contract and legal personnel.Electronic money that complies with sharia principles is electronic money whose use is based on sharia contracts.In addition, issuers may charge electronic money facility service fees to holders in administering electronic money.The most important provision is that the operation and use of electronic money must be avoided from transactions that are ribawi, gharar, maysir, tadlis, risywah, and israf, and transactions on objects that are unlawful or immoral.In addition, the nominal amount of electronic money in the issuer must be placed in an Islamic bank.If the card used as a medium for electronic money is lost, the nominal amount of money in the issuer must not be lost. 28ased on the principles of sharia economic law, every transaction carried out by humans must contain benefits. 29The following are the principles of the problems in e-money products, including: 1. Achievement of benefit and prosperity.There are several benefits of using emoney for the economy and monetary policy, namely the velocity of circulation of money; 2.
Following the function of money in the Islamic concept.Money is likened to flowing water (money as flow concept) for the production process, thus bringing prosperity to the people's economy.The existence of money is determined by the velocity of circulation of money, not by interest rates; 3.
Consumption ethics based on the Islamic concept.One form of misuse of emoney is a maximum nominal limit to avoid money laundering practices.From the consumer side, the nominal limit can prevent ashraf; 4.
The substance of e-money is a product that is free from maysir, gharar, and usury and does not take other people's assets in vain; 5.
Risks and constraints as well as control and supervision efforts.

Implementation of Sharia Contracts in the Use of Electronic Money (E-Money)
Several contracts can be implemented in electronic money (e-money).The application of the contract is adjusted to the purpose of the transaction.However, before that, it is necessary to determine the contract between the issuer and the electronic money holder.Based on DSN-MUI Fatwa Number 116/DSN-MUI/IX/2017, it is stated that the contract between the issuer and the e-money holder is a wadi'ah contract or qardh contract.In the case of using a wadi'ah contract, the terms and limitations of the wadi'ah contract apply, namely: 30 1.
The nominal amount of electronic money is a deposit that can be taken/used by the holder at any time; 2.
The nominal amount of electronic money deposited may not be used by the recipient of the deposit (issuer), except with the permission of the cardholder; 3.
If the nominal amount of electronic money deposited is used by the issuer with the permission of the cardholder, then the deposit contract (wadi'ah) changes to a loan contract (qardh), and the responsibility of the recipient of the deposit is the same as that of the qardh contract; 4.
The relevant authorities are required to restrict issuers from using funds deposited from cardholders (float funds); 5.
Use of data by publishers may not conflict with sharia principles and statutory principles.Qardh contracts can also be implemented in contracts between issuers and e-money holders.31Akad qardh is an agreement or agreement between the two parties in which the first party lends property to the second party and will be returned according to the agreed time without any compensation. 32The provisions and conditions for qardh assets in terms of ownership apply to the provisions and conditions of al-mabi', namely that the property that is qardh must belong to the muqridh because the nature of al-tamlik is the same, namely that qardh assets change ownership from the muqridh to the muqtaridhs. 33 The Qardh contract is implemented in e-money must meet the following conditions: 34 1.
The nominal amount of electronic money in debt is taken and can be used by the holder at any time.

2.
Issuers can use (invest) debt money from electronic money holders.

3.
According to the agreement, the issuers must return the principal amount due to electronic money holders at any time.4.
The relevant authorities must limit issuers from using loan funds (debt) from cardholders (float funds).5.
The issuer's use of funds must not conflict with sharia principles, laws, and regulations.The contracts used by issuers with parties in organizing electronic money (principals, acquirers, merchants, clearing providers, and final settlement providers are ijarah contracts, ju'alah contracts, and wakalah bi-l-ujrah contracts.The provisions are: 35 1.
In the case of using an ijarah contract, then the provisions and limitations of an ijarah contract as contained in DSN-MUI Number 112/DSN-MUI/IX/2017 concerning ijarah contracts apply; 2.
If the contract used is a ju'alah contract, then the provisions and limitations of the ju'alah contract as contained in DSN-MUI Number 62/DSN-MUI/XII/2007 concerning Ju'alah contracts apply; 3.
In the case of the wakalah bi al-ujrah contract used, then the provisions and limitations of the wakalah bi al-ujrah contract as contained in DSN-MUI Number 113/DSN-MUI/IX/2017 concerning Wakalah bi al-Ujrah apply An Ijarah contract is a contract for transferring usufructuary rights over goods or services, through payment of rental wages, without being followed by a transfer of ownership of the goods themselves. 36Meanwhile, ju'alah is an agreement to provide compensation for a certain job or work that is still uncertain. 37If the work is in cash and meets the requirements, then the promise to provide compensation is mandatory. 38oreover, Wakalah bi Al-Ujrah is the process of surrendering or delegating affairs/power to others who have authority and responsibility for the people they represent. 39As for ujrah in a wakalah contract, it means the delegation of power/authority is accompanied by a reward/fee given by the party represented to the representative. 40he contracts used between the issuer and the digital financial service agent are ijarah contracts, ju'alah contracts, and wakalah bi al-ujrah contracts: 41 1.
In the case of contracts using ijarah contracts, the terms and limitations of the ijarah contracts as contained in the DSN-MUI apply Noor

CONCLUSION
Islam views electronic money as a product of new social phenomena, as something permissible or permissible, because as long as everything in muamalah is permissible, as long as it remains in the truth according to syara' and the Law.Electronic money is a new form of money that is always changing.Electronic money may be used as a means of payment by following the provisions set by the MUI.Islam does not prohibit seeking profits derived from electronic money issuance services because what is prohibited is the attempt to buy money with money.In the e-money system, users buy services to make it easier for them to make transactions offered by publishers.So that service providers benefit from the services they sell, and users also get convenience from electronic money issuance service providers.
112/DSN-MUI/IX/2017 concerning Ijarah Contracts.2. If the contract used is a ju'alah contract, the terms and limitations of the ju'alah contract as contained in DSN-MUI Number 621/DSN-MUI/XII/2007 concerning the Ju'alah contract apply.3.If the contract used is a Wakalah bi al-Ujrah contract, the provisions and limitations of the Wakalah bi Al-Ujrah Akad as contained in DSN-MUI number 113/DSN-MUI/IX/2017 concerning Wakalh bi al-Ujrah apply.