Regulator Impact on Islamic Contract Law in the Digital Finance Era: A Review through the Regulatory Impact Analysis (RIA) Approach

Abstract

This study explores the impact of regulation on the implementation of Islamic contract law within the context of digital finance using the Regulatory Impact Analysis (RIA) approach. Fintech innovations in the financial sector present both opportunities and challenges for compliance with national law and Sharia principles. Regulations issued by Bank Indonesia and the Financial Services Authority (OJK) aim to ensure security, transparency, and consumer protection, although they are sometimes not fully aligned with emerging Sharia fintech business models. Meanwhile, Islamic contract law emphasizes adherence to Sharia principles, including the prohibition of riba (usury), gharar (excessive uncertainty), and maysir (gambling), through contracts such as murabahah, mudharabah, musyarakah, ijarah, wakalah, and qardh. This study highlights the need for harmonization between positive law and Islamic law so that digital transactions can be conducted fairly, securely, and in accordance with Sharia, while also promoting sustainable growth in the fintech industry. Recommendations include strengthening the integration of regulations with DSN-MUI fatwas, developing operational standards for fintech, implementing adaptive regulations responsive to innovation, enhancing financial literacy, and conducting routine monitoring and evaluation.