Fiqh, Fatwa, and Financial Technology in Indonesia

Abstract

Financial technology is regulated by the National Sharia Council of the Indonesian Ulema Council in the DSN-MUI Fatwa Number 116/DSN-MUI/IX/2017 and the DSN-MUI Fatwa Number 117/DSN-MUI/II/2018. The two fatwas provide basic rules on how to transact electronically in sharia economic activities. Also related to the validity of electronic money used as a means of payment in transactions. By using a normative usuliyah approach, this paper presents two findings. First, the electronic money used is in accordance with the provisions of fiqh and the fiqh proposal in its formulation. Second, the provisions of the majlis in transactions and financing services follow the ittihad al-majlis perspective which allows the use of written contract signatures