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REGULATORY ROLES IN SHARIA PEER-TO-PEER LENDING FOR SUSTAINABLE MICRO, SMALL, AND MEDIUM ENTERPRISES FINANCING IN INDONESIA
Abstract
The advancement of digital technology has greatly influenced various sectors, including finance. Peer-to-Peer (P2P) lending, particularly Sharia P2P lending, has emerged as a significant fin-tech innovation, providing financing solutions for Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. MSMEs play a critical role in economic growth, but they often face challenges in accessing formal financial services. Sharia P2P Lending offers an alternative financing model that adheres to Islamic principles, such as the prohibition of riba (interest) and speculative transactions. This study examines the role of regulatory factors in shaping the Sharia P2P Lending business model to enhance sustainable MSMEs financing. It focuses on the legal and regulatory frameworks established by the Financial Services Authority (OJK) and the National Sharia Board (DSN-MUI). Using a qualitative approach combined with the Analytic Network Process (ANP), the research highlights that regulatory factors, particularly those ensuring compliance with Sharia principles and safeguarding consumer protection, are key drivers of a sustainable Sharia P2P Lending ecosystem. The findings indicate that stronger regulation, coupled with enhanced consumer literacy, can bridge the financing gap for MSMEs and foster more inclusive and sustainable economic growth in Indonesia. Strengthening the regulatory framework is essential for the long-term success of Sharia P2P Lending in supporting MSME development and financial inclusion.
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