Analysis of Potential and Legal Risks of Sharia Paylater in the Perspective of Contemporary Fiqh Muamalah
DOI:
https://doi.org/10.67429/tkt5q626Keywords:
Sharia Paylater, Fiqh Muamalah, Buy Now Pay Later, RibaAbstract
The rapid development of financial technology (fintech) in Indonesia has prompted the emergence of Sharia Paylater as an alternative to conventional buy now pay later (BNPL) schemes. This study analyzes the legal potential and risks of Sharia Paylater from the perspective of contemporary fiqh muamalah, examining its compliance with Islamic principles and the challenges it faces in regulatory and operational contexts. Using a normative juridical approach combined with conceptual and comparative analyses, this research identifies the dominant contract structures primarily qard, murabahah, and ijarah applied by Sharia Paylater service providers in Indonesia. The findings reveal that Sharia Paylater carries significant potential as an inclusive financial instrument that adheres to the prohibition of riba, gharar, and maysir, while also presenting notable legal risks, including ta'wid (compensation) mechanisms, ta'zir (administrative fines), and ambiguities in underlying contract structures. The study further highlights the importance of strengthening regulatory oversight by the Otoritas Jasa Keuangan (OJK) and the Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI) to ensure product authenticity and consumer protection. These findings contribute to the academic discourse on the integration of Islamic finance principles in digital financial products and offer practical recommendations for policymakers, practitioners, and consumers.
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