Study Literatur Praktik Ekonomi Berunsur Riba dalam Model Transaksi PayLater dan Pinjaman Online (Pinjol)

Lukluil Maknun Nursyaputri Kusuma Wardani

doi:10.55606/jaemb.v6i1.8585

Authors

Lukluil Maknun Nursyaputri Kusuma Wardani UIN Maulana Malik Ibrahim

DOI:

https://doi.org/10.55606/jaemb.v6i1.8585

Keywords:

Riba, PayLater, Online loan, Fintech, Sharia, Islamic economics, Financial literacy

Abstract

This study is a literature review examining usury related economic practices in PayLater and online loan (pinjol) transaction models in Indonesia. The phenomenon has expanded alongside rapid fintech growth that enhances financial access but raises ethical and legal issues due to interest, additional fees, and penalties classified as riba under Islamic law. The research aims to identify forms of riba within PayLater and pinjol, assess their compliance with Islamic principles, and formulate policy implications for consumer protection and Islamic finance development. The study employs a systematic review of OJK regulations, MUI fatwas, academic literature, and empirical reports on Indonesia’s fintech practices. Findings reveal that most conventional PayLater and pinjol products contain elements of riba through predetermined interest, late payment penalties, and lack of cost transparency. Furthermore, limited sharia compliant alternatives and low financial literacy exacerbate socioeconomic impacts. The synthesis highlights the necessity of collaboration among regulators, religious authorities, and industry actors to build ethical, riba free digital financing models. In conclusion, strengthening literacy, contractual transparency, and sharia based fintech innovation are essential to achieving a just, ethical, and sustainable financial system.

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