Legal Certainty and Sharia Digital Financing in Indonesia: From Legal Practice to Regulatory Reconstruction

Abstrak

The rapid expansion of digital-based sharia financing in Indonesia has generated complex legal challenges, particularly concerning contractual certainty, validity, and enforceability within an increasingly digitized financial environment. Existing regulatory instruments, including the Information and Electronic Transaction Law, Financial Services Authority Regulation No. 77 of 2016, and DSN-MUI Fatwa No. 117 of 2018, have yet to establish an integrated legal framework capable of simultaneously ensuring sharia compliance and effective consumer protection. While the Indonesian Civil Code (KUHPerdata) continues to serve as the primary legal foundation for contractual validity, its application to digital transactions often encounters tension with Islamic contract principles, especially in relation to the prohibition of riba, gharar, and maysir. This study employs a normative-philosophical and comparative approach by integrating Hans Kelsen’s theory of legal certainty, Gustav Radbruch’s value-oriented conception of law, and Satjipto Rahardjo’s progressive legal thought with the maqāṣid al-syarī‘ah framework developed by al-Syāṭibī and al-Ghazālī. Through conceptual and comparative analysis, the research identifies regulatory fragmentation and institutional disharmony among the Financial Services Authority, Bank Indonesia, and DSN-MUI as key obstacles to achieving legal certainty in sharia digital financing. The study proposes a regulatory reconstruction that aligns formal legal certainty with substantive ethical values, namely justice (ʿadl), public welfare (maṣlaḥah), and trustworthiness (amānah), as normative foundations of digital contracts. The novelty of this research lies in its interdisciplinary synthesis of civil law, Islamic jurisprudence, and digital financial regulation, offering a coherent framework for harmonizing national law, technological innovation, and sharia principles within Indonesia’s evolving digital financial ecosystem.