Sharia Fintech Customer Protection and Transformation of The Indonesia Financial Service Authority (OJK)

Abstract

This research assesses the extent to which POJK Number
10 of 2022 addresses consumer protection in Sharia Fintech. The
study concentrates on the clarity and comprehensiveness of the
legal norms related to consumer protection in POJK 10/2022.
The research employs an explanatory and doctrinal legal
approach, analysing regulations and literature. The findings
indicate that POJK 10/2022 incorporates elements of Sharia
Fintech consumer protection, including transparency, fair treatment, reliability, confidentiality, data security, complaint
handling, and dispute resolution. However, the application of
sanctions is not comprehensive due to the lack of clarity
regarding the integration of DSN MUI supervision and fatwas
related to the digital economy. The regulation primarily
concerns licensing rather than development. The research
indicates the potential for integration of supervision with DSN
MUI and the development of a more comprehensive regulation.
This research is limited to POJK 10/2022 and that further
research is required on similar regulations, such as those issued
by DSN-MUI and Bank Indonesia.