Title: Shariah Peer To Peer Lending Concept as an Alternative for MSME Financing Based on the Principles of Contract in Islam
Author: Rahadian Firdaus
Affiliations : Master of Economics Program, Faculty of Economics and Business, Universitas Airlangga Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
This research aims to determine the dominant influence of the principle of contract in the application of the Sharia concept in fintech lending companies as an alternative financing for MSMEs in Indonesia. However, there are still many fintech lenders who have not made MSMEs the main choice for providing financing. On the other hand, many MSMEs have not yet taken advantage of the presence of fintech lending to help with their business capital. PT. Ammana Fintek Syariah is here as the first Sharia fintech lending that specifically targets MSME players to provide financing assistance. To find out the application of the Sharia concept to Ammana, it was assessed based on the principles of Islamic contract put forward by Prof. Faturrahman Djamil. There are 7 principles of contracting, namely: Divine Principle, Freedom Principle, Equality or Equality Principle, Justice Principle, Consent Principle, Honesty and Truth Principle, and Written Principle. This research uses the Analytic Network Process (ANP) method which aims to determine the dominant principles of contracting in the application of the Shariah peer to peer lending concept at PT. Ammana Fintek Sharia. The results of this research state that of the seven principles, there are three principles that are most dominant, namely the Divine Principle (19.35%), the Principle of Consent (18.64%), and the Principle of Equality or Equality (18.25%).
Keywords: Fintech, Islamic Covenant Principles, P2p Lending, MSMEs, ANP
