Agreements Used in Sharia P2P Fintech Practices

The rapid growth of Sharia peer-to-peer Fintech or Sharia P2P Fintech is inseparable from its various advantages. This product is suitable for most Indonesians who are Muslims because it has legal certainty in Sharia or Islamic religion.

Although many investment platforms claim that their products are sharia-based, you as a Muslim investor need to pay attention to whether the transaction elements or contracts contain practices that are against religion or not.

Fortunately, Sharia P2P fintech is not against religious rules and can be the right choice for Muslims because it avoids usury, gharar (uncertainty), maysir (gambling), tadlis (fraud) and dharar (harm). With the clarity that P2P investment products are sharia, Muslims who choose Islamic financial products can use these facilities calmly without fear of practices that are prohibited by religion.

Akad in Sharia P2P Fintech

Islamic provisions governing transactions between several parties are quite numerous. Likewise, in the contracts applied in Islamic P2P, several alternatives can be used, including:

1. Murabahah

Is a sale and purchase contract used to transfer or exchange ownership of goods and prices whose purchases use money from Islamic P2P. With this clear form of sale and purchase contract, you as a Muslim investor can invest with peace of mind and comfort.

2. Ijarah

Is a contract used to transfer the right to use goods or services for a certain time using a fee, it can be likened to a lease in this contract with a predetermined price and time. Surely you already understand the form of rental transactions, right? So it's clear if the Sharia P2P platform you choose uses an ijarah contract, your investment is safe according to Sharia provisions.

3. Mudharabah

This is a form of business agreement between Shahibul Maal (Capital Owner) and Mudharib (Fund Provider), where the capital owner provides all the necessary funds and the manager manages the business.

4. Musyarakah

Is a cooperation and agreement of two or more parties to combine capital to carry out a business and then share the profits according to the agreed ratio.

5. Wakalah

It is the delegation of power by a person as the first party to another person as the second party in matters that are represented in exchange for a fee of a predetermined amount.

6. Qardh

Is a contract of lending assets to others with an agreement to return according to a previously agreed time and method.

Sharia Fintech P2P Lending Platforms whose Agreements are by Islamic Provisions

After getting to know the types of contracts through the description of the previous discussion, you will try googling to find a Sharia P2P Lending fintech platform so that your investment is worth worshiping. To date, there are 7 (seven) Sharia P2P Fintech that are officially licensed and supervised by OJK and DSN-MUI.

Some of these fintech platforms have contracts in the products offered by Sharia provisions as previously explained.

The contracts used in this Sharia peer-to-peer Fintech provide alternatives that can be a choice between the giver and the owner of the capital. These financial transactions do not violate religious provisions, so recipients of financial facilities from Islamic P2P Fintech do not need to worry about developing their business while running it with Sharia values.