Analysis of Gharar and Riba in Electronic Money Mechanisms and Their Implications on the Validity of Sharia Transactions in Indonesia
Analisis Gharar dan Riba dalam Mekanisme Uang Elektronik serta Implikasinya terhadap Keabsahan Transaksi Syariah di Indonesia
DOI:
https://doi.org/10.32939/dhb.v6i1.913Keywords:
Electronic Money, Gharar Elements, Riba Elements, Transaction Validity, Sharia ContractsAbstract
Purpose: This study aims to analyze the potential elements of gharar and riba in the operational mechanisms of electronic money and their implications for the validity of transactions from the perspective of Islamic economics in Indonesia. The rapid development of digital payment systems requires comprehensive studies regarding the compliance of modern financial instruments with Sharia principles, particularly the prohibitions against riba and gharar.
Design/methodology/approach: This research employs a qualitative approach with juridical-normative and conceptual research types. The data used are secondary data obtained through literature studies, including the Qur’an, hadith, fatwas issued by the National Sharia Council of the Indonesian Ulema Council, regulations related to electronic money, and relevant scientific literature. The analysis is conducted using a descriptive-analytical method by identifying the operational mechanisms of electronic money, examining the contract structures used, and assessing the potential emergence of gharar and riba elements in practice.
Findings: The results indicate that, in principle, electronic money can be considered Sharia-compliant as long as it fulfills the requirements of clear contractual arrangements, transparency of information, and the absence of riba. The potential for gharar may arise in the form of unclear contractual terms, lack of transparency in administrative fees, refund mechanisms, and system risks that are not proportionally communicated to users. Meanwhile, the potential for riba may occur if float funds are positioned as a qardh contract and utilized commercially without a Sharia-compliant mechanism, or if additional schemes resembling interest are applied.
Research implications: The findings suggest that the validity of electronic money transactions from the perspective of Islamic economics largely depends on the clarity of contractual agreements, accountable fund management, system transparency, and effective Sharia supervision. Therefore, electronic money providers need to ensure that their operational mechanisms align with Sharia principles to enhance the trust of Muslim consumers and support the development of an ethical and Sharia-compliant digital financial ecosystem.
Downloads
References
Abdillah, Muhammad, Muhammad Syauqi & Muhammad Abdul Mutalib. “Revolusi Pembayaran Digital: Legitimasi Uang Elektronik dalam Fikih Muamalah.” Jurnal Ekonomi Syariah Mulawarman (2025).
Adel, Ichsanul Reihan & Afdhol Rinaldi. “Gharar in Digital Economic Transactions: A Qualitative Analysis of E-Commerce Practices.” JAWI: Journal of Ahkam Wa Iqtishad (2025).
Aini, Nurul. (2020). Cashback dalam perspektif hukum Islam. Tazkia Islamic Finance and Business Review, 14(1), 27–42.
https://tifbr.tazkia.ac.id/index.php/TIFBR/article/view/310
Al-Sarakhsi, M. (1993). Al-Mabsut. Beirut: Dar al-Ma’rifah.
Arner, D. W., Barberis, J., & Buckley, R. P. (2016). The evolution of fintech: A new post-crisis paradigm. Georgetown Journal of International Law, 47(4), 1271–1319.
Arner, D. W., Barberis, J., & Buckley, R. P. (2016). The evolution of fintech: A new post-crisis paradigm. Georgetown Journal of International Law, 47(4), 1271–1319.
Bank Indonesia. (2022). Peraturan Bank Indonesia tentang penyelenggaraan uang elektronik dan sistem pembayaran digital. Jakarta: Bank Indonesia.
Baso, Abubakar, & Basri. “Uang Elektronik (E-Money) dalam Perspektif Maqashid Syariah.” el-Jizya: Jurnal Ekonomi Islam, Vol. 11 No. 2 (2024). DOI: https://doi.org/10.24090/ej.v11i2.7068
Baso, H.M. Muhammad Ihsan, Achmad Abubakar & Halimah Basri. “Uang Elektronik (E-Money) dalam Perspektif Maqashid Syariah.” el-Jizya : Jurnal Ekonomi Islam (2023). DOI: https://doi.org/10.24090/ej.v11i2.7068.
Cahairul, Hidayat, & Muhammad. “Fiqh Muamalah Overview of Electronic Money Products at LinkAJA Syariah.” Jurnal Ekonomi dan Perbankan Syariah, Vol. 9 No. 1 (2021), STEI SEBI.
Dewan Syariah Nasional Majelis Ulama Indonesia. (2017). Fatwa DSN-MUI No.116/DSN-MUI/IX/2017 tentang Uang Elektronik Syariah. Jakarta: DSN-MUI.
Dewan Syariah Nasional Majelis Ulama Indonesia. (2017). Fatwa DSN-MUI No.116/DSN-MUI/IX/2017 tentang Uang Elektronik Syariah. Jakarta: DSN-MUI.
Dewi, P. R., Arsyad, A. R., Djidin, M., & Utami, P. (2026). INTEGRATING JUSTICE AND MASLAHAH INTO PESANTREN-BASED SHARIA ENTREPRENEURSHIP: A FRAMEWORK FOR ISLAMIC ECONOMIC DEVELOPMENT. Iqtishaduna: Jurnal Ilmiah Mahasiswa Hukum Ekonomi Syari'ah, 7(2), 2484-2498.
Djamil, Fathurrahman. (2019). Pengawasan syariah dalam industri fintech Indonesia. Jurnal Legislasi Indonesia, 16(3), 299–312.
https://ejurnal.peraturan.go.id/index.php/jli/article/view/539
Fahriyadi, Sri Wahyudi, & Makbul. “Fleksibilitas Penggunaan Mata Uang Elektronik dalam Perspektif Hukum Ekonomi Syariah: Analisis Fatwa DSN MUI tentang Uang Elektronik Syariah Fatwa Nomor 116 Tahun 2017.” Jurnal Hukum Ekonomi Syariah. DOI: https://doi.org/10.30595/jhes.v0i0.19442
Fatwa DSN-MUI No. 116/DSN-MUI/IX/2017
Fazda, Fikri Ibnu, Fadil & Fatmah Taufik Hidayat. “Fiqih Muamalah Sebagai Solusi Dalam Menghadapi Praktik Riba dan Gharar.” Indonesian Journal of Islamic Jurisprudence, Economic and Legal Theory (2024). DOI: https://doi.org/10.62976/ijijel.v2i4.796.
Firdaus, Muhammad Irkham, Aliyya Lathifa Daniswara, Novan Fatchu Alafianta & Aang Asari. “Implementation of Fiqh Muamalah Contracts in Electronic Money (E-Money) Transactions.” Al-Muamalat: Jurnal Ekonomi Syariah (2023). DOI: https://doi.org/10.15575/am.v10i1.21087.
Fitriyah, Lailatul, & Asiyah, Binti Nur. (2022). Literasi keuangan syariah pada pengguna fintech di Indonesia. Jurnal Ekonomi dan Keuangan Islam, 8(2), 155–170.
https://doi.org/10.20885/jeki.vol8.iss2.art6
Ginting, Sri Wahyuni. “Gharar dalam Perspektif Ekonomi Islam: Tinjauan Literatur Global.” EMASHA: Jurnal Ekonomi, Manajemen dan Akuntansi Syariah (2025).
Hayati, M., Ali, J., Heri, M., & Utami, P. (2023). E-service quality and e-wom regarding consumer behavior based on Maqashid Asy-Shariah. Journal of Digital Marketing and Halal Industry, 5(1), 97-116.
Kroniko, Hendri & Ali Wardana. “Transaksi Ekonomi dalam Islam: Pandangan Hukum Syariah atas Riba dan Gharar.” KUNSYA: Jurnal Akuntansi Syariah (2024).
Maulidiyah, Rina. (2021). Analisis unsur gharar dalam transaksi digital. Islamic Economic Law Review, 3(1), 45–60.
https://journal.uinsgd.ac.id/index.php/ielr/article/view/12215
Mohd Shahid Mohd Noh. “Riba dan Gharar dalam Aplikasi Kewangan Digital: Satu Sorotan.” Journal of Ifta and Islamic Heritage (2025). DOI: https://doi.org/10.58958/elkahfi.v6i02.591
Noh, Mohd Shahid bin & Dwi Fidhayanti. “Riba and Gharar on Digital Payment Applications: Comparison Between Malaysia and Indonesia.” Jurisdictie: Jurnal Hukum dan Syariah (2025).
Nunung Nurlaela. “E-Money: Tinjauan Fiqih Kontemporer.” Mukaddimah: Jurnal Studi Islam, Vol. 3 No. 2 (2022). Download: https://ejournal.uin-suka.ac.id/pusat/mukaddimah/article/view/2729
Nurhasanah, A. M., & Aris Rusdiyanto. “Tinjauan Prinsip Syariah Produk Uang Elektronik di Indonesia: Studi Kasus Pada Produk E-Money Bank Syariah Mandiri.” Jurnal Ilmiah Ekonomi Islam, Vol. 7 No. 2 (Journal of Islamic Economics and Business), 2020. DOI: https://doi.org/10.29040/jiei.v7i2.2158
Obaidullah, M. (2005). Islamic financial services. Jeddah: Islamic Economics Research Center, King Abdulaziz University.
Obaidullah, M. (2005). Islamic financial services. Jeddah: Islamic Economics Research Center, King Abdulaziz University.
Okta, Wira, & Duhriah. “Unsur Riba & Gharar dalam Peer-to-Peer Lending: Tinjauan Fiqh Ekonomi terhadap Fintech Indonesia.” Jurnal Ilmiah Ekonomi Islam, Vol. 11 No. 06 (2025). DOI: https://doi.org/10.29040/jiei.v11i06.18393
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340.
Qardhawi, Yusuf. (2011). Risk, gharar and uncertainty in contemporary Islamic finance. International Journal of Islamic Economics.
https://www.iefpedia.com/english/wp-content/uploads/2009/09/Risk-Gharar-and-Speculation.pdf
Rachmat Abidin, Sofia Dewi, Ai Siti Asmalasari, & Hilmi Sirojuddin. “The Use of Electronic Money as a Transaction System in Indonesia.” Journal of Islamic Economics and Business, Vol. 3 No. 2 (2022). DOI: https://doi.org/10.15575/jieb.v3i2.30487
Ronaldo, R., Rizal, M., & Maulini, Y. (2024). Unlocking the Syariah Insurance Market in Indonesia: Overcoming Barriers and Enhancing Market Penetration. Journal of Islamic Economic and Law (JIEL), 1(1), 92-103.
Rosmiati, H., Khulsum, U., Zuhriyah, N. A., & Utami, P. (2025). Pengaruh Produk Pembiayaan Mudharabah dan Layanan Digital terhadap Keputusan Nasabah pada BTPN Syariah MMS Panjang. Jurnal Maps (Manajemen Perbankan Syariah), 9(1), 91-104.
Ryno, A. O., Waskito, T., & Utami, P. (2024). Sharia's Contribution in Halal Industry Trends in Indonesia. Asian Journal of Multidisciplinary Studies, 7(1), 149-155.
Sachio, Derendra Uziel et al. “Konsep dan Implementasi Maisir, Gharar, serta Riba: Tinjauan Dalil dan Perspektif Lintas Agama.” Jurnal Inovasi Ekonomi Syariah dan Akuntansi (2025).
Saeed, Abdullah. (2018). Digital financial services and riba implications. Journal of Islamic Banking and Finance, 35(2), 1–15.
https://www.irti.org/English/Research/Documents/Journal/2018-02.pdf
Saputra, Hendra. (2020). Pengelolaan dana float dalam uang elektronik dan tinjauan syariah. Jurnal Ekonomi Syariah Teori dan Terapan, 7(5), 935–947.
https://doi.org/10.20473/vol7iss20205pp935-947
STAIDU & Santika. “Implementasi Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia Nomor: 116/DSN-MUI/IX/2017 Tentang Uang Elektronik (E-Money).” At-Tasharruf: Jurnal Kajian Ekonomi dan Bisnis Syariah, Vol. 6 No. 1 (2024). DOI: https://doi.org/10.32528/at.v6i1.1772
Surya, A. A., Khadiq, I. N., Marhamah, L., & Djidin, M. (2025). Redefining Economic Efficiency in Islamic Economics: A Maqasid-Based Approach to Sustainable Development Goals. Bertuah Jurnal Syariah dan Ekonomi Islam, 6(2), 507-520.
Surya, M. A., Setiawan, J. W., Amalia, K. K., Khulsum, U., & Arsyad, A. R. (2025). Beyond Halal Certification: Restaurant Standards, Spatial Governance, and Tax Compliance in Islamic Economic Perspective. Bertuah Jurnal Syariah dan Ekonomi Islam, 6(2), 497-506.
Usmani, M. T. (2002). An introduction to Islamic finance. Karachi: Maktaba Ma’ariful Qur’an.
Wazin; Suryanto, Tulus. (2023). Constructing Islamic law and Islamic business ethics for a sustainable halal industry economy. J. Int'l L. Islamic L., 19, 212.
Yusuf, Sudiarti, & Harahap. “Transaksi Uang Elektronik E-Martabe Ditinjau dari Fiqh Muamalah pada Bank Syariah.” FINANSIA: Jurnal Akuntansi dan Perbankan Syariah, Vol. 5 No. 2 (2022). DOI: https://doi.org/10.32332/finansia.v5i2.5460
Zakaria, A. A., Zakaria, A. N., Azuan, D. A. S., Kamaruzaman, Y. N., Ghazalie, N., & Man, N. C. (2025). Unsur gharar dalam e- wallet mengikut perspektif syariah. Deleted Journal, 7(1), 85–93. https://doi.org/10.24191/jipsf/v7n12025_85-93.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Donny Purwoko, Elly Kasim, Yul Maulini
This work is licensed under a Creative Commons Attribution 4.0 International License.
