Tata Kelola Buy Now Pay Later di Indonesia melalui Maqāṣid dan Perlindungan Konsumen

Abstract

This study analyzes the governance of Sharia Buy Now Pay Later (BNPL) services in Indonesia following the enactment of Financial Services Authority Regulation Number 32 of 2025 and Financial Services Authority Board of Commissioners Regulation Number 2 of 2026. It focuses on the alignment between regulatory design, Islamic economic law, maqāṣid al-sharī’ah, and digital consumer protection. The study applies normative legal research using statutory, conceptual, and limited comparative approaches. Primary legal materials include OJK regulations, the Personal Data Protection Law, and DSN-MUI fatwas concerning technology-based financing and personal financing. Reputable international literature on BNPL, consumer behavior, credit scoring, and fintech governance serves as secondary material. The findings indicate that the new regulatory framework strengthens institutional certainty, affordability assessment, data governance, transparency, debt collection, and consumer protection, yet it does not fully establish substantive standards specifically tailored to Sharia BNPL. Sharia compliance cannot be assessed solely from contractual labels or the absence of interest; it must also cover pricing structures, revenue sources, late-payment charges, consent mechanisms, interface design, repayment capacity assessment, data utilization, and consumer redress. This study proposes a layered governance model integrating contract validity, responsible affordability, digital transparency, data and credit-scoring governance, Sharia supervision, and consumer remediation. The model positions ḥifẓ al-māl as a principle for preventing over-indebtedness and information exploitation while preserving proportionate access to financing. Accordingly, Islamic economic law moves beyond formal compliance toward substantive consumer protection. The study contributes by integrating prudential and Sharia supervision within an auditable ex ante, ongoing, and ex post regulatory framework