Legal Protection For Investors In Sharia Digital Securities In Indonesia: Regulatory And Implementation Challenges
Keywords:
OJK regulation, Legal protection, digital securities, sharia financeAbstract
The transformation of financial technology (fintech) in Indonesia's
Islamic capital market has created vast opportunities for financial
inclusion, but has also given rise to new legal risks related to the
validity of electronic documents, personal data security, and the
integrity of Islamic contracts. Risks such as digital identity forgery,
document manipulation, and cyberattacks can undermine public
trust and hamper the sector's growth if not accompanied by
adequate legal protection. This study uses a qualitative approach
with a normative juridical method that focuses on reviewing
regulations and legal literature related to the protection of Islamic
digital securities investors in Indonesia. Data were collected
through a literature review of relevant laws and regulations,
authority regulations, and fatwas, which were then analyzed
descriptively using content analysis techniques to identify
protection mechanisms and barriers to their implementation. The
results reveal that investor protection mechanisms are built
through three integrative layers: regulatory (based on the ITE Law,
the PDP Law, and the DSN-MUI Fatwa), technological (through
KYC systems, encryption, and digital signatures), and sharia
(through the role of the Sharia Supervisory Board). However, the
effectiveness of this protection remains hampered by weak digital
identity verification, sophisticated cybersecurity risks, regulatory
fragmentation between the Financial Services Authority (OJK), the
Indonesian Ulema Council (DSN-MUI), and the National Sharia
Agency (BASYARNAS), and limited technological literacy among
sharia supervisors. In conclusion, strengthening legal protection
requires policy harmonization across authorities and the
development of unified national guidelines that combine digital
security standards with sharia audit standards that are adaptive to
future technological innovations such as blockchain and national
metadata integration.
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