Online Loans Based On Usury: A Review Of Positive Law And Islamic Law And Its Impact On The Society's

Abstract

This study examines the practice of usury-based online lending from the perspective of positive Indonesian law and Islamic law, with the aim of providing an in-depth understanding of its implications for society and finding solutions that integrate the principles of social justice and economic sustainability. From a positive legal perspective, consumer protection regulations and financial sector supervision are considered ineffective in dealing with usury-based lending practices, which often harm vulnerable economic communities. In Islamic law, usury is prohibited because it contradicts the principles of social justice and the welfare of the people, thus encouraging a transparent and sharia-compliant financial system. This study uses qualitative methods to analyze the impact of usury-based lending, which is found to worsen individual debt burdens, reduce purchasing power, increase social inequality, and create macroeconomic instability. As a solution, the study recommends improved regulation, strict supervision, cost transparency, consumer protection, and financial literacy education to reduce the risk of usury. The integration of sharia principles is expected to create an inclusive, fair, and sustainable digital financial system in accordance with positive law and the religious values ​​of Indonesian society.