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Article
Publication date: 24 October 2023

Al Sentot Sudarwanto, Dona Budi Kharisma and Diana Tantri Cahyaningsih

This study aims to identify the problems in shariah compliance and the weak oversight of implementing Islamic crowdfunding (ICF). Shariah compliance regulation is an essential…

Abstract

Purpose

This study aims to identify the problems in shariah compliance and the weak oversight of implementing Islamic crowdfunding (ICF). Shariah compliance regulation is an essential subsystem in Islamic social finance ecosystems.

Design/methodology/approach

This type of research is legal research. The research approaches are the statute, comparative and conceptual approaches. The study in this research examines Indonesia, the UK and Malaysia.

Findings

ICF is one of the fastest-growing sectors of Islamic financial technology (fintech). The Islamic fintech sector is showing maturity signals with a market size of $79bn in 2021, projected at $179bn in 2026. Malaysia, Saudi Arabia and Indonesia lead the Index by Global Islamic Fintech (GIFT) Index scores. However, low shariah compliance is still an issue in implementing ICF. This problem is caused by regulatory support that is still lacking and oversight of shariah compliance is not optimal. On the one hand, shariah compliance is the ICF core principle for Shariah Governance.

Research limitations/implications

This study examines the regulation and oversight of ICF in Indonesia, Malaysia and the UK. Indonesia and Malaysia, a country with the highest GIFT index score in the world, and the UK, a country with an Islamic finance sector experiencing rapid growth.

Practical implications

The research results on shariah compliance regulation in ICF are helpful as a comprehensive approach for developing sustainable Islamic social finance ecosystems.

Social implications

Shariah compliance is the core principle of ICF governance. Its implementation can increase public trust.

Originality/value

Crowdfunding platform and issuers in ICF must implement shariah compliance. Therefore, it is essential to consider the presence of shariah compliance requirements and a Shariah Supervisory Board (DPS).

Details

Journal of Financial Crime, vol. 31 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 20 October 2021

Al Sentot Sudarwanto and Dona Budi Budi Kharisma

The purpose of this paper is two-fold: to explore the legal issue of the importance of personal data protection in the digital economy sector and to propose a legal framework for…

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Abstract

Purpose

The purpose of this paper is two-fold: to explore the legal issue of the importance of personal data protection in the digital economy sector and to propose a legal framework for personal data protection as a consumer protection strategy and accelerate the digital economy.

Design/methodology/approach

This study is legal research. The research approach used was the comparative approach and statute approach. The legal materials used are all regulations regarding personal data protection that apply in Indonesia, Hong Kong and Malaysia. The technique of collecting legal materials is done by using library research techniques.

Findings

The value of Indonesia’s digital economy is the biggest in the Southeast Asia region, but data breach is still a big challenge to face. The Indonesian Consumers Foundation (Yayasan Lembaga Konsumen Indonesia) recorded 54 cases of a data breach in e-commerce, 27 cases in peer-to-peer lending and 5 cases in electronic money. Based on the results of a comparative study with Hong Kong and Malaysia, Indonesia has yet no specific Act that comprehensively regulates personal data protection. Indonesia also does not have a personal data protection commission. Criminal sanctions and civil claims related to data breaches have not yet been regulated.

Research limitations/implications

This study examines the data breach problem in the Indonesian digital economy sector. However, the legal construction of personal data protection regulations is built on the results of a comparative study with Hong Kong and Malaysia.

Practical implications

The results of this study can be useful for constructing the ideal regulation regarding the protection of personal data in the digital economy sector.

Social implications

The results of the recommendations in this study are expected to develop and strengthen the protection of personal data in the Indonesian digital economy sector. Besides aiming to prevent the misuse of personal data, the regulation aims to protect consumers and accelerate the growth of the digital economy.

Originality/value

Indonesia needs to create a personal data protection act. The act should at least cover such issues: personal data protection principles; types of personal data; management of personal data; mechanism of personal data protection and security; commission of personal data protection; transfers of personal data; resolution mechanism of personal data dispute and criminal sanctions and civil claims.

Details

Journal of Financial Crime, vol. 29 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 11 July 2023

Al Sentot Sudarwanto and Dona Budi Kharisma

This study aims to propose a law enforcement strategy for investment fraud through comparative studies in the United States of America (USA), Canada and Indonesia, and to identify…

Abstract

Purpose

This study aims to propose a law enforcement strategy for investment fraud through comparative studies in the United States of America (USA), Canada and Indonesia, and to identify the factors that cause weak law enforcement on investment fraud with the object of a binary options case study in Indonesia.

Design/methodology/approach

This research is a type of legal research, namely, research based on legal materials (library-based). The legal materials used include primary legal materials and secondary legal materials. The approaches used are the statute approach, the case approach and the comparative approach. The data collection technique used in this research is a literature study. The analysis was carried out qualitatively by using an interactive model.

Findings

In 2022, the Indonesian Financial Services Authority (OJK) recorded that the total value of public losses because of investment fraud in Indonesia reached 117.4tn IDR. Weak law enforcement is the reason investment fraud thrives in society. Strategies that can be implemented to prevent investment fraud include early detection of new investment fraud modes through the whistleblower program, mutual legal assistance in criminal matters, criminal restitution and improvement of public financial literacy.

Research limitations/implications

This study examines the problems of law enforcement against investment fraud with a case study of binary options in Indonesia. A law enforcement strategy is built on identifying issues and adopting law enforcement policies against investment fraud in Canada and the USA.

Practical implications

For individuals, the results of this research can be used as reading material to increase their understanding of investment fraud. For the government, the results of this study can be a reference in an effort to eradicate the rise of investment fraud cases more effectively and create a safe digital economic space for investors.

Social implications

The results of this study are expected to be useful in providing recommendations for strategies to strengthen law enforcement against the problems of investment fraud cases so as to form a conducive investment climate in the sense of being safe, comfortable and profitable.

Originality/value

Legal frameworks to prevent investment fraud are rarely discussed. The rise in binary options cases that occur is an indication of weak law enforcement in the investment sector. Therefore, an in-depth study of law enforcement strategies to prevent investment fraud is needed, with comparative studies in the USA, Canada and Indonesia.

Details

Safer Communities, vol. 22 no. 4
Type: Research Article
ISSN: 1757-8043

Keywords

Article
Publication date: 10 February 2022

Sunny Ummul Firdaus

This paper explores the reasons why Indonesia must have legal regulations to provide protection and guarantees for health workers in carrying out the profession in overcoming…

Abstract

Purpose

This paper explores the reasons why Indonesia must have legal regulations to provide protection and guarantees for health workers in carrying out the profession in overcoming corona virus disease (COVID-19). This paper also explains the legal regulations as the foundation for today’s medical workers’ protection. This paper also aims at providing an ideal legal construction that safeguards the rights and obligations of health workers in overcoming COVID-19.

Design/methodology/approach

In this paper, the author used qualitative research methods with a socio-legal approach. The data were obtained through literature study and analysis of laws and regulations through the socio-legal method.

Findings

Various challenges and professional risks taken by health workers in dealing with COVID-19 derive from several factors, such as shortage of personal protective equipment, ineffective implementation of informed consent from the patients and the negative stigma spreading in the community. Moreover, the current legal regulation has not particularly modulated the protection of health workers, relying only on available articles that are actually irrelevant to be applied in the COVID-19 pandemic.

Research limitations/implications

This research is focused on problems faced by health workers in combating COVID-19 and law concessions to ensure their protection.

Practical implications

The final results of this research will be useful for The House of Representatives (DPR), the Ministry of Health of the Republic of Indonesia (Kemenkes RI) and the Indonesian Medical Association (IDI) in establishing legal and regulatory construction for the protection of health workers in tackling COVID-19.

Social implications

This research aims at strengthening legal protections for the health workers so that their rights and obligations are well guaranteed.

Originality/value

This paper proposes an ideal legal construction for the protection of health workers during the COVID-19 pandemic, which is currently still not specifically and rigidly regulated, to realize a guaranteed and sustainable life for health workers.

Details

International Journal of Human Rights in Healthcare, vol. 17 no. 1
Type: Research Article
ISSN: 2056-4902

Keywords

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