Plus Minus of Pinjol (Online Lending), MUI Depok Calls Many Disadvantages
RADARDEPOK.COM – (13/9/2021) It is important to pay close attention to Institutions that offer products. This is one of the causes of the increasing number of fraud cases and victims of allegedly illegal investment offers experienced by the public.
Deputy Head of the Demographic Institute of the Faculty of Economics and Business (FEB) UI, I Dewa Gede Karma Wisana explained, the public needs to be able to distinguish between legal and illegal peer-to-peer lending (P2P Lending) fintech verified by the Financial Services Authority (OJK). The most basic difference is the legal aspect of the online lending/loan governance.
“The legal or verified institutions (registered with OJK) will follow good and correct financial rules, and the rights and obligations of customer-lenders are clear. If those who are verified make a violation, they will receive sanctions,” he told Radar Depok, Sunday (12/9).
Also, another fundamental difference is ‘reputation’. Pinjol (Online Lender) or verified fintech need to maintain reputation because the financial business is a trust business. Meanwhile, unverified or illegal lending are not concerned with protecting customer rights and are more likely to take advantage of the situation (moral hazard).
“So if it is not trusted (cheating, bad practices, and so on) of course, customers will not glance at it so that the business is short-term,” he explained.
The public must also be observant by reading, understanding and complying with the terms and conditions before investing in borrowers. This is because amongst the cases of findings that have emerged, one is due to customer negligence. In the cases of illegal lending that have emerged, one of which is because they take advantage of the carelessness of customers who do not pay attention to the provisions regarding loans, interest and loan tenors. “In addition, it is important to know the reputation of the loan or fintech that we are trying to use. Don’t be easily trapped by promises or sales agents or marketers who make it seem ‘easy’ because there are usually pitfalls there,” he said.
If you have already borrowed from a Pinjol, and are ensnared due to unhealthy practices or traps to terrorize and even harass, then you need to report to OJK and law enforcement agencies in order to minimize protracted problems or traps.
“This report is important as evidence that we want illegal and inappropriate practices to be stopped. Once trapped in an illegal loan, it is necessary to immediately end your dealings with them and never deal with them again. It is a pity that the financial sector, which is run by a legal and good business, is tainted by such bad practices,” he said.
Even so, he continued, in general, online lending has a positive impact because it can provide access to finance or more capital, when compared to banking access, where there are still some obstacles.
Pinjol (Online Lending) also plays a role in encouraging the use of digital technology in the financial system as another form of ‘financial credential’ or financial recording used to assess a person’s financial track record (assessment).
“The negative impact is excessive use without adequate supervision and understanding, so there will be many cases of default. This has happened in the past when access to financing was dominated by banking. Pinjol or fintech may also experience this phase when the rules and governance are not yet solid and enforced as they should be,” he said.
Meanwhile, Banking Law Observer, Hiras Lumban Tobing detailed, the financial industry generally consists of the financial services industry. Meanwhile, according to the Banking Law, banks consist of commercial banks and rural banks (BPR) and non-financial service industries such as P2P.
“Each of which is regulated by specific regulations that differ from one another. For commercial banks, it is regulated in POJK no 12/POJK.03/2021. BPR is regulated by POJK No. 62/POJK.03/2020. And Fintech P2P POJK No. 77/POJK.01/2016,” he explained.
Financial Services Authority Regulation (POJK) number 77/POJK.01/2016 concerning Information Technology-Based Lending and Borrowing Services. The regulation regulates the implementation of information technology-based lending and borrowing transactions, namely the rules for Fintech that organizes financing from the lender to the borrower or the term P2P scheme.
In POJK 77/2016, the service is defined as the provision of financial services to bring together lenders and loan recipients. In order to enter into a loan agreement in Rupiah currency, directly through an electronic system using the internet network.
The organizers may be in the form of a Limited Liability Company (PT) or a cooperative. Both are required to have a minimum paid-up capital of IDR 1 billion at the time of registration. Meanwhile, when applying for a permit, producers are required to have their own capital of IDR 2.5 billion.
The regulation also regulates the obligation for Fintechs that have been registered with the OJK, to provide periodic reports every three months. A P2P Fintech is also required to have the qualifications of Human Resources (HR) who have expertise and/or background in the field of information technology as stated in Article 14 paragraph (2).
Also, Article 24 states, the organizer is obliged to use an escrow account and virtual account. A virtual account for every lender. Loan repayment by the loan recipient is made through payment to the organizer’s escrow account to be forwarded to the lender’s virtual account.
“As for the protection of the lender and the recipient of the loan, the organizers based on Article 29 are required to apply the following principles: transparency, fair treatment, reliability, confidentiality and data security, and the resolution of user disputes in a simple, fast and at an affordable cost,” he said.
Article 15 states that the recipient of the loan must come from and be domiciled in the jurisdiction of the Unitary State of the Republic of Indonesia, either as an individual or a legal entity. If a P2P Fintech violates the obligations and prohibitions of this regulation, OJK has the authority to impose administrative sanctions on the Organizer/Operator.
“The first sanctions are written warnings, fines, restrictions on business activities to revocation of permits. In accordance with Article 47,” he explained.
According to Hiras, as many as 3,193 illegal loans have been blocked by the Investment Alert Task Force (Satgas Waspada Investasi) throughout Indonesia. To find out whether the loan service to be used is legal or not, the public can check their status by contacting the OJK contact at 157 or wa 081157157157. HP numbers, and others.” he said.
Separately, the Head of the Fatwa Commission of the Indonesian Ulema Council (MUI) Depok City, Encep Hidayat said, according to Islam, there are three important points as a benchmark whether a loan is allowed or not. First, if there is an element of gharar or fraud, then according to the hadith of the Prophet Muhammad, the transaction is prohibited and is illegal.
“Secondly, whether the transaction is a fasid contract or not, what kind of consent and how is the qabul, if it is not in accordance with the Shari’a then it is not allowed. Third, is there an element of usury, because it is clear that every transaction that contains usury is not allowed.” he said.
According to him, if there is an emergency, then religion will give tolerance. But if there is not and it is already conducted, then your obligation should be resolved immediately.
“Try not to repeat such practices, then if it is necessary, also to convey to other Muslims relating to the prohibition of practicing usury.” he explained.
Encep said, the practice of Pinjol has a tendency to harm rather than benefit the parties who borrow funds. For him, the condition of borrowing with a double interest system and methods of coercion are not in accordance with Islamic law. “If it turns out that the loan has violated many sharia provisions and existing regulations, it must be removed,” he said. (daf/rd)
Source: https://www.radardepok.com/2021/09/pinjol-plus-minus-mui-depok-sebut-banyak-mudaratnya/
(am)