RISK MANAGEMENT IN ISLAMIC FINANCIAL TECHNOLOGY
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Keywords:
Finance, Fintech, Risk Management, Technology
Abstract
Digital developments have encouraged the development of financial technology (fintech) companies in the world, including fintech that upholds sharia principles. Until 2022, there are only seven sharia fintech companies registered with the Financial Services Authority (FSA/OJK) in Indonesia. Awareness of sharia products/services is still very small and tends to grow slowly. One way to catch up with Islamic fintech is to manage risk management. This is important to provide safe and comfortable services for consumers. The purpose of this study is to describe risk management and risk mitigation in Islamic fintech. This research is a literature study using secondary data in the form of journal articles published in reputable international journals. From the research results it is known that the importance of implementing risk management in Islamic fintech is closely related to technology risk. After all, the system is a media platform with connected hardware and software using the internet as an open trading system. The application of technology risk management needs to be adjusted to the objectives and policies of the digital financing business strategy (complexity).
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References
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Musaffa, M. U. A., Dakum, D., Nurrohim, A. H., & Sudrajad, M. R. (2022). Study the Philosophy of Islamic Law in Determination Percentage of Zakat Mal. Az-Zarqa’: Jurnal Hukum Bisnis Islam, 14(1), 19. https://doi.org/10.14421/azzarqa.v14i1.2589
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Otoritas Jasa Keuangan. (2014). Surat Edaran Otoritas Jasa Keuangan Nomor 10/SEOJK.03/2014 Tentang Penilaian Kesehatan Bank Umum Syariah dan Unit Usaha Syariah.
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Republik Indonesia. (2008). Undang-Undang Nomor 21 Tahun 2008 Tentang Perbankan Syariah.
Rosyidin. (2013). Aktivitas Bisnis Perspektif Islam dan Kapitalis (Analisa Komparatif Terhadap Aspek Fundamental Ekonomi Islam dan Kapitalis dalam Aktivitas Bisnis). At-Tahdzib, 1(2), 242–261. http://ejournal.kopertais4.or.id/mataraman/index.php/tahdzib/article/download/1168/2557
Rusydiana, A. (2019). Bagaimana Mengembangkan Industri Fintech Syariah di Indonesia? Pendekatan Interpretive Structural Model (ISM). Al-Muzara’ah, 6(2), 117–128. https://doi.org/10.29244/jam.6.2.117-128
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Shifa, M. (2021). Analysis of Buying and Selling Practices. Journal Research of Social, Science, Economics, and Management, 1(5), 467–476. https://doi.org/https://doi.org/10.36418/jrssem.v1i5.42
Susanto, A., & Meiryani. (2018). The importance of risk management in an organizations. International Journal of Scientific and Technology Research, 7(11), 103–107.
Taleghani, M., Gilaninia, S., & Mousavian, S. J. (2011). The Role of Relationship Marketing in Customer Orientation Process in the Banking Industry with focus on Loyalty. International Journal of Business and Social Science, 2(19), 155–167. https://www.researchgate.net/publication/279406954_Kelas_Menengah_Middle_Class_dan_Implikasinya%0Ahttp://www.tandfonline.com/doi/abs/10.1080/02642060903078750%0Ahttp://www.ssrn.com/abstract=385245
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Widana, G. O., Wiryono, S. K., Purwanegara, M. S., & Toha, M. (2015). Exploring the impact of Islamic business ethics and relationship marketing orientation on business performance: The Islamic banking experience. Asian Academy of Management Journal, 20(1), 1–25.
Akhtyamova, N., Panasyuk, M., & Azitov, R. (2015). The Distinctive Features of Teaching of Islamic Economics: Philosophy, Principles and Practice. Procedia - Social and Behavioral Sciences, 191, 2334–2338. https://doi.org/10.1016/j.sbspro.2015.04.707
Ayu, I. M. S., & Musjtari, D. N. (2021). The Arrangement Of Rights And Obligations In The Implementation Of Akad Syirkah Mudharabah Ayam Geprek Sa’i In Yogyakarta. Media of Law and Sharia, 2(1), 92–109. https://doi.org/10.18196/mls.v2i1.11485
Ayuningtyas, M., & Tanaem, P. F. (2022). Information Technology Asset Security Risk Management at the Secretariat of the Salatiga City DPRD Using ISO 31000. Journal of Information Systems and Informatics, 4(1), 92–105. https://doi.org/10.51519/journalisi.v4i1.225
Bank Indonesia. (2007). Peraturan Bank Indonesia Nomor 9/19/PBI/2007 tentang Pelaksanaan Prinsip Syariah dalam Kegiatan Penghimpunan Dana dan Penyaluran Dana Serta Pelayanan Jasa Bank Syariah. https://www.bi.go.id/id/peraturan/perbankan/Documents/https://www.bi.go.id/id/peraturan/kodifikasi/bank/Pages/1.3.2.2. Prinsip Syariah dalam Kegiatan Penghimpunan dan Penyaluran Dana.aspx.pdf
Beekun, R. I. (2006). Islamic Business Ethics (Vol. 2). The International Institute of Islamic Thought. https://books.google.co.id/books?id=kiVcCgAAQBAJ&pg=PA1&hl=id&source=gbs_toc_r&cad=4#v=onepage&q&f=false
Bromiley, P., Rau, D., Mcshane, M. K., Bromiley, P. ;, & Rau, D. ; (2015). Can Strategic Risk Management Contribute to Enterprise Risk Management? A Strategic Management Perspective Part of the Finance and Financial Management Commons, and the Risk Analysis Commons Repository Citation "Can Strategic Risk Management Contribute to (No. 3; Finance and Financial Management Commons, and the Risk Analysis Commons). https://digitalcommons.odu.edu/finance_facpubs/3Electroniccopyavailableat:http://ssrn.com/abstract=2512477
Dewi, P. M. (2020). Credit Insurance as an Effort to Overcome Bad Credit Risk in Modern Banking Economy in the Industrial Revolution 4.0 in Indonesia. UNIFIKASI : Jurnal Ilmu Hukum, 7(1), 88. https://doi.org/10.25134/unifikasi.v7i1.2702
DSN-MUI. (2018). Fatwa Dewan Syariah Nasional-Majelis Ulama Indonesia No: 117/DSN-MUI/II/2018 Tentang Layanan Pembiayaan Berbasis Teknologi Informasi Berdasarkan Prinsip Syariah.
Frigo, M. L., & Anderson, R. J. (2011). Strategic Risk Management: A Foundation for Improving Enterprise Risk Management and Governance. The Journal of Corporate Accounting & Finance, 22(3), 81–88. https://doi.org/10.1002/jcaf
Fuentes-Nieva, R., & Galasso, N. V. (2014). Working For the Few: Political Capture and Economic Inequality. In Munich Personal RePEc Archive (Issue 54984).
Gutama, L. B., & Pujawan, I. N. (2019). Analysis and Mitigation of Strategic Risk Business Process by Considering Relationship Between Risk Case Study in Electricity Generation Companies. Jurnal Sosial Humaniora, 94–107. https://doi.org/10.12962/j24433527.v0i01.5777
Indraswari, C. R., & Nafik HR, M. (2015). Pengelolaan Konflik Aktivitas Bisnis Perspektif Islam Pada Manajemen Pasar Induk Puspa Agro Jawa Timur. Jurnal Ekonomi Syariah Teori Dan Terapan, 1(5), 346. https://doi.org/10.20473/vol1iss20145pp346-362
Islamic Financial Services Board. (2022). The IFSB issued the Tenth Edition of its Annual Flagship Publication: The Islamic Financial Services Industry (IFSI) Stability Report 2022. https://www.ifsb.org/preess_full.php?id=611&submit=more
Lai, P., & Choi, O. (2014). Corporate Governance and Financial Performance of Bank in Asian Regions and Recommendations. Asian Journal of Finance & Accounting, 6(2), 377. https://doi.org/10.5296/ajfa.v6i2.6429
Lesser, A., & Berghult, J. (2018). The challenges of Strategic Risk Management (Issue June). University of Gothenburg.
Misbach, I. (2020). Siri' Na Pacce Culture in Retailer Based on Islamic Perspective Business Ethics. Jurnal Adabiyah, 2(2), 337–350.
Miswan Ansori. (2019). Perkembangan Dan Dampak Financial Technology (Fintech) Terhadap Industri Keuangan Syariah Di Jawa Tengah. Wahana Islamika: Jurnal Studi Keislaman, 5(1), 32–45.
Muhammad, H., & Sari, N. P. (2020). Pengaruh Financial Technology Terhadap Perbankan Syariah: Pendekatan ANP-BOCR. Perisai: Islamic Banking and Finance Journal, 4(2), 113–125. https://doi.org/10.21070/perisai.v4i2.868
Muhammad, R., & Lanaula, R. (2019). Challenges of Islamic Supervisory in The Islamic Financial Technology Industry. Economica: Jurnal Ekonomi Islam, 10(2), 311–338. https://doi.org/10.21580/economica.2019.10.2.3400
Musaffa, M. U. A., Dakum, D., Nurrohim, A. H., & Sudrajad, M. R. (2022). Study the Philosophy of Islamic Law in Determination Percentage of Zakat Mal. Az-Zarqa’: Jurnal Hukum Bisnis Islam, 14(1), 19. https://doi.org/10.14421/azzarqa.v14i1.2589
Narain, A. (2016). Two Faces of Change. Finance & Development, 53(3), 20–21. http://search.ebscohost.com/login.aspx?direct=true%7B&%7Ddb=bth%7B&%7DAN=118069322%7B&%7Dsite=ehost-live
Nizar, M. A. (2020). Financial Technology (Fintech): It's Concept and Implementation in Indonesia. Munich Personal RePEc Archive, 5, 4–10.
Otoritas Jasa Keuangan. (2014). Surat Edaran Otoritas Jasa Keuangan Nomor 10/SEOJK.03/2014 Tentang Penilaian Kesehatan Bank Umum Syariah dan Unit Usaha Syariah.
Otoritas Jasa Keuangan. (2016). Peraturan Otoritas Jasa Keuangan Nomor 65/POJK.03/2016 Tentang Penerapan Manajemen Risiko Bagi Bank Umum Syariah Dan Unit Usaha Syariah. http://www.jp.feb.unsoed.ac.id/index.php/Performance/article/download/342/346
Otoritas Jasa Keuangan. (2021). Peraturan OJK No. 4/POJK.05/2021 Tahun 2021 tentang Penerapan Manajemen Risiko Dalam Penggunaan Teknologi Informasi Oleh Lembaga Jasa Keuangan Nonbank (pp. 1–66).
Republik Indonesia. (1998). Undang-Undang RI No. 10 Tahun 1998 tentang Perbankan. Lembaran Negara Republik Indonesia. http://www.bphn.go.id/data/documents/98uu010.pdf
Republik Indonesia. (2008). Undang-Undang Nomor 21 Tahun 2008 Tentang Perbankan Syariah.
Rosyidin. (2013). Aktivitas Bisnis Perspektif Islam dan Kapitalis (Analisa Komparatif Terhadap Aspek Fundamental Ekonomi Islam dan Kapitalis dalam Aktivitas Bisnis). At-Tahdzib, 1(2), 242–261. http://ejournal.kopertais4.or.id/mataraman/index.php/tahdzib/article/download/1168/2557
Rusydiana, A. (2019). Bagaimana Mengembangkan Industri Fintech Syariah di Indonesia? Pendekatan Interpretive Structural Model (ISM). Al-Muzara’ah, 6(2), 117–128. https://doi.org/10.29244/jam.6.2.117-128
Sadya, S. (2022). Indonesia Miliki Fintech Syariah Terbanyak di Dunia pada 2022. Salaam Gateway. https://dataindonesia.id/digital/detail/indonesia-miliki-fintech-syariah-terbanyak-di-dunia-pada-2022
Shifa, M. (2021). Analysis of Buying and Selling Practices. Journal Research of Social, Science, Economics, and Management, 1(5), 467–476. https://doi.org/https://doi.org/10.36418/jrssem.v1i5.42
Susanto, A., & Meiryani. (2018). The importance of risk management in an organizations. International Journal of Scientific and Technology Research, 7(11), 103–107.
Taleghani, M., Gilaninia, S., & Mousavian, S. J. (2011). The Role of Relationship Marketing in Customer Orientation Process in the Banking Industry with focus on Loyalty. International Journal of Business and Social Science, 2(19), 155–167. https://www.researchgate.net/publication/279406954_Kelas_Menengah_Middle_Class_dan_Implikasinya%0Ahttp://www.tandfonline.com/doi/abs/10.1080/02642060903078750%0Ahttp://www.ssrn.com/abstract=385245
Wellisz, C. (2016). The Dark Side of Technology - Finance & Development September 2016. Finance & Development, 53(3), 14–18. https://www.imf.org/external/pubs/ft/fandd/2016/09/pdf/wellisz.pdf
Widana, G. O., Wiryono, S. K., Purwanegara, M. S., & Toha, M. (2015). Exploring the impact of Islamic business ethics and relationship marketing orientation on business performance: The Islamic banking experience. Asian Academy of Management Journal, 20(1), 1–25.
Published
2022-11-18
How to Cite
Umari Abdurrahim Abi Anwar, Sakova, M., Solikin, I., & Asni Mustika Rani. (2022). RISK MANAGEMENT IN ISLAMIC FINANCIAL TECHNOLOGY. JMD : Jurnal Riset Manajemen & Bisnis Dewantara, 5(2), 67 - 82. https://doi.org/10.26533/jmd.v5i2.985
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