MORAL HAZARD AND THE COLLAPSE OF SHARIA PEER-TO-PEER LENDING FINTECH IN INDONESIA: IBNU KHALDUN'S PERSPECTIVE

Abstract

Fintech P2P sharia lending is a digital innovation that brings both capital owners and capital recipients to run a business with Islamic principles. However, until 2025, Sharia P2P lending platforms have experienced fraud and default (failure to pay). This study aims to provide a comprehensive overview of Ibnu Khaldun's perspective on the problems and challenges of managing Sharia P2P lending Fintech. The qualitative method was used in this study with a literature study approach. The technical data analysis used thematic analysis through secondary data sources derived from the book Muqqodimah, journals and related online news articles. The study found that 5 concepts from Ibnu Khaldun's perspective can provide solutions to the problems of fraud and default. The civilization concept can answer the role of digital civilization and the current position of P2P lending. The concept of ashabiyah and morality reveals the moral hazards of P2P lending management and the spirit of its use. Ibnu Khaldun's concept of statehood reveals the state's role and oversight in regulating Fintech P2P sharia lending. Finally, Ibnu Khaldun's economic concept emphasizes the principle of justice and the principle of applying Islamic sharia, which prioritizes the ummah. This research is expected to serve as a reference for stakeholders and Sharia P2P lending platforms to adjust their operations and as a basis for sustainable Sharia P2P lending Fintech.