Regulatory Challenges and Investor Trust in Shopee-Based Digital Islamic Mutual Fund Investments
Keywords:
sharia mutual funds, Islamic economic law, digital investment, Shopee, financial literacyAbstract
This study aims to analyze the investment mechanism of Islamic mutual funds through the Shopee e-commerce platform and assess its compliance with the principles of Islamic economic law. Using a descriptive qualitative approach with a grounded theory strategy, data were collected through participatory observation, in-depth interviews, and documentation studies. The results of the thematic analysis revealed four main categories: (1) high digital accessibility of Islamic investments, (2) low literacy of Islamic economic law among investors, (3) unclear contracts and weak understanding of the validity of sharia, and (4) regulatory uncertainty that affects the level of investor confidence. The findings show that while Shopee succeeds in providing a practical and digitally attractive Islamic investment channel, many investors rely on the symbolism of the "sharia label" without an understanding of the contract structure or principles of fiqh muamalah. The lack of transparency and the absence of contract explanations are loopholes that potentially undermine the validity of Islamic law. In addition, the absence of explicit regulation of the role of commercial platforms in digital sharia investment creates legal ambiguity and consumer protection risks. This research recommends strengthening the integration between regulators, sharia authorities and digital platform providers in designing a technology-based sharia investment ecosystem that is not only administratively halal, but also substantively ethical, fair and accountable.
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