The Role of Islamic Law in Consumer Protection for Islamic Financial Products

Abstract

The growth of Islamic financial products in Indonesia has expanded public access to banking, financing, investment, and technology-based services that claim compliance with Sharia principles. However, this growth also raises consumer protection issues related to contract transparency, risk disclosure, standard clauses, marketing ethics, and dispute resolution. This study aims to analyze the role of Islamic law in strengthening consumer protection for Islamic financial products. This research uses normative legal research with statutory, conceptual, and maqasid al-shariah approaches. Primary legal materials consist of Indonesian consumer protection and financial sector regulations, Financial Services Authority rules, and fatwas of the National Sharia Council of the Indonesian Ulema Council. The findings indicate that Islamic law provides substantive protection through the principles of justice, trustworthiness, mutual consent, transparency, prohibition of riba, gharar, maisir, tadlis, and zulm, while positive law provides institutional mechanisms for supervision, complaint handling, and sanctions. The study concludes that effective protection requires integrating fiqh muamalah, maqasid al-shariah, DSN-MUI fatwas, and OJK market conduct regulation across the entire product life cycle.