Decentralized Finance and Its Maslahah: Shaping the Future of Financial Services in Indonesia

Muhammad Fakhri Amir, Syahruddin Kadir, Sumarlin Sumarlin

Abstract


Technological innovations are revolutionizing the financial sector through decentralized systems. The emergence of digital currencies necessitates a shift in the financial system toward services that accommodate the development of digital money in the era of Society 5.0. This study aims to explore the potential of Decentralized Finance (DeFi) and its maslahah (benefit) for future financial services in Indonesia. A qualitative approach was employed using library research by collecting primary and secondary data from journals, books, and other literature. Data were analyzed using descriptive analysis through data grouping, data display, and conclusion drawing. The findings indicate that DeFi has the potential to become one of the future financial services as it aligns with technological advancements and the development dimensions of the Society 5.0 era. DeFi offers five maslahah benefits: (1) Protecting religion (hifzu al-din) by serving as an alternative investment instrument; (2) Protecting life (hifzu an-nafs) by becoming a financial market instrument; (3) Protecting progeny (hifzu al-nasl) by encouraging income growth; (4) Protecting intellect (hifzu al-‘aql) by developing human resource potential; and (5) Protecting wealth (hifzu al-maal) by accommodating sources of income and financing for the benefit of society. Therefore, DeFi holds significant potential to contribute positively to Indonesia's financial future by providing services aligned with the values of maslahah and the technological advancements of Society 5.0.

========================================================================================================

ABSTRAK - Desentralisasi Keuangan dan Maslahahnya: Membentuk Layanan Keuangan Masa Depan di Indonesia. Inovasi teknologi mengarah pada revolusi sektor keuangan melalui sistem terdesentralisasi. Kemunculan mata uang digital memaksa sistem keuangan untuk beralih ke layanan yang mengakomodasi perkembangan uang digital di era 5.0. Penelitian ini bertujuan untuk menggali potensi Decentralized Finance (DeFi) berikut maslahahnya sebagai layanan keuangan masa depan di Indonesia. Penelitian ini menggunakan pendekatan kualitatif dengan metode kepustakaan, dimana data-data dikumpulkan dari artikel jurnal, buku, dan literatur lainnya. Analisis data dilakukan dengan metode deskriptif melalui pengelompokan data, penyajian, dan penarikan kesimpulan. Hasil penelitian menunjukkan bahwa DeFi memiliki potensi untuk menjadi salah satu layanan keuangan di masa depan karena selaras dengan kemajuan teknologi dan dimensi pengembangan untuk era 5.0. DeFi menawarkan lima manfaat maslahah: (1) Melindungi agama (hifzu al-din) dengan menjadi instrumen investasi alternatif; (2) Melindungi jiwa (hifzu an-nafs) dengan menjadi instrumen pasar keuangan; (3) Melindungi keturunan (hifzu al-nasl) dengan mendorong pertumbuhan pendapatan; (4) Melindungi akal (hifzu al-‘aql) dengan mengembangkan potensi sumber daya manusia; dan (5) Melindungi harta (hifzu al-maal) dengan mengakomodasi sumber pendapatan dan pembiayaan untuk kepentingan masyarakat. DeFi memiliki potensi yang signifikan untuk berkontribusi secara positif terhadap masa depan sistem keuangan Indonesia dengan menyediakan layanan yang sejalan dengan nilai-nilai maslahah dan kemajuan teknologi era 5.0.

 

Keywords


Decentralized Finance (DeFi), Maslahah, Technology, Society 5.0.

Full Text:

DOWNLOAD PDF

References


Abdullah, M. W., Kadir, S., & Alaaraj, H. (2020). Sharia Financial Literation In Developing Sharia-Based Business For Rural Communities In South Sulawesi. Ikonomika, 5(1), 117–140. https://doi.org/10.24042/febi.v5i2. 7050

Afrizal, A., Marliyah, M., & Fuadi, F. (2021). Analisis Terhadap Cryptocurrency (Perspektif Mata Uang, Hukum, Ekonomi Dan Syariah). E-Mabis: Jurnal Ekonomi Manajemen Dan Bisnis, 22(2), 13–41. https://doi.org/10.29103/e-mabis.v22i2.689

Al-Lozi, E., Alfityani, A., Alsmadi, A. A., Al_Hazimeh, A. M. d., & Al-Gasawneh, J. A. (2022). The role of big data in financial sector: A review paper. International Journal of Data and Network Science, 6(4), 1319–1330. https://doi.org/10.5267/j.ijdns.2022.6.003

Alshater, M. M., Saba, I., Supriani, I., & Rabbani, M. R. (2022). Fintech in islamic finance literature: A review. Heliyon, 8(9), 1–24. https://doi.org/10.1016/j.heliyon.2022.e10385

BAPPEBTI. (2020). Aset kripto (Crypto Asset). In Kementrian Perdagangan Republik Indonesia. BAPPEBTI. Retrieved from https://bappebti.go.id/ resources/docs/brosur_leaflet_2001_01_09_o26ulbsq.pdf

Chourasia, S., Tyagi, A., Pandey, S. M., Walia, R. S., & Murtaza, Q. (2022). Sustainability of Industry 6.0 in Global Perspective: Benefits and Challenges. Mapan - Journal of Metrology Society of India, 37(2), 443–452. https://doi.org/10.1007/s12647-022-00541-w

Dabaja Tobias Dahlberg Supervisor, F., & Salah Uddin, G. (2021). Decentralized Finance and the Crypto Market: Indicators and Correlations. In Linkoping University (pp. 1–31). www.liu.se

Danuri, M. (2019). Perkembangan Dan Transformasi Teknologi Digital. Infokam, 15(2), 116–123. https://doi.org/https://doi.org/10.53845/info kam.v15i2.178

Emanuella, C. S. (2021). Central Bank Digital Currency (CBDC) Sebagai Alat Pembayaran di Indonesia. Jurist-Diction, 4(6), 2243. https://doi.org/10.20473/jd.v4i6.31845

Finance, I. T. I. of I. (2022). Decentralized Finance: Use Cases, Challenges and Opportunities. In The Institute of International Finance (Vol. 1, Issue 1). https://medium.com/@arifwicaksanaa/pengertian-use-casea7e576e1b6bf

Garg, R. (2023). Blockchain for Decentralized Finance : Impact , Challenges and Remediation. International Journal of Computer and Information Engineering, 17(3), 1–14.

Gupta, M. (2018). Blockchain 2nd IBM Limited Edition. In Journal of Applied Polymer Science (Vol. 134, Issue 36). John Wiley & Sons, Inc. https://doi.org/10.1002/app.45263

Harahap, B. A., Idham, P. B., Kusuma, A. C. M., & Rakhman, R. N. (2017). Perkembangan Financial Technology Terkait Central Bank Digital Currency (CBDC) Terhadap Transmisi Kebijakan Moneter Dan Makroekonomi. Bank Indonesia, 2, 1–80.

Hendarsyah, D. (2019). E-Commerce Di Era Industri 4.0 Dan Society 5.0. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 8(2), 171–184. https://doi.org/10.46367/iqtishaduna.v8i2.170

Ibrahim, A., Amelia, E., Akbar, N., Kholis, N., Utami, S. A., & Nofrianto. (2021). Pengantar Ekonomi Islam. 1 ed. Jakarta: Departemen Ekonomi dan Keuangan Syariah - Bank Indonesia.

Iska, S. (2012). Sistem perbankan syariah di Indonesia dalam perspektif fikih ekonomi (1st ed.). Fahar Media Press.

Kadir, S. (2019). Pengembangan Pengukuran Kinerja Dengan Pendekatan Maslahah Score Card. Ad-Deenar: Jurnal Ekonomi Dan Bisnis Islam, 3(2), 75–96. https://doi.org/10.30868/ad.v3i01.501

Kadir, S. (2019). Pengembangan Pengukuran Kinerja Dengan Pendekatan Maslahah Scorecard (Studi pada PT Tirta Fresindo Jaya Kabupaten Gowa). In UIN Alauddin Makassar (pp. 1–210). http://repositori.uin-alauddin.ac.id/14998/

Kadir, S. (2022). Labelizing of Manufacturing Halal Industry Products for Achieving Customer Satisfaction In The Perspective of Maslahah Daruriyah. El-Qish: Journal of Islamic Economics, 2(1), 23–31. https://doi.org/10.33830/elqish.v2i1.4150.2022

Kadir, S. (2023). Analyst of Sale and Buy Practices in a Review of Sharia Economic Law (Study on Cina Market in Bone Regency). El-Uqud: Jurnal Kajian Hukum Ekonomi Syariah, 1(1), 15–27. https://doi.org/10.24090/eluqud.v1i1.xxxx

Kadir, S. (2023). Keuangan Terdesentralisasi ( DeFi ) Dan Fintech Syariah Dalam Sistem Keuangan Abad 21. Journal of Accounting and Finance (JACFIN), 5(2), 1–14.

Kadir, S. (2023). Peluang Industri Fashion Halal di Indonesia: (Model Pengembangan dan Strategi). Al-Iqtishad: Jurnal Ekonomi, 15(1), 142–160. https://doi.org/10.30863/aliqtishad.v15i1.4208

Kadir, S., Abdullah, M. W., & Kadir, A. (2019). Analisis Pengukuran Kinerja dengan Pendekatan Maslahah Scorecard. Jurnal Minds: Manajemen Ide Dan Inspirasi, 6(1), 53. https://doi.org/10.24252/minds.v6i1.8108

Kadir, S., Awaluddin, M., & Amiruddin, K. (2022). Variant Development of the Halal Food Industry In Indonesia : The Role of Sharia Banking. Li Falah: Journal of Islamic Economics and Business Studies, 4(2), 43–58.

Kadir, S., Kadir, A., & Awaluddin, M. (2023). Development Types Of The Good & Halal Food Industry In Indonesia. IFAR: Islamic Finance and Accounting Review, 2(1), 71–81.

Kadir, S., Kara, M., Amin, A. R., & Muhammadun, M. (2023). The Trends of Decentralized Finance ( DeFi ) As The Digital Financial Ecosystem Of The Indonesian Community In The Metaverse Era. In U. I. N. A. Makassar (Ed.), 1st International Conference on Science and Islamic Studies (Vol. 1, pp. 1834–1849).

Kadir, S., Rah, A. R., & Yusuf, N. I. A. (2023). Getting to know Non-Fungible Tokens ( NFT ) and Decentralized Finance ( DeFi ) In The Era of Society 5.0. International Journal of Islamic Finance (IJIF), 01(02), 149–162.

Kamri, N. A., Ramlan, S. F., & Ibrahim, A. (2014). Qur’anic Work Ethics. Journal of Usuluddin, 40(-), 135-172.

Liu, J., Kong, X., Xia, F., Bai, X., Wang, L., Qing, Q., & Lee, I. (2018). Artificial intelligence in the 21st century. IEEE Access, 6(March), 34403–34421. https://doi.org/10.1109/ACCESS.2018.2819688

Nath, K. (2023). CeFi , Fintech and DeFi – Understanding the Benefits , Limitations and Challenges. Tech Rxiv, 12, 1–7. https://doi.org/10.36227/ techrxiv.22274371.v1

Nurdin, A., Rosidah, A., & Saukani. (2020). Revolusi Sistem Keuangan Global Dan Pengenalan Cryptocurrency Di Era Disrupsi Kepada Siswa. Bagimu Negeri : Jurnal Pengabdian Masyarakat, 4(2), 32–36.

Nurullia, S. (2021). Menggagas Pengaturan dan Penerapan Central Bank Digital Currency di Indonesia: Bingkai Ius Constituendum. Journal of Judicial Review, 23(2), 275. https://doi.org/10.37253/jjr.v23i2.5014

Oget, E. (2022). The Effect Of Positive And Negative Events On Cryptocurrency Prices. Journal of Research in Economics Politics & FInance, 7(1), 16–31. https://doi.org/10.30784/epfad.1011204

Putra, M. D. (2017). Maqasid Al Shari’Ah Dalam Keuangan Islam (Tinjauan Teoritis Atas Pemikiran Dr Ahcene Lahsasna). Iltizam: Journal of Sharia Economic Research, 1(1), 61–77. https://doi.org/10.30631/iltizam.v1i1.95

Putra, R. A. (2018). Peran Teknologi Digital dalam Perkembangan Dunia Perancangan Arsitektur. Elkawnie: Journal of Islamic Science and Technology, 4(1), 67–78. https://doi.org/http://dx.doi.org/10.22373/ekw. v4i1.2959

Ramadhan, M. S., Murty, T., Nugraha, A., & Arifin, M. Z. (2021). Legitimasi Cryptocurrency (Mata Uang Digital) Sebagai Aset Korporasi. Rechtidee, 16(2), 246–266. https://doi.org/10.21107/ri.v16i2.11862

Sadman, N., Ahsan, M. M., Rahman, A., Siddique, Z., & Gupta, K. D. (2022). Promise of AI in DeFi, a Systematic Review. Journal Digital, 2(1), 88–103. https://doi.org/10.3390/digital2010006

Said, S., Sofyan, A. S., & Amiruddin, A. M. A. (2019). Mashlaha in Financing Risk Measurement in Sharia Financing Institutions. Iqtishadia, 12(2), 240. https://doi.org/10.21043/iqtishadia.v12i2.4992

Saleh, M., Utari, A., & Wahab, A. (2020). Analisis Penggunaan Fintech Syariah Perspektif Mashlahah Mursalah. Al-Buhuts, 16(1), 51–66. https://doi.org/ https://doi.org/10.30603/ab.v16i1.1766

Sari, D. P. (2022). Pemanfaatan NFT Sebagai Peluang Bisnis Pada Era Metaverse. Akrab Juara : Jurnal Ilmu-Ilmu Sosial, 7(1), 237. https://doi.org/10.58487/akrabjuara.v7i1.1770

Sari, N., Ibrahim, A., Muzammil, M., & Muksal, M. (2024). Managing Financing Risk of Islamic Banking Products in Indonesia: A Value at Risk Approach. Jurnal Ilmiah Islam Futura, 24(1), 213-240. DOI:http://doi.org/10.22373/jiif.v24i1.17693

Sektiyaningsih, I. S. (2022). Tren NFT Dan DeFi dalam Bisnis di Era Metaverse. JMBA-Jurnal Manajemen Dan Bisnis, 08(2), 22–30.

Soemitra, A. (2021). The Relevance of Islamic Economics and Finance Fundamentals to the Contemporary Economy: Islamic Economist Perceptions. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(2), 329. https://doi.org/10.22373/share.v10i2.9544

Sugiyono. (2019). Metode Penelitian Kuantitatif Kualitatif dan R&D. Alfabeta.

Suherman, S., Musnaini, M., Wijoyo, H., & Indrawan, I. (2020). Industry 4.0 vs. Society 5.0. In Society 5.0 (1st ed., Issue May). Pena Persada. ISBN: 978-623-6688-07-6

Umuri, K., & Ibrahim, A. (2020). Analisis Perilaku Pedagang Kaki Lima Menurut Tinjauan Etika Bisnis Islam. Jurnal Iqtisaduna, 6(2), 187-197.

Vujičić, D., Jagodić, D., & Randić, S. (2018). Blockchain technology, bitcoin, and Ethereum: A brief overview. 2018 17th International Symposium on Infoteh Jahorina 2018-Proceedings, 2018-Janua(August), 1–6. https://doi.org/10.1109/INFOTEH.2018.8345547

Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized Finance. Journal of Financial Regulation, 6(2), 172–203. https://doi.org/10.1093/ jfr/fjaa010




DOI: http://dx.doi.org/10.22373/share.v13i2.22857

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Copyright (c) 2024 Syahruddin Kadir et al

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.