The Benefits Of Sharia Fintech For The People, You Can Contribute

BANK & FINANCE, ACTIVELYSHARE.COM — Although it was feared that it could create shadow banking, fintech actually plays an important role in the future. Along with the rise of the phenomenon of migration in the country, coupled with technological support, fintech has become the right presence that was born in the 20th century.

Don’t underestimate fintech and immediately conclude that P2P lending , crowdfunding , and various other types of fintech -based will harm banks and frighten the public. In fact, there are many benefits that can be generated by Islamic fintech, such as:

1. Helping MSME

The main benefit that fintech only offers is its generosity to be ready to help MSMEs (Ministry of Micro, Small & Medium Enterprises) get out of MSME problems due to their inability to reach banks for business capital. Banks usually put forward some more complicated requirements than fintech. In short, the majority of people still do not have access to banking.

So it is a mistake if fintech is used as a banking rival. The hope is that after receiving funding from fintech , the MSME will further expand its wings to receive funding from banks. Fintech can be called as an initiator or intermediary before MSMEs can reach banks. Fintech can be a liaison for banks to channel their undisbursed funds. Another thing is that fintech is able to reach all levels of society which banks clearly cannot.

2. Interest Free

We all know that the difference between conventional and sharia fintech is the contract used. Sharia fintech will prioritize the use of sharia principles that are free from 3 maghrib, namely Maysir, Gharar, and Riba. As a result it is safer as there is no interest in practice.

In addition, the existence of sharia fintech is also a driving force and a driving force for introducing the halal lifestyle to the wider community and not only limited to the Muslim community. Hopefully, people will realize the importance of using Islamic principles even in financial terms.
Also Read: The Sin of Riba in Islam

3. Beneficial for Various Parties

Consciously or not, fintech , especially P2P lending and crowdfunding , actually acts as a channel between those with excess funds and those who need funds. Fintech as a bridge so that there is a balance between the two. So, fintech not only benefits the upper middle class by getting profits, but also improves the welfare of the community with small businesses so that they are able to support their business.

4. Easy

Most people today are inseparable from technology. Fintech is here to reduce barriers to accessing finance and support the lifestyle of young people who are very close to information technology. In addition, because it is easy to access online, it can be done by anyone, anywhere, and anytime.

It’s very easy if you need transaction access to finance, just take advantage of internet packages and electronic devices. In addition, the transaction process is also simpler and can reach various levels of society at large.

5. Sharia Fintech is Safer

The principle of being free of usury is of course safer, as we all know that usury will only benefit one party and harm the other. In addition, in carrying out their business, they must follow the rules of the DSN-MUI and OJK so there is no need to worry about being deceived. Fintech is also guaranteed its operations because it has gone through various processes.

Those are some of the benefits that Fintech offers for the benefit of the people. In the midst of the digital technology era, it is time to start being technology literate and welcome the presence of Fintech for the future.


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