Examining the Default Case of Dana Syariah Indonesia from a Fintech Lending Risk Management Perspective
The phenomenon of default in Islamic fintech lending has become a critical issue due to its direct impact on lenders’ trust and platform sustainability. This study aims to analyze risk management practices, the main factors contributing to default, and lenders’ experiences in the case of Dana Syariah Indonesia (DSI). A qualitative approach with a case study design was employed. Data were collected through in-depth interviews with 20 active lenders and non-participant observation of online discussion forums. Data analysis was conducted using descriptive, thematic, interactional, and narrative approaches, supported by data triangulation to enhance credibility. The findings indicate that DSI’s risk management practices were perceived as largely normative rather than technically and operationally implemented. Lenders’ initial risk perception tended to be low and was primarily built on trust in the platform’s Islamic identity. The default was caused by a combination of internal factors, including weaknesses in partner selection and the absence of contingency planning, and external factors such as operational obstacles in financed projects. Lenders’ experiences during the crisis were characterized by limited transparency, weak communication, and increasing uncertainty. This study highlights that the sustainability of Islamic fintech lending requires transparent, adaptive risk management and a strong orientation toward lender protection.
Keywords: Islamic fintech, default risk, risk management, lenders, case study.
