Legal Certainty of Sharia-Compliant Embedded Finance in Indonesia's Marketplace Ecosystem

The integration of financial services into Indonesia's marketplace ecosystem has expanded access to payments, financing, investments, and related products, including Sharia-compliant services. However, the absence of a dedicated regulatory framework for Sharia-compliant embedded finance has raised questions concerning legal relationships, supervisory responsibilities, and compliance with Islamic economic law. This study examines legal certainty in marketplace-based Sharia-compliant embedded finance, assesses its consistency with Islamic economic law, and proposes an adaptive regulatory model. Using normative juridical research with statutory, conceptual, and comparative approaches, the study qualitatively analyzes Indonesian legislation, relevant fatwas of the National Sharia Council–Indonesian Ulema Council (DSN-MUI), and scholarly literature. The analysis finds that existing rules operate primarily through separate sectoral regimes and do not comprehensively address the legal relationships arising from the integration of Sharia-compliant financial services into marketplaces. Rather than an absence of all applicable law, this fragmentation creates specific regulatory gaps and a risk of overlapping supervisory responsibilities. The study proposes a five-pillar model encompassing a statutory definition, standardized Sharia-compliant digital contracts, coordinated supervision, personal data protection, and consumer safeguards consistent with Sharia principles. This framework is intended to improve legal certainty, support Sharia compliance, and facilitate the sustainable development of digital marketplace ecosystems in Indonesia.