Citation:

Astiwi Indriani, Shoimatul Fitria, Foza Hadyu Hasanatina. "What Drives Financing Disbursement in Sharia Peer-to-Peer Lending? Empirical Evidence from Indonesia" International Research Journal of Economics and Management Studies, Vol. 5, No. 5, pp. 173-180, 2026. Crossref. http://doi.org/10.56472/25835238/IRJEMS-V5I5P120

Abstract:

Indonesia has witnessed a rapid rise in Islamic financial technology, particularly in the Islamic peer-to-peer (P2P) lending sector. Once considered a different approach to funding projects, this model now plays a significant role in the digital financial landscape. These platforms adhere to Islamic principles, emphasizing fairness and openness while avoiding riba, or interest-based transactions. Nevertheless, despite this progress, the industry still encounters persistent challenges. Financing quality fluctuates over time, profitability can be inconsistent, and operational efficiency often presents significant challenges for many platforms seeking rapid expansion. This study investigates whether the repayment success rate (TKB90), Return on Assets (ROA), and Operational Efficiency Ratio (OER) influence financing disbursement in the Indonesian Islamic P2P lending industry. The study uses monthly secondary data published by the Financial Services Authority (OJK) for 2024–2025. To evaluate the data, the study uses descriptive statistics, classical assumption tests, and multiple linear regression analysis. The findings present interesting perspectives. ROA exhibits a positive and significant effect on financing disbursements, indicating that profitability remains a key driver of financing expansion in the Sharia fintech industry. Conversely, the repayment success rate and operational efficiency ratio exhibit both positive and negative relationships; however, neither relationship is statistically significant. These results imply that, within Indonesia's growing Sharia fintech ecosystem, profitability is a more influential determinant of financing growth than repayment performance or operational efficiency.

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Keywords:

Sharia Fintech, Sharia P2P Lending, Repayment Success Rate, Profitability, Operational Efficiency, Financing Disbursement.