The DSI Case and the Importance of Religious Integrity in the Islamic Finance Industry

Without much fanfare, the Indonesian business world was shocked at the beginning of 2026 by a fraud case in the financial industry involving an Islamic business company, namely PT Dana Syariah Indonesia.

This case is interesting because the amount of funds affected as a result of this fraud is very large. Based on the data obtained, the losses reached Rp 2.4 trillion, involving almost 15,000 investors.

This event is, in any case, very embarrassing, especially in relation to the Islamic finance industry. It can be said that this case has tarnished the Islamic finance industry in the midst of the not-so-easy challenges in developing the market share of Islamic finance and could hinder efforts to increase trust in the Islamic finance industry in Indonesia, a country with a majority Muslim population.

In fact, what happened was a violation of the principles of Islamic economics which are based on profit sharing and also justice. And it is a violation of trust and honesty because of the fraud committed by the management of PT Dana Syariah Indonesia against the funds of the people who are investors in the company.

In Islam, the practice of fraud is a very invalid practice. This fraud is also in direct conflict with what is stated in QS Al Qassash verse 77 which means “And seek in what Allah has given you of the pleasures of the Hereafter, and do not forget your share of the world, and do good as Allah has done good to you, and do not make mischief on the earth. Indeed, Allah does not like the mischief-makers.”

The fraudulent event at PT Dana Syariah Indonesia shows that building the Islamic finance industry is not enough just by having professional managerial skills and also the ability to understand the concept of fiqh muamalah or the concept of Islamic business law. However, it must also be accompanied by deep Islamic religiosity. Islamic religiosity cannot be separated in the development of the Islamic finance industry because religiosity itself is an important factor in Islam.

In research related to Islamic religiosity, there is a scale of measurement of religiosity that exists in Islam itself which was carried out by El-Menouar (2014) as a development of the concept of multidimensional religiosity.

Among them are the belief and faith in Allah SWT, including in this case the rituals or awareness to carry out worship activities where in this also includes carrying out the pilgrimage to the Holy Land of Mecca Al Mukarramah and fasting in the holy month of Ramadan.

Then, activities related to worship such as the routine of performing prayers, including saying the word Bismillah, which in the study was stated with Basmalah.

The next indicator is knowledge of Islam and what is in the Al-Quran and the last is what are the consequences that must be lived if a person becomes a Muslim, both from the beginning of his birth or when he decides to convert from his previous beliefs to then become a Muslim.

In this part, what is presented as an indicator is the willingness to not eat and drink what is not allowed in Islam such as pork and also alcoholic beverages, willing to have his wedding reception held with a separation of guests, both men and women and not shaking hands with people of the opposite sex because it is categorized as not mahram.

Therefore, it can be seen that the concept of good Islamic religiosity should also be an example of how an Islamic financial institution that is definitely based on the concept of Islamic Sharia law muamalah is run. As is known, in the Islamic perspective, fraud and deception are invalid behaviors and are also declared unfortunate by Allah Ta’ala.

Among them, as stated in the Al-Quran surah Al-Mukmin verse 28 which states “Indeed, Allah does not guide the transgressors and the liars.” Meanwhile, in muamalah activities, including muamalah in Islamic financial institutions, if carried out without leaving fraudulent behavior, it will also eliminate the blessings in it.

This is seen in the hadith of the Prophet Sallahu Alaihi Wassalam as narrated by Bukhari and Muslim, which means “… then if it is true and clear, both of them are blessed in the sale and purchase, but if it conceals and lies, then the blessing is erased from the sale and purchase.”

In relation to Islamic religiosity, it may now need to be a consideration for regulators such as the Financial Services Authority to also include aspects of commitment and religiosity of prospective managers of Islamic financial institutions in their selection process.

And or in granting permits for new Islamic financial institutions to prevent cases like PT Dana Syariah Indonesia from happening again. Because the stakes are very high, where we must realize that Islamic financial and business institutions are not just ordinary business institutions. There is a name of the community and religion embedded in it.