The management of sharia-based P2P lender Dana Syariah Indonesia (DSI), which is facing a backlash after it froze 3,001 lender accounts, has met with the lenders’ association, Paguyuban Lender DSI, to discuss the platform’s failure to make repayments and agreed on a one-year roadmap to resolve the crisis.
Both sides have agreed on a set of commitments that will be jointly submitted to the Financial Services Authority (OJK) to move the issue towards resolution, representatives from the company said at a press conference in Jakarta today.
The meeting, on Tuesday (November 18), reached four points of agreement.
First, Paguyuban will be formally designated as the sole official representative of all DSI lenders. Both sides will request that OJK recognise the Paguyuban’s role to centralise communication and streamline the repayment process.
Second, DSI will also form a Resolution Implementation Body (BPP), which will include representatives from the Paguyuban. The task force will operate under a formal charter outlining its mandate and division of responsibilities. Paguyuban delegates will support the operational work of the BPP, while Paguyuban’s primary function remains that of an independent supervisor overseeing the entire repayment programme.
Third, both sides have agreed to a one-year settlement timeline—from November 18 2025, to November 18 2026. The first 2-4 weeks will be spent on preparatory steps, including seeking OJK’s endorsement of Paguyuban’s official status. The BPP will then begin work, with teams assigned to collections, asset sales and data verification—a process DSI described as complex due to the need to validate each lender’s records.
“We hope it can be completed faster than one year. But one year is the most realistic estimate based on the stages required,” DSI’s CEO Taufiq Aljufri was quoted as saying by local media.
Fourth, DSI plans to provide regular online updates, including weekly virtual meetings, to report progress made. The company said the BPP’s initial phase is expected to take up to six months, during which it will verify lender data, process asset sales, and pursue collections.
Any remaining repayments will be addressed in the months that follow, although DSI emphasised that the timeline will depend on conditions in the field. The company is committed to keeping all lenders informed through its official communication channels.
Adlun Al Ahkaam, Paguyuban’s deputy chair, who’s also one of DSI’s lenders, said that following the meeting, DSI committed to return lender funds in full—including principal, profit shares, and outstanding returns. “Our role is to ensure that lenders’ rights are restored properly and that every step of the process is carried out as it should be,” he said.
As of November 18, 2025, the value of verified frozen accounts of DSI rose to 1 trillion rupiah (around $78.33 million) from 3,312 lenders, according to data compiled by Paguyuban. The figure consists of 464.36 billion rupiah tied to ongoing projects, 538.60 billion rupiah from completed but unpaid projects, and 1.60 billion rupiah categorised as unclassified.
This marks a sharp rise from the 920.9 billion rupiah (around $55 million) reported on November 14 involving around 3,001 lenders, as more affected lenders have come forward amid increasing media attention. Around 5,000 lenders have registered, but verification is still ongoing.
“Some submitted data may not be accurate, so we need to ensure that those who register are truly DSI lenders,” Adlun concluded.
Dana Syariah Indonesia, founded in 2017, focuses on property financing under two sharia structures—wakalah bil ujrah and murabahah. Under wakalah bil ujrah, the platform acts as an agent for the lender and charges a management fee, while the murabahah structure is a cost-plus sale where the asset is sold to the borrower at a disclosed markup.
Indonesia’s P2P lending industry, once hailed for its potential to bring about financial inclusion, is facing a credibility crisis. DealStreetAsia had reported recently that the system faces several hurdles, including a non-standardised system of credit scoring, opaque borrower screening practices, the lack of credit insurance, and inconsistent regulatory enforcement by the OJK.
Several high-profile players in the country—including Investree, TaniHub, KoinWorks, Akseleran, iGrow, and Crowde—are embroiled in legal or financial distress.
