IMPLEMENTATION OF SHARIA TRADE CONTRACT IN THE DEVELOPMENT OF THE INDONESIAN E-COMMERCE MARKET

Like many developed countries, Indonesia is experiencing a rapid growth of e-commerce. To grow the economy and to protect both online buyers and sellers, e-commerce requires special attention from the Indonesian authorities. One way to achieve this is by integrating Islamic principles, including the Sharia Trade Contract, into e-commerce transactions, since Islam is the dominant religions in Indonesia. This study aims at assessing the implementation of Sharia trade contract as well as analysing the prospect of Sharia contract in the development of e-commerce in Indonesia, the world's No. 5 internet user behind Brazil, USA, India and China. The study involves a socio-legal research drawing on empirical data. It seeks to address the question as to how to implement Sharia trade contract in e-commerce and what are the prospects of Sharia contract in the development of e-commerce market. Research results show that Sharia trade contract exists in the form of a single and hybrid contracts. Like any trade agreements, these contracts are agreed to either legitimately or illegitimately. The research also reveals that Sharia trade contract, especially single contract, can be developed and implemented within ecommerce transactions to boost e-commerce market in Indonesia.