The Potential For Gharar and Monopoly in Grab’s Acquisition Of Goto: A Sharia Economic Perspective on Indonesia’s Digital Market

Abstract

The rapid consolidation of Indonesia’s digital economy marked by platform giants like Grab, Gojek, and Tokopedia raises urgent concerns about market fairness, transparency, and ethical conduct. One particularly significant development is the rumored acquisition of GoTo by Grab, which could reshape the competitive landscape of digital transport, fintech, and e-commerce. This study investigates the potential presence of gharar (excessive uncertainty) and ihtikar (monopoly) within the context of Islamic economic ethics. The primary aim of this research is to analyze the structure and implications of the Grab-GoTo acquisition through the lens of Shariah, focusing on the principles of ‘adl (justice), maslahah (public benefit), and la dharar wa la dirar (no harm and no reciprocation of harm). Using a qualitative descriptive-analytical approach, this study employs a literature review method, drawing data from official reports, regulatory documents (KPPU, OJK, Law No. 5/1999), DSN-MUI fatwas, and peer-reviewed journals. Content analysis is applied to examine asymmetries in information, speculative valuations, and the market dominance likely to arise post-acquisition. Findings indicate the presence of significant gharar, particularly in the areas of valuation opacity and information asymmetry, which may disadvantage retail investors. Moreover, the acquisition risks forming a digital ihtikar by centralizing control over consumer data and essential digital services, potentially harming competition and limiting consumer choice. These outcomes challenge core Islamic economic values and necessitate stronger ethical and regulatory interventions. The study concludes that while digital consolidation may yield economic efficiencies, it must be closely regulated to avoid ethical violations and structural harm. Further research is encouraged to develop Shariah-aligned antitrust frameworks capable of addressing emerging complexities in digital markets.