Crowdfunding Syariah dan Celah Kepatuhan: Antara Fatwa dan Fakta
DOI:
https://doi.org/10.30863/aliqtishad.v18i1.11550Keywords:
Islamic Fintech, Crowdfunding, Contract, DSN-MUI, MSMEs, Shariah ComplianceAbstract
This study aims to analyze the compliance of Islamic fintech crowdfunding practices in Indonesia with Sharia principles and national regulations, particularly DSN-MUI Fatwa No. 117/DSN-MUI/II/2018 and POJK No. 57/2020. A qualitative-comparative approach was employed through case studies on four Islamic fintech platforms: Ammana, DanaSyariah, Qazwa, and Ethis. Data were collected through document analysis, terms of service. The findings reveal that although all platforms claim to comply with Sharia standards and regulations, potential deviations exist in practice, such as fixed-return arrangements, unclear contract structures for inexperienced investors, and possible conflicts of interest due to the platforms' dual roles. While digital technologies enhance efficiency, they are not yet supported by adequate Sharia literacy. The study concludes that Islamic crowdfunding fintech holds great potential to support MSME financing fairly and inclusively, but requires improved education, contract transparency, and Sharia-based risk mitigation innovation.
References
Baber, Hasnan. “Examining the Intentions to Use Crowdfunding Platform - An Extended Technology Acceptance Model.” International Journal of Services, Economics and Management 12, no. 2 (2021): 149–63. https://doi.org/10.1504/IJSEM.2021.117226.
Hafizhah, Aqilah, and Novien Rialdy. “Konsep Crowdfunding Di Indonesia Dalam Perspektif Syariah Compliance.” Journal of Islamic Economics and Finance 1, no. 2 (2024): 173–78. https://journal.ppmi.web.id/index.php/joieaf/article/view/1727.
Ishak, Muhammad Shahrul Ifwat, and Nur Syahirah Mohammad Nasir. “The Applicability of Islamic Crowdfunding as an Alternative Funding for Micro-Entrepreneurs in Malaysia.” Qualitative Research in Financial Markets 16, no. 3 (2024): 548–64. https://doi.org/10.1108/QRFM-12-2022-0202.
KILIÇ, Gökmen. “The Emergence of Islamic Fintech and Its Applications.” International Journal of Islamic Economics and Finance Studies, 2023. https://doi.org/10.54427/ijisef.1328087.
Muhammad, Rifqi, and Ayu Yuningsih. “Shariah Compliance Analysis of Islamic Crowdfunding: Case Study of Ethiscrowd.com.” IQTISHODUNA: Jurnal Ekonomi Islam 9, no. 1 (2020): 75. https://doi.org/10.36835/iqtishoduna.v9i1.472.
Nordin, Norhafiza, and Zaemah Zainuddin. “A REVIEW OF A FINTECH FINANCING PLATFORM: POTENTIAL AND CHALLENGES OF ISLAMIC CROWDFUNDING TO ENTREPRENEURS.” International Journal of Islamic Business 8, no. 1 (2023): 79–90. https://doi.org/10.32890/ijib2023.8.1.5.
Rachmawati, Irma, and Mohd Zakhiri Md Nor. “Legal And Shariah Framework of Crowdfunding in Batling Covid-19: Some Observation in Indonesia.” BiLD Law Journal 6, no. 2 (2021): 1–9.
Ramli, Habibah S, and Muhammad Shahrul Ifwat Ishak. “Equity-Crowdfunding in Malaysia: The Needs for A Comprehensive Shariah Governance.” The Journal of Management Theory and Practice (JMTP) 3, no. 1 (2022): 48–55. https://doi.org/10.37231/jmtp.2022.3.1.204.
Ramli, Habibah Solehah, Muhammad Shahrul Ifwat Ishak, and Nur Syahirah Mohammad Nasir. “A COMPREHENSIVE SHARIAH GOVERNANCE FRAMEWORK FOR ISLAMIC EQUITY CROWDFUNDING: A QUALITATIVE ANALYSIS.” Journal of Governance and Regulation 12, no. 4 Special Issue (2023): 333–43. https://doi.org/10.22495/jgrv12i4siart13.
Rasyid, Muthiah Az-Zahra, Ro’fah Setyowati, and Islamiyati Islamiyati. “CROWDFUNDING SYARIAH UNTUK PENGEMBANGAN PRODUK PERBANKAN SYARIAH DARI PERSPEKTIF SHARIAH COMPLIANCE.” Diponegoro Law Journal 6, no. 4 (2017): 1–16. https://doi.org/10.14710/dlj.2017.19778.
Sudarwanto, Al Sentot, Dona Budi Kharisma, and Diana Tantri Cahyaningsih. “Islamic Crowdfunding and Shariah Compliance Regulation: Problems and Oversight.” Journal of Financial Crime 31, no. 4 (2024): 1022–36. https://doi.org/10.1108/JFC-01-2023-0003.
Sulaiman, Sagir Muhammad, Yusuf Muhammad, and Muhammad Abdulaziz Muhammad. “AN ASSESSMENT OF THE INTENTION TO ACCEPT THE SHARIAH-COMPLIANT CROWDFUNDING MODE OF FINANCING IN BORNO STATE, NIGERIA.” Journal of Islamic Monetary Economics and Finance 7, no. 4 (2021): 687–708. https://doi.org/10.21098/jimf.v7i4.1271.
Downloads
Published
Issue
Section
Citation Check
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with Al-Iqtishad: Jurnal Ekonomi Syariah agree to the following terms:
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
