Securities Crowdfunding (SCF) Syariah Berbasis Sukuk Sebagai Solusi Permodalan UMK Halal Di Indonesia
Keywords:
SCF, Sukuk, MSEs, Halal
Abstract
The significant role of halal Micro and Small Enterprises (MSEs) in Indonesia's economy and the challenges they face in accessing capital from conventional financial institutions. With the rise of digital financial technologies, Sharia-based Securities Crowdfunding (SCF) platforms using sukuk offer a promising alternative for providing halal-compliant funding to these enterprises, facilitating their growth and contribution to the halal industry. Therefore, The purpose of this research is to evaluate the feasibility of using Sharia-based Securities Crowdfunding (SCF) with sukuk as an alternative financing solution for halal Micro and Small Enterprises (MSEs) in Indonesia. The proposed method utilizes a prospective analysis to determine the viability of a sukuk-based Sharia SCF using qualitative descriptive research methods, including literature studies, are employed to delve more into the findings of the analysis. The study's findings indicate that sukuk-based Sharia SCF can serve as a viable alternative source of business capital that is assured to be halal. MSE actors have the opportunity to enhance their business by leveraging the SCF provider platform in Indonesia, which offers attractive investment returns. SHAFIQ and LBS Crowdfunding are platforms that facilitate the execution of sharia-compliant investments, specifically sukuk. Enforcing halal certification as a requirement can serve as a catalyst for the growth of the Micro, Small, and Medium Enterprises (MSE) sector in Indonesia, positioning it as a key player in the halal industry by 2024. The research implies that sukuk-based Sharia Securities Crowdfunding (SCF) can significantly improve capital access for halal Micro and Small Enterprises (MSEs) in Indonesia, fostering their growth and sustainability. This approach also strengthens Indonesia's position in the global halal market by ensuring halal compliance in financing.
References
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Biancone, P. P., Secinaro, S., & Kamal, M. (2019). Crowdfunding and Fintech: Business model sharia compliant. European Journal of Islamic Finance, 1–10.
Bin-Nashwan, S. A., Muneeza, A., & Kunhibava, S. (2022). What motivates retail investors to invest in government-issued digital sukuk during COVID-19? Journal of Islamic Accounting and Business Research, 13(3), 393–424.
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Chiesa, C. D., & Handke, C. (2020). Crowdfunding. In Handbook of Cultural Economics, Third Edition (pp. 158–167). Edward Elgar Publishing.
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Herzi, A. A. (2016). A comparative study of asset based and asset backed Sukuk from the Shariah compliance perspective. The Journal of Muamalat and Islamic Finance Research, 25–34.
Ishak, M. S. I., & Rahman, M. H. (2021). Equity-based Islamic crowdfunding in Malaysia: A potential application for mudharabah. Qualitative Research in Financial Markets, 13(2), 183–198.
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Khan, M. B., Ghafoorzai, S. A., Patel, I., & Shehbaz, D. M. (2021). Waqf based Islamic Fintech Model for Agriculture Sector of Indonesia. International Journal of Business Ethics and Governance (IJBEG), 4(1), 73–85. https://doi.org/10.51325/ijbeg.v4i1.61
Khan, M. T. I., Yee, G. H., & Gan, G. G. G. (2023). Antecedents of Intention to Use Online Peer-to-Peer Platform in Malaysia. Vision: The Journal of Business Perspective, 27(5), 680–694. https://doi.org/10.1177/09722629211039051
Klein, P.-O., & Weill, L. (2016). Why Do Companies Issue Sukuk? Review of Financial Economics, 31, 26–33. https://doi.org/10.1016/j.rfe.2016.05.003
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Majid, R., & Maulana, A. (2023). The Initial Discussions of MSMEs’ Green Sukuk Through Islamic Securities Crowdfunding: Behavioral Intentions Study of Prospective Investors. 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloqium (ICIEBP 2022), 316–343. https://www.atlantis-press.com/proceedings/iciebp-22/125987848
Majid, R., & Nugraha, R. A. (2022). Crowdfunding and Islamic Securities: The Role of Financial Literacy. Journal of Islamic Monetary Economics and Finance, 8(1), 89–112. https://doi.org/10.21098/jimf.v8i1.1420
Maruf, I. R. (2024). Application of Maqashid Sharia Principles In Islamic Security Crowdfunding Contracts in Indonesia. Jurnal Sosial Sains Dan Komunikasi, 2(2), Article 2.
Masitoh, S. (2021). Sektor Industri Halal Memiliki Potensi Besar dalam Perekonomian Nasional. Nasional.Kontan.Co.Id.
Matthew, M. B., & Michael, H. A. (1992). Analisa Data Kualitatif. Universitas Indonesia (UI-Press).
Moritz, A., & Block, J. H. (2016). Crowdfunding: A Literature Review and Research Directions. In Crowdfunding in Europe: State of the Art in Theory and Practice (pp. 25–53). Springer Cham. https://doi.org/10.1007/978-3-319-18017-5
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Nasir, A., & Farooq, U. (2017). Analysis of value at risk of Sukuk and conventional bonds in Pakistan. Journal of Islamic Accounting and Business Research, 8(4), 375–388. https://doi.org/10.1108/JIABR-01-2014-0004
Nguyen, L. T. P., Muthaiyah, S., Sy, M. O., & Kalabeke, W. (2021). P2P Lending platforms in Malaysia: The awareness among Malaysian adults. F1000Research, 10. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9403355/
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Rahman, M. P., Mohd Thas Thaker, M. A., & Duasa, J. (2020). Developing a Sharīʿah-compliant equity-based crowdfunding framework for entrepreneurship development in Malaysia. ISRA International Journal of Islamic Finance, 12(2), 239–252. https://doi.org/10.1108/IJIF-07-2018-0085
Ramadhani, N. I. P., & Dirkareshza, R. (2021). Penyelesaian Sengketa Terhadap Risiko yang Dihadapi Pemodal Pada Securities Crowdfunding di Indonesia. Jurnal Ius Constituendum, 6(2), 306–327. https://doi.org/10.26623/jic.v6i2.3774
Ryandono, M. N. H., Wijayanti, I., & Kusuma, K. A. (2020). Determinants of Investment In Islamic Crowdfunding. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 11(1), 70–87. https://doi.org/10.18326/muqtasid.v11i1.70-87
Sailendra, Suratno, & Tampubolon, M. (2021). Tatakelola Keuangan dan Akses Permodalan UMKM Terhadap Perbankan dalam Meningkatkan dan Pengembangan Nilai Ekonomi Usaha: UMKM Pujasera Cempaka Putih Jakarta Pusat. CAPACITAREA : Jurnal Pengabdian Kepada Masyarakat Universitas Pancasila, 1(1), 24–34. https://doi.org/10.35814/capacitarea.2021.001.
Saiti, B., Musito, M. H., & Yucel, E. (2018). Islamic crowdfunding: Fundamentals, developments and challenges. Islamic Quarterly. http://openaccess.izu.edu.tr/xmlui/handle/20.500.12436/861
Shaid, N. J. (2022). Catat Daftar Fintech Securities Crowdfunding Syariah Resmi yang Kantongi Izin OJK. Kompas.Com. https://money.kompas.com/read/2022/03/27/174902126/daftar-fintech-securities-crowdfunding-syariah-yang-dapat-izin-ojk?page=all#page1
Steinhoff, R. H. (2015). The next British invasion is securities crowdfunding: How issuing non-registered securities through the crowd can succeed in the United States. U. Colo. L. Rev., 86, 661.
Strengthening the Domestic Halal Industry. (2021). https://pradananusantara.com/2018/01/17/strengthening-the-domestic-halal-industry/
Suci, Y. R. (2017). Perkembangan UMKM (Usaha Mikro Kecil dan Menengah) di Indonesia. Jurnal Ilmiah Cano Ekonomos, 6(1), 51–58.
Suryanto. (2021). Securities Crowdfunding: Transformation of Financing of Small and Medium Enterprises in Indonesia. AdBispreneur: Jurnal Pemikiran Dan Penelitian Administrasi Bisnis Dan Kewirausahaan, 6(2), 163–171. https://doi.org/10.24198/adbispreneur.v6i2.33225
Tomczak, A., & Brem, A. (2013). A Conceptualized Investment Model of Crowdfunding. Venture Capital, 15(4), 335–359. https://doi.org/10.1080/13691066.2013.847614
Wasiuzzaman, S., Chong, L. L., & Ong, H. B. (2022). Influence of perceived risks on the decision to invest in equity crowdfunding: A study of Malaysian investors. Journal of Entrepreneurship in Emerging Economies, 14(2), 208–230.
Zhang, R., & Wang, R. (2016). The Risk of Securities-based Crowd-funding in China and its Preventive Measures. 7th Annual Meeting of Risk Analysis Council of China Association for Disaster Prevention (RAC-2016), 525–530. https://www.atlantis-press.com/proceedings/rac-16/25863517
Ahmad, N., Daud, S. N. M., & Kefeli, Z. (2012). Economic Forces and the Sukuk Market. Procedia - Social and Behavioral Sciences, 65, 127–133. https://doi.org/10.1016/j.sbspro.2012.11.101
Aman, A. U., Naim, A. M., & Isa, M. Y. (2019). What Determines Sukuk Market Development? New Theoretical Insights. Global Review of Islamic Economics and Business, 7(1), 21–27. https://doi.org/10.14421/grieb.2019.071-02
Astuti, N. K., Suhariningsih, S., Sukarmin, S., & Hamidah, S. (2021). MSME Funding with Securities Crowdfunding in Indonesia and the People’s Economic System. The 1st International Conference on Law and Human Rights (ICLHR), 88. https://books.google.com/books?hl=id&lr=&id=5a1jEAAAQBAJ&oi=fnd&pg=PA88&dq=+crowdfunding+MSME&ots=qeKe00-Ulr&sig=1l4300JPKz7RyqxgI3B1K-HQOiQ
Ayuwuragil, K. (2017). Kemenkop UKM: 3,79 Juta UMKM Sudah Go Online. CNN Indonesia.
Azganin, H., Kassim, S., & Saad, A. A. (2021). Islamic P2P crowdfunding (IP2PC) platform for the development of paddy industry in Malaysia: An operational perspective. Journal of Islamic Finance, 10(1), 65–75.
Biancone, P. P., Secinaro, S., & Kamal, M. (2019). Crowdfunding and Fintech: Business model sharia compliant. European Journal of Islamic Finance, 1–10.
Bin-Nashwan, S. A., Muneeza, A., & Kunhibava, S. (2022). What motivates retail investors to invest in government-issued digital sukuk during COVID-19? Journal of Islamic Accounting and Business Research, 13(3), 393–424.
Chemla, G., & Tinn, K. (2020). Learning Through Crowdfunding. Management Science, 66(5), 1783–1801. https://doi.org/10.1287/mnsc.2018.3278
Chiesa, C. D., & Handke, C. (2020). Crowdfunding. In Handbook of Cultural Economics, Third Edition (pp. 158–167). Edward Elgar Publishing.
Cumming, D. J., Johan, S., & Reardon, R. (2023). Governance and success in US securities-based crowdfunding. Available at SSRN 3950966. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3950966
DinarStandard. (2020a). State of the Global Islamic Economy Report 2020/21. DinarStandard.
DinarStandard. (2020b). State of the Global Islamic Economy Report: Thriving in Uncertainty. DinarStandard.
Elhaj, M. Abulgasem. A., Muhamed, N. A., & Ramli, N. M. (2015). The Influence of Corporate Governance, Financial Ratios, and Sukuk Structure on Sukuk Rating. Procedia Economics and Finance, 31, 62–74. https://doi.org/10.1016/S2212-5671(15)01132-6
Fasa, M. I. (2016). Sukuk: Teori dan Implementasi. Li Falah: Jurnal Studi Ekonomi Dan Bisnis Islam, 1(1), 80–94. https://doi.org/10.31332/lifalah.v1i1.476
Fathoni, M. A. (2020). Potret Industri Halal Indonesia: Peluang dan Tantangan. Jurnal Ilmiah Ekonomi Islam, 6(3), 428–435. https://doi.org/10.29040/jiei.v6i3.1146
Fatwa DSN-MUI No. 140/DSN-MUI/VIII/2021 Tentang Penawaran Efek Syariah Melalui Layanan Urun Dana Berbasis Teknologi Informasi Berdasarkan Prinsip Syariah (Islamic Securities Crowd Funding) (2021).
Hakim, R., & Yudha, A. T. R. C. (2021). UMKM Halal dan Ketahanan Ekonomi Indonesia. Insight (Islamic Economy Bulletin), 1–42.
Hastuti, E. S. (2017). Sukuk Tabungan: Investasi Syariah Pendorong Pembangunan Ekonomi Inklusif. Jurnal Jurisprudence, 7(2), 114–122.
Herzi, A. A. (2016). A comparative study of asset based and asset backed Sukuk from the Shariah compliance perspective. The Journal of Muamalat and Islamic Finance Research, 25–34.
Ishak, M. S. I., & Rahman, M. H. (2021). Equity-based Islamic crowdfunding in Malaysia: A potential application for mudharabah. Qualitative Research in Financial Markets, 13(2), 183–198.
Ivanov, V., & Knyazeva, A. (2017). US securities-based crowdfunding under Title III of the JOBS Act. DERA White Paper. https://www.afterthepitch.com/wp-content/uploads/2022/09/Title-III-rules-and-regulations-for-investors-and-founders.pdf
Junusi, R. El. (2020). Digital Marketing During the Pandemic Period; A Study of Islamic Perspective. Journal of Digital Marketing and Halal Industry, 2(1), 15–28. https://doi.org/10.21580/jdmhi.2020.2.1.5717
Khan, M. B., Ghafoorzai, S. A., Patel, I., & Shehbaz, D. M. (2021). Waqf based Islamic Fintech Model for Agriculture Sector of Indonesia. International Journal of Business Ethics and Governance (IJBEG), 4(1), 73–85. https://doi.org/10.51325/ijbeg.v4i1.61
Khan, M. T. I., Yee, G. H., & Gan, G. G. G. (2023). Antecedents of Intention to Use Online Peer-to-Peer Platform in Malaysia. Vision: The Journal of Business Perspective, 27(5), 680–694. https://doi.org/10.1177/09722629211039051
Klein, P.-O., & Weill, L. (2016). Why Do Companies Issue Sukuk? Review of Financial Economics, 31, 26–33. https://doi.org/10.1016/j.rfe.2016.05.003
KNEKS. (2022). Modul Securities Crowdfunding (SCF) Syariah untuk Investor. Komite Nasional Ekonomi dan Keuangan Syariah (KNEKS).
Majid, R., & Maulana, A. (2023). The Initial Discussions of MSMEs’ Green Sukuk Through Islamic Securities Crowdfunding: Behavioral Intentions Study of Prospective Investors. 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloqium (ICIEBP 2022), 316–343. https://www.atlantis-press.com/proceedings/iciebp-22/125987848
Majid, R., & Nugraha, R. A. (2022). Crowdfunding and Islamic Securities: The Role of Financial Literacy. Journal of Islamic Monetary Economics and Finance, 8(1), 89–112. https://doi.org/10.21098/jimf.v8i1.1420
Maruf, I. R. (2024). Application of Maqashid Sharia Principles In Islamic Security Crowdfunding Contracts in Indonesia. Jurnal Sosial Sains Dan Komunikasi, 2(2), Article 2.
Masitoh, S. (2021). Sektor Industri Halal Memiliki Potensi Besar dalam Perekonomian Nasional. Nasional.Kontan.Co.Id.
Matthew, M. B., & Michael, H. A. (1992). Analisa Data Kualitatif. Universitas Indonesia (UI-Press).
Moritz, A., & Block, J. H. (2016). Crowdfunding: A Literature Review and Research Directions. In Crowdfunding in Europe: State of the Art in Theory and Practice (pp. 25–53). Springer Cham. https://doi.org/10.1007/978-3-319-18017-5
Mujar, N. A., & Hassan, N. (2020). The Economics Of Halal Industry. Seminar UICW 2014, 3, 1–15.
Nasir, A., & Farooq, U. (2017). Analysis of value at risk of Sukuk and conventional bonds in Pakistan. Journal of Islamic Accounting and Business Research, 8(4), 375–388. https://doi.org/10.1108/JIABR-01-2014-0004
Nguyen, L. T. P., Muthaiyah, S., Sy, M. O., & Kalabeke, W. (2021). P2P Lending platforms in Malaysia: The awareness among Malaysian adults. F1000Research, 10. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9403355/
Parhusip, D., Murwadji, T., & Mulyati, E. (2022). Jaminan Performa Sebagai Solusi Permasalahan Permodalan UMKM di Marketplace. Jurnal Hukum Dan Kenotariatan, 6(2), 752–768. https://doi.org/10.33474/hukeno.v6i2.15240
Pietro, F. Di. (2020). The Geography of Crowdfunding. In Crowdfunding for Entrepreneurs (pp. 31–60). Routledge. https://doi.org/10.4324/9780429319785-5
Pratami, J. F., Danarahmanto, P. A., Nugraha, N., & Sari, M. (2022). Business Strategy on the Success of Sharia Securities Crowdfunding: Indonesian Sharia Crowdfunding Pioneer. IJEBD (International Journal of Entrepreneurship and Business Development), 5(1), 27–34.
Rahman, M. P., Mohd Thas Thaker, M. A., & Duasa, J. (2020). Developing a Sharīʿah-compliant equity-based crowdfunding framework for entrepreneurship development in Malaysia. ISRA International Journal of Islamic Finance, 12(2), 239–252. https://doi.org/10.1108/IJIF-07-2018-0085
Ramadhani, N. I. P., & Dirkareshza, R. (2021). Penyelesaian Sengketa Terhadap Risiko yang Dihadapi Pemodal Pada Securities Crowdfunding di Indonesia. Jurnal Ius Constituendum, 6(2), 306–327. https://doi.org/10.26623/jic.v6i2.3774
Ryandono, M. N. H., Wijayanti, I., & Kusuma, K. A. (2020). Determinants of Investment In Islamic Crowdfunding. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 11(1), 70–87. https://doi.org/10.18326/muqtasid.v11i1.70-87
Sailendra, Suratno, & Tampubolon, M. (2021). Tatakelola Keuangan dan Akses Permodalan UMKM Terhadap Perbankan dalam Meningkatkan dan Pengembangan Nilai Ekonomi Usaha: UMKM Pujasera Cempaka Putih Jakarta Pusat. CAPACITAREA : Jurnal Pengabdian Kepada Masyarakat Universitas Pancasila, 1(1), 24–34. https://doi.org/10.35814/capacitarea.2021.001.
Saiti, B., Musito, M. H., & Yucel, E. (2018). Islamic crowdfunding: Fundamentals, developments and challenges. Islamic Quarterly. http://openaccess.izu.edu.tr/xmlui/handle/20.500.12436/861
Shaid, N. J. (2022). Catat Daftar Fintech Securities Crowdfunding Syariah Resmi yang Kantongi Izin OJK. Kompas.Com. https://money.kompas.com/read/2022/03/27/174902126/daftar-fintech-securities-crowdfunding-syariah-yang-dapat-izin-ojk?page=all#page1
Steinhoff, R. H. (2015). The next British invasion is securities crowdfunding: How issuing non-registered securities through the crowd can succeed in the United States. U. Colo. L. Rev., 86, 661.
Strengthening the Domestic Halal Industry. (2021). https://pradananusantara.com/2018/01/17/strengthening-the-domestic-halal-industry/
Suci, Y. R. (2017). Perkembangan UMKM (Usaha Mikro Kecil dan Menengah) di Indonesia. Jurnal Ilmiah Cano Ekonomos, 6(1), 51–58.
Suryanto. (2021). Securities Crowdfunding: Transformation of Financing of Small and Medium Enterprises in Indonesia. AdBispreneur: Jurnal Pemikiran Dan Penelitian Administrasi Bisnis Dan Kewirausahaan, 6(2), 163–171. https://doi.org/10.24198/adbispreneur.v6i2.33225
Tomczak, A., & Brem, A. (2013). A Conceptualized Investment Model of Crowdfunding. Venture Capital, 15(4), 335–359. https://doi.org/10.1080/13691066.2013.847614
Wasiuzzaman, S., Chong, L. L., & Ong, H. B. (2022). Influence of perceived risks on the decision to invest in equity crowdfunding: A study of Malaysian investors. Journal of Entrepreneurship in Emerging Economies, 14(2), 208–230.
Zhang, R., & Wang, R. (2016). The Risk of Securities-based Crowd-funding in China and its Preventive Measures. 7th Annual Meeting of Risk Analysis Council of China Association for Disaster Prevention (RAC-2016), 525–530. https://www.atlantis-press.com/proceedings/rac-16/25863517
Published
2023-06-14
Section
Articles
Copyright (c) 2023 Syamsyuri Syamsuri, Ahmad Havid Jakiyudin, muhamad budi wicaksono
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
