Revitalization of Sharia Securities-Based Crowdfunding: A Regulatory Review and Its Impact on Halal MSME Development

Authors

  • Afif Noor Fakultas Syari’ah dan Hukum Universitas Islam Negeri Walisongo Semarang, Indonesia
  • Moh. Arifin Fakultas Syari’ah dan Hukum Universitas Islam Negeri Walisongo Semarang, Indonesia
  • Mohammad Reza Fachruddin Fakultas Syari’ah dan Hukum Universitas Islam Negeri Walisongo Semarang, Indonesia

DOI:

https://doi.org/10.38035/jlph.v4i5.540

Keywords:

Sharia Securities-based Crowdfunding, Halal MSMEs, Regulation, Economic Development

Abstract

Sharia Securities-Based Crowdfunding (Sharia SBC) has significant potential in supporting the development of halal MSMEs in Indonesia. Halal MSMEs often face limited access to conventional financing The presence of Sharia SBC, based on information technology, can serve as an alternative source of funding in accordance with Sharia principles for halal MSMEs. This study aims to examine the regulations governing Sharia SBC and its impact on the development of halal MSMEs. The research method used is a qualitative approach with descriptive analysis. Data is collected from secondary sources such as literature studies, and analysis of regulatory documents. The results indicate that mature and comprehensive regulations are crucial to support the success of Sharia SBC. Existing regulations, such as the Financial Services Authority Regulation Number 57 of 2020 amended by OJK Regulation No. 16/POJK.04/2021 of 2021 provide a basic framework for the operation of Sharia SBCs. However, challenges persist, including the lack of Sharia financial literacy among MSMEs and investors, as well as the need to enhance technological infrastructure and accessibility of the SBC platform. Properly regulated, Sharia SBCs can enhance halal MSMEs' access to capital, thereby boosting their business growth and sustainability. Optimizing regulations and improving education and infrastructure are essential to maximizing the potential of Sharia SBC in supporting the development of halal MSMEs in Indonesia.

References

Afif Noor, Moh. Arifin, Deni Parama Widia Astuti, Maria Anna Muryani, Noor Rosyidah, Dwi Wulandari, A.-S. M. A. (2023). Revolutionizing Indonesia ’ s financial landscape?: The impact of information technology on the growth of financial technology start-ups. Multidisciplinary Reviews, 6(4), e2023031.

Annur, C. M. (2023). Populasi Muslim Indonesia Terbanyak di Asia Tenggara, Berapa Jumlahnya? https://databoks.katadata.co.id/datapublish/2023/10/19/populasi-muslim-indonesia-terbanyak-di-asia-tenggara-berapa-jumlahnya

Araszkiewicz, M., Francesconi, E., & Zurek, T. (2021). Identification of Contradictions in Regulation. Frontiers in Artificial Intelligence and Applications, 346, 151–160. https://doi.org/10.3233/FAIA210331

Badan Penyelenggara Jaminan Produk Halal. (2024). Dasboard Sertifikasi Halal. http://olap.halal.go.id/public/dashboard/a774d4d4-dd72-4e27-8a62-2801f6f08f3c

Dharmajaya, M. A., Haykal, H., & Seftiadi, Y. (2023). Penguatan Regulasi Pemberdayaan Usaha Mikro Kecil dan Menengah (UMKM) di Indonesia dalam Rangka Peningkatan Ekonomi Masyarakat. Fokus Bisnis Media Pengkajian Manajemen Dan Akuntansi, 22(2), 164–177. https://doi.org/10.32639/fokbis.v22i2.688

Fandika, H., Rakasiwi Syamsuddin, F., & Andriyansah. (2024). Adaptasi Karyawan UMKM terhadap Perubahan Lingkungan Bisnis untukMeningkatkan Kinerja. Jurnal Penelitian Inovatif (JUPIN), 4(2), 491–498. https://jurnal-id.com/index.php/jupin

Fathoni, M. A. (2020). Potret Industri Halal Indonesia: Peluang dan Tantangan. Jurnal Ilmiah Ekonomi Islam, 6(3), 428. https://doi.org/10.29040/jiei.v6i3.1146

Fathoni, M. A. (2021). Kesadaran Konsumen Terhadap Makanan Halal Di Indonesia. In Cv. Pena Persada (Issue July 2021). https://doi.org/10.31237/osf.io/34au9

Febrian, L. D., & Kristianti, I. (2020). Identifikasi Faktor Eksternal dan Internal Yang Mempengaruhi Perkembangan UMKM (Studi Kasus Pada Umkm di Kabupaten Magelang). Journal of Economic, Management, Accounting and Technology, 3(1), 23–35. https://doi.org/10.32500/jematech.v3i1.799

Fitri, Z. E., & Jumiono, A. (2021). Sertifikasi Halal Produk Olahan Pangan. Jurnal Ilmiah Pangan Halal, 3(2), 1–7. https://doi.org/10.30997/jiph.v3i2.9676

Friedman, L. M. (1975). The Legal System: A Social Science Perspective. Russell Sage Foundation.

Hakim, L. (2022). MenkopUKM Pastikan Sertifikasi Halal Produk UMKM Bakal Dipercepat. https://ambon.antaranews.com/berita/142337/menkopukm-pastikan-sertifikasi-halal-produk-umkm-bakal-dipercepat

Hariani, D. (2023). Potensi dan Strategi Pengembangan UMKM Halal di Indonesia. Jurnal Ilmu Ekonomi Manajemen Dan Akuntansi MH Thamrin, 4(1), 76–91.

Harris, H. (2001). Content analysis of secondary data: A study of courage in managerial decision making. Journal of Business Ethics, 34(3–4), 191–208. https://doi.org/10.1023/A:1012534014727

Hasan, N. A. (2023). Strategi Pemberdayaan UMKM Guna Menuntaskan Kemiskinan Melalui Securities Crowdfunding Syariah Berbasis Sukuk?: Studi Kasus Daerah Bantul. 2(6), 372–384.

KADIN. (2024). UMKM Indonesia. https://kadin.id/data-dan-statistik/umkm-indonesia/

Kustinah, Endah Mudiyatul and Nisa, F. L. (2024). Peran Bank Syariah dalam Mendukung Pertumbuhan Sektor Halal di Indonesia. Jurnal Rumpun Manajemen Dan Ekonomi, 1(3), 357–366.

Limanseto, H. (2023). Siaran Pers Kementerian Koordinator Bidang Perekonomian RI. Eko.Go.Id. https://ekon.go.id/publikasi/detail/5318/dorong-umkm-naik-kelas-dan-go-export-pemerintah-siapkan-ekosistem-pembiayaan-yang-terintegrasi

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

Noor, A. (2022). The Legal Regulatory Framework of Sharia Securities Crowdfunding in Indonesia. Masalah-Masalah Hukum, 51(4), 433–444. https://doi.org/10.14710/mmh.51.4.2022.433-444

Noor, A. (2023). Socio-Legal Research: Integration of Normative and Empirical Juridical Research in Legal Research. Jurnal Ilmiah Dunia Hukum, 7(2), 94–112.

Noor, A., Ahamat, H., Marzuki, I., Wulandari, D., Junaidi, A. A., Lisdiyono, E., & Trisnawati, B. (2021). Regulation and consumer protection of fintech in Indonesia. Linguistics and Culture Review, 6(August 2021), 49–63. https://doi.org/10.21744/lingcure.v6ns3.1938

Noor, A., Marzuki, I., Saputro, E., & Habib, M. A. (2023). Overcoming Regulatory Hurdles in the Indonesian Crowdfunding Landscape. Volksgeist: Jurnal Ilmu Hukum Dan Konstitusi, 6(2), 245–260. https://doi.org/10.24090/volksgeist.v6i2.9447

Pahlevi, R. (2022). Nilai Konsumsi Produk Halal Indonesia per Sektor (2020 & 2025). https://databoks.katadata.co.id/datapublish/2022/03/15/konsumsi-produk-halal-tiap-sektor-indonesia-diproyeksikan-meningkat-pada-2025

Puspaningtyas, L. (2024). Mengenal Securities Crowd Funding, Solusi Pendanaan dan Investasi untuk UMKM Naik Kelas. https://ekonomi.republika.co.id/berita/sev3op502/mengenal-securities-crowd-funding-solusi-pendanaan-dan-investasi-untuk-umkm-naik-kelas

Said, A. A. (2022). Konsumsi Produk Halal Indonesia Ditaksir Capai Rp 4.033 T pada 2025. https://katadata.co.id/finansial/makro/622f10bbbc328/konsumsi-produk-halal-indonesia-ditaksir-capai-rp-4033-t-pada-2025

Siagian, Ade Onny and Indra, N. (2019). Pengetahuan Akuntansi Pelaku Usaha Mikro Kecil dan Menengah (UMKM) Terhadap Laporan Keuangan. Syntax Literate?: Jurnal Ilmiah Indonesia, 4(12), 17–35.

Silalahi, W. (2020). Penataan Regulasi Berkualitas Dalam Rangka Terjaminnya Supremasi Hukum. Jurnal Hukum Progresif, 8(1), 56–66. https://doi.org/10.14710/hp.8.1.56-66

Sutarsih, E. (2023). Literasi dan Inklusi: Keuangan Syariah sebagai Fundamental Kesejahteraan UMKM: Edukasi Bisnis Akses Keuangan Syariah untuk UMKM Santri di Yogyakarta. As-Syar’i: Jurnal Bimbingan & Konseling Keluarga, 5(3), 1130–1149. https://doi.org/10.47467/as.v5i3.5628

Tobing, L. (2015). Modal Minimal untuk Melakukan Pencatatan Saham di Bursa. https://www.hukumonline.com/klinik/a/modal-minimal-untuk-melakukan-pencatatan-saham-di-bursa-lt51cac2ebd1ca3/

Wijaya, V. (2021). Perubahan Paradigma Penataan Regulasi Di Indonesia. Jurnal Rechts Vinding: Media Pembinaan Hukum Nasional, 10(2), 167. https://doi.org/10.33331/rechtsvinding.v10i2.712

Downloads

Published

2024-07-24

How to Cite

Noor, A., Arifin, M., & Reza Fachruddin, M. (2024). Revitalization of Sharia Securities-Based Crowdfunding: A Regulatory Review and Its Impact on Halal MSME Development. Journal of Law, Politic and Humanities, 4(5), 1626–1635. https://doi.org/10.38035/jlph.v4i5.540

Issue

Vol. 4 No. 5 (2024): (JLPH) Journal of Law, Politic and Humanities (July-August 2024)

Section

Articles

License

Copyright (c) 2024 Afif Noor, Moh. Arifin, Mohammad Reza Fachruddin

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish their manuscripts in this journal agree to the following conditions:

  1. The copyright on each article belongs to the author(s).
  2. The author acknowledges that the Journal of Law, Poliitic and Humanities (JLPH) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
  3. Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Journal of Law, Poliitic and Humanities (JLPH).