FINANCIAL INCLUSION OF MSMES THROUGH SHARIA CROWDFUNDING
DOI:
https://doi.org/10.36526/sosioedukasi.v14i4.6896Keywords:
sharia crowdfunding, MSMEs, FinancingAbstract
This study aims to analyze the development of Islamic crowdfunding as an alternative financing instrument for Micro, Small, and Medium Enterprises (MSMEs) and its challenges in strengthening financial inclusion within Indonesia’s Islamic economic ecosystem. The research focuses on examining the dynamics of Sharia-based crowdfunding platforms, their regulatory framework, the implementation of Sharia principles, and the challenges faced by MSMEs in accessing digital financing. A qualitative approach was employed through in-depth interviews with academics, practitioners, and Islamic finance experts, supported by secondary data from industry reports, OJK regulations, and relevant literature. Data were analyzed using the Miles and Huberman interactive model, consisting of data reduction, data display, and conclusion drawing. The findings show that Islamic crowdfunding has grown significantly as a response to the limited access of MSMEs to formal financial institutions. Platforms such as Ammana and Santara play an important role in facilitating Sharia-compliant financing through profit-sharing contracts such as mudharabah and musyarakah. National statistics indicate strong market growth, with Sharia-based securities crowdfunding accounting for 52.1% of total SCF funding in 2024. However, several challenges persist, including low Sharia literacy, limited digital skills among MSMEs, regulatory inconsistencies, and gaps in technological infrastructure. The study concludes that Islamic crowdfunding contributes meaningfully to MSME financial inclusion and supports the expansion of Indonesia’s Islamic economic sector. To optimize its impact, stronger regulatory harmonization, continuous literacy programs, technological improvement, and stakeholder collaboration are required to enhance trust, accessibility, and Sharia compliance.
References
Abrar, M., & Dawood, T. C. (2024). Political and Institutional Economics. USK Press.
ALUDI. (2025). Indonesian Sharia Crowdfunding Statistics Report 2024. Indonesian Crowdfunding Service Association.
Alyaafi, M., & Andhera, M. R. (2023). Riba in the view of the Qur'an and hadith. Sigli Journal of Social Humanities, 290–294(6), 1.
Anggito, A., & Setiawan, J. (2018). Qualitative Research Methodology. Publisher Footprint (Publisher Footprint).
Ardyan, E., Boari, Y., Akhmad, A., Yuliyani, L., Hildawati, H., Suarni, A., & Judijanto, L. (2023). Qualitative and Quantitative Research Methods: Qualitative and Quantitative Methods Approaches in Various Fields. Pt. Sonpedia Publishing Indonesia.
Aribowo, W. G., Bakti, N. S., Rizkaputra, F. A., Indartini, M., & Warnaningtyas, H. (2024). Sharia Securities Crowdfunding as an Alternative to MSME Funding. JAMER: Independent Accounting Journal, 5(2).
DinarStandard. (2023). State of the Global Islamic Economy Report. In DinarStandard. https://haladinar.io/hdn/doc/report2018.pdf
DSN-MUI (2020).
Eprianti, N., Ibrahim, M. A., & Srisusilawati, P. (2024). Crowdfunding Financing in the View of Islam. Al-Afkar, Journal For Islamic Studies, 7(3), 302–309.
Febriyani, D., & Mursidah, I. (2021). Islamic Economy and Banking in the Digital Era. Muamalatuna, 12(2), 1–14. https://doi.org/10.37035/mua.v12i2.3969
Halim, A., & Safrudin, R. (2024). Study on the Development of Sharia Crowd Funding in Indonesia on MSME Funding Solutions. El-Iqtishady: Journal of Sharia Economic Law, 6(2).
Miles & Huberman. (2014). Qualitative Data Analysis (3rd ed.). Sage Publication, Inc.
Mohd Noh, M. S., Nor Azelan, S. H., & Zulkepli, M. I. S. (2024). A Review On Gharar Dimension In Modern Islamic Finance Transactions. Journal Of Islamic Accounting And Business Research.
OJK. (2023a). Indonesia's Sharia Financial Outlook.
OJK. (2023b). Roadmap for the Development and Strengthening of Indonesian Islamic Banking (RP3SI) 2023-2027. In Financial Services Authority. https://ojk.go.id/id/berita-dan-kegiatan/info-terkini/Documents/Pages/Roadmap-Pengembangan-dan-Penguatan-Perbankan-Syariah-Indonesia-2023-2027/Roadmap Development and Strengthening of Indonesian Islamic Banking %28RP3SI%29 2023-2027 %281%29.pdf
Pangestu, D. A. (2023). The use of blockchain technology in sharia financial transactions. State Islamic University of North Sumatra.
Prianto, A. (2023). Development of Village Bum as an Export Promotion Industry with a New Institutional Approach in Winong Village, Pasuruan, East Java Province. Journal of Publishing, 6(1), 640–658.
Rama. (2023). Shariah Crowdfunding: Concept and Empirical Studies. JIsEB, 2(1), 43–61.
Reuters, T. (2023). Global Islamic Finance Review. https://www.zawya.com
Rofiullah, A. H. (2024). Analysis of the Implementation of Sharia Principles in Modern Economic Transactions. Lex Economica Journal, 2(2), 127–141.
Salsabila, F., Hasibuan, P. M., Harahap, S. M., & Silalahi, P. R. (2023). Analysis of the Use of Sharia Financial Technology (Fintech) in the Perspective of Islamic Economics. Journal of Management and Business Economics Research, 2(1), 149–157.
Sipota, G. J., Walewangko, E. N., & Masloman, I. (2024). Analysis of Inclusive Economic Growth in Reducing Poverty in Talaud Islands Regency. Journal of Scientific Periodical Efficiency, 24(3).
Wahab, A. (2023). Sharia Economic Counseling for PKK Women Ngeni Waru Sidoarjo (Getting to Know Sharia Banks). Karunia: Journal of Indonesian Community Service Results, 2(2), 102–111.
Wahyuni, R. (2022). Sharia Crowdfunding in the Perspective of Islamic Law and Indonesian Regulations. Al-Mashlahah Journal, 13(1), 23–36.
Widya, W., Vidiati, C., & Dpp, G. N. (2024). Innovation and Development of Sharia Fintech as a Modern Financial Solution Based on Sharia Principles. Co-Value Journal of Cooperative Economics and Entrepreneurship, 15(7).
Yudha, A. T. R., Amiruddin, A. R., Kaffah, A. F., & Nadhifa, Z. (2020). Sharia Fintech: Theory and Application. Scopindo Media Pustaka.
Yuliyani, Y. (2015). The concept and strategic role of sharia economics on poverty issues. Iqtishadia, 8(1).
Zahrah, F., & Rahayu, S. (2024). Barriers and opportunities for inclusive and sustainable economic development in the archipelago: a critical literature review. Journal of Archipelago, 3(1), 67–81.
.png)
