Layanan Urun Dana Shariah (Sharia Equity Crowdfunding) Bagi Umkm, Mana Yang Harus Jadi Prioritas?

Atika Rukminastiti Masrifah

Abstract


Equity crowdfunding has emerged as one of many alternative financing options chosen by start-ups that cannot be financed by banks. There have been numerous studies conducted on equity crowdfunding. However, there have been few studies on Sharia equity crowdfunding. This research is expected to provide start-ups with the priorities they need to pursue in the use of Sharia equity crowdfunding, analyze their problems, and develop authority strategies to develop Sharia equity crowdfunding in Indonesia using the Interpretative Structural Modeling (ISM) approach. According to the findings of the study, information disclosure is still regarded as a critical issue in the development of Sharia equity crowdfunding. The main strategy for developing Sharia equity crowdfunding is the existence of regulations as a foundation for community protection and security, as well as Sharia aspects such as Sharia declarations, contractual aspects, Sharia issuers, Sharia stock instruments, Sharia banks as transaction intermediaries, and the Sharia Supervisory Board, which thoroughly oversees and evaluates them. Furthermore, Sharia equity crowdfunding is highly recommended as a financing solution for start-ups. As a result, it was deemed critical for this study to create a Sharia equity crowdfunding model as a form of advanced acceleration to provide new budgeting for a start-up, which then graduates to a sustainable business.

Keywords


Start-up Business; Sharia Equity Crowdfunding; Information Disclosure; Interpretive Structural Modelling

Full Text:

PDF

References


Abdullah, S., & Oseni, U. A. (2017). Towards a Sharī‘Ah Compliant Equity -Based Crowdfunding For The Halal Industry In Malaysia. International Journal of Business and Society, 18(1).

Abidin, Z. (2019). Analisis Penerapan Islamic Good Corporate Governance (IGCG) pada Bank Pembiayaan Rakyat Syariah Hikmah Wakilah Banda Aceh. Tadabbur: Jurnal Peradaban Islam, 1(2).

Achsien, I. H., & Purnamasari, D. L. (2016). Islamic Crowd-funding as the Next Financial Innovation in Islamic Finance : Potential and Anticipated Regulation in Indonesia. European Journal of Islamic Finance, 5.

Ahlers, G. K. C., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice.

Aloui, C., Hammoudeh, S., & Hamida, H. ben. (2015). North American Journal of Economics and Finance Global factors driving structural changes in the co-movement between sharia stocks and sukuk in the Gulf Cooperation Council countries. North American Journal of Economics and Finance, 31.

Amuna, Y. M. A. (2019). Entrepreneurship, Crowdfunding Platforms and Sponsors Interaction. International Journal of Academic Management Science Research (IJAMSR), 3(1).

Andaleeb, U., & Mishra, A. K. (2016). Equity Crowdfunding in Shariah Compliant Nations : an outlook in the middle-east. Global Journal of Finance and Management, 8(1).

Ascarya, Gunadi, W., Cahyono, W., Anwar, E., & Syarifuddin, F. (2012). Strategi Meningkatkan Preferensi Perbankan Syariah Indonesia dalam Menggunakan Pembiayaan Bagi Hasil. Central Banking Education and Studies Department, Bank Indonesia.

Attri, R., Dev, N., & Sharma, V. (2013). Interpretive Structural Modelling (ISM) approach : An Overview. Research Journal of Management Sciences, 2(2).

Awaluddin. (2016). Pasar Modal Syariah : Analisis Penawaran Efek Syariah di Bursa Efek Indonesia. Maqdis: Jurnal Kajian Ekonomi Islam, 1(2).

Barata, A. (2019). Strengthening National Economic Growth and Equitable Income through Sharia Digital. Journal of Islamic Monetary Economics and Finance, 5(1).

Beaulieu, T., Sarker, S., & Sarker, S. (2016). A Conceptual Framework for Understanding Crowdfunding a Conceptual Framework for Understanding Crowdfunding. Communications of the Association for Information Systems, 37(8).

Belleflamme, P., & Lambert, T. (2014). Crowdfunding : Some Empirical Findings and Microeconomic Underpinnings. Revue Bancaire et Financi`ere.

Bhattacharya, S., & Momaya, K. S. (2009). Interpretive Structural Modeling of Growth Enablers in Construction Companies. Singapore Management Review, 31(1).

Biancone, P. Pietro, & Secinaro, S. (2016). The Equity Crowdfunding Italy: a Model Sharia Compliant. European Journal of Islamic Finance IV, 5.

Biancone, P. Pietro, Secinaro, S., & Kamal, M. (2019). Crowdfunding and Fintech : Business Model Sharia Compliant. European Journal of Islamic Finance, 12.

Busenits, W. D. L., Matusik, S., Towndend, D., Anglin, A., & Dushnitsky, G. (2017). A Review and Road Map of Entrepreneurial Equity Financing Research: Venture Capital, Corporate Venture Capital, Angel Investment, Crowdfunding , and Accelerators. Journal of Management, XX(X).

Đurđenić, K., & Ll, M. (2016). Crowdfunding – Croatian Legal Perspective and Comparison to Other Sources of Financing.

Finance, A. I. of. (2017). Crowdfunding Malaysia’s Sharing Economy : Alternative Financing for Micro, Small and Medium Enterprises.

Hamdani, Basri, Y. Z., Khomsiyah, & Surbakti, S. (2019). Implementation of Islamic Work Values in Realizing Sharia Good Corporate Governance and Its Implications in Stakeholders Oriented Values (SOV) and Financial Performance of Islamic Banking in Indonesia. Journal of Economics and Business, 2(2).

Hamzah, L. M., & Agustien, D. (2019). Pengaruh Perkembangan Usaha Mikro, Kecil, dan Menengah Terhadap Pendapatan Nasional pada Sektor UMKM Di Indonesia. Jurnal Ekonomi Pembangunan, 8(2).

Hornuf, L., & Schmitt, M. (2016). Success and Failure in Equity Crowdfunding. CESifo DICE Report, 14(2).

Indonesia, G. B. (2009). Peraturan Bank Indonesia No. 11/33/PBI/2009 Tentang Pelaksanaan Good Corporate Governance Bagi Bank Umum Syariah dan Unit Usaha Syariah.

Injas, M. M. yousef, Haron, M. S., Ramli, R., & Injas, R. A. (2016). The Importance of the Shari’ah Supervisory Boards (SSBS) in the Islamic Banking System. South East Asia Journal of Contemporary Business, Economics and Law, 9(2).

Ivashchenko, A., Britchenko, I., Dyba, M., Polishchuk, Y., Sybirianska, Y., & Vasylyshen, Y. (2018). Fintech Platforms in SME’s Financing : Eu Experience and Ways of Their Application in Ukraine. Investment Management and Financial Innovations, 15(3).

Jabeen, F., & Faisal, M. N. (2018). Imperatives For Improving Entrepreneurial Behavior among Females in the UAE. Gender in Management: An International Journal Emerald Publishing Limited.

Jena, J., Sidharth, S., Thakur, L. S., Pathak, D. K., & Pandey, V. C. (2017). Total Interpretive Structural Modeling (TISM): Approach and Application. Journal of Advances in Management Research, 14(2).

Juliardi, D. (2017). Model Good Corporate Governance dari Perspektif Syariah untuk Mengatasi Permasalahan Penerapan Corporate Governance di Indonesia. Indonesia Sebagai Kiblat Ekonomi Syariah.

Jummaini, Azis, N., Faisal, & Basri, H. (2019). Intellectual Capital and Financial Performance : The Role of Good Corporate Governance (Study on Islamic Banking in Indonesia). Social Sciences on Sustainable Development for World Challenge.

Komisioner, D., & Indonesia, O. J. K. (2015). Peraturan Otoritas Jasa Keuangan No. 15/POJK.04/2015 Tentang Penerapan Prinsip Syariah di Pasar Modal.

Lin, L. (2017). Managing the Risks of Equity Crowdfunding : Lessons from China. Journal of Corporate Law Studies, 17(2).

Liu, P., Li, Q., Bian, J., Song, L., & Xiahou, X. (2018). Using Interpretative Structural Modeling to Identify Critical Success Factors for Safety Management in Subway Construction : A China Study. International Journal of Environmental Research and Public Health, 15.

Lubis, P., & Zulam, S. Bin. (2016). Analisis Faktor-Faktor yang Memengaruhi Permintaan Investasi di Indonesia. Jurnal Perspektif Ekonomi Darussalam, 2(2).

Miglietta, N., Battisti, E., & Graziano, E. A. (2018). Equity Crowdfunding and Risk Management : The Attitude of Italian Platforms: Springer International Publishing.

MIKTI Indonesia Digital Creative Industry Society. (2018). Mapping dan Database Startup Indonesia 2018. In Badan Ekonomi Kreatif Indonesia.

Mokhtarrudin, A., Masrurah, I. M. K., & Muhamad, S. C. R. (2017). Crowdfunding as a Funding Opportunity for Youth Start-Ups in Malaysia. Pertanika Journals Social Sciences & Humanities, 25.

Moritz, A., Block, J., & Lutz, E. (2015). Investor communication in equity-based crowdfunding: a qualitative-empirical study. Qualitative Research in Financial Markets, 7(3).

Muneeza, A., Arshad, N. A., & Arifin, A. T. (2018). The Application of Blockchain Technology in Crowdfunding : Towards Financial Inclusion via Technology. International Journal of Management and Applied Research, 5(2).

Othman, R. (2010). Islamic Social Reporting of Listed Companies in Malaysia. International Business & Economics Research Journal, 9(4).

Otoritas Jasa Keuangan Republik Indonesia. (2018). Peraturan Otoritas Jasa Keuangan Republik Indonesia Nomor 37/POJK.04/2018. Tentang Layanan Urun Dana Melalui Penawaran Saham Berbasis Teknologi Informasi (Equity Crowdfunding). Peraturan Otoritas Jasa Keuangan.

Pardiansyah, E. (2017). Investasi dalam Perspektif Ekonomi Islam: Pendekatan Teoritis dan Empiris. Economica: Jurnal Ekonomi Islam, 8(2).

Piliyanti, I. (2018). Fintech Achieving Sustainable Development the Side Perspective of Crowdfunding Platform. Shirkah Journal of Economics and Business, 3(2).

Piva, E., & Rossi-lamastra, C. (2017). Human Capital Signals and Entrepreneurs’ Success in Equity Crowdfunding. Small Business Economics.

Prabowo, B. A., & Jamal, J. bin. (2017). Peranan Dewan Pengawas Syariah terhadap Praktik Kepatuhan Syariah dalam Perbankan Syariah di Indonesia. Jurnal Hukum Ius Quia Iustum Faculty of Law, 24(1).

Prawirasasra, K. P. (2018). Financial Technology in Indonesia : Disruptive or Collaborative ? Reports on Economics and Finance, 4(2).

Ralcheva, A., & Roosenboom, P. (2016). On the Road to Success in Equity Crowdfunding. Presented at the 33rd International Conference of the French Finance Association in Liege, Belgium, at the 2016 ENTFIN Conference in Lyon, France, and the 14th Corporate Finance Day in Antwerp, Belgium.

Rusydiana, A. S. (2018a). Aplikasi Interpretive Structural Modeling untuk Strategi Pengembangan Wakaf Tunai di Indonesia. Jurnal Ekonomi Dan Bisnis Islam, 4(1).

Rusydiana, A. S. (2018b). Developing Islamic Financial Technology in Indonesia. Hasanuddin Economics and Business Review, 2(2).

Saksonova, S., & Kuzmina-Merlino, I. (2017). Fintech as Financial Innovation-the Possibilities and Problems of Implementation. European Research Studies Journal, XX(3).

Sianipar, M. (2012). Penerapan Intrepretative Structural Modeling (ISM) dalam Penentuan Elemen Pelaku dalam Pengembangan Kelembagaan Sistem Bagi Hasil Petani Kopi Dan Agroindustri Kopi. Agrointek, 6(1).

Stasik, A. (2018). How do We Study Crowdfunding ? An Overview of Methods and Introduction to New Research Agenda. Journal of Management and Business Administration. Central Europe, 26(1).

Thaker, M. A. bin M. T. (2018). Modelling SMES’ Behavioral Intention to Adopt Islamic Crowdfunding-Small And Medium Enterprises (ICMES) Model as a Source of Financing in Malaysia. Journal of Islamic Monetary Economics and Finance, 4(2).

Thakkar, J., Kanda, A., & Deshmukh, S. G. (2008). Interpretive Structural Modeling (ISM) of IT-enablers for Indian Manufacturing SMEs. Information Management & Computer Security, 16(2).

Tomczak, A., & Brem, A. (2013). Venture Capital : An International Journal of Entrepreneurial Finance a Conceptualized Investment Model of Crowdfunding. Venture Capital, 15(4).

Vismara, S. (2016a). Equity Retention and Social Network Theory in Equity Crowdfunding. Small Business Economics, 46(4).

Vismara, S. (2016b). Information Cascades Among Investors in Equity Crowdfunding. Entrepreneurship Theory and Practice.

Vulkan, N., Åstebro, T., & Fernandez, M. (2016). Equity Crowdfunding : A New Phenomena. Journal of Business Venturing Insights, 5.

Wahjono, S. I., Marina, A., & Widayat. (2015). Islamic Crowdfunding : Alternative Funding Solution. 1st World Islamic Social Science Congress.

Waltho, X., Schwienbacher, A., & Vanacker, T. (2018). Equity crowdfunding : First Resort or Last Resort ? Journal of Business Venturing, 33.

Watson, R. H. (1978). Interpretive Structural Modeling-a Tool for Technology Assessment? Technological Forecasting and Social Change, 11.

Wilson, K. E., & Testoni, M. (2014). Improving the Role of Equity Crowdfunding in Europe's Capital Markets. Bruegel Policy Contribution, 9.




DOI: http://dx.doi.org/10.29040/jiei.v7i3.2854

Refbacks

  • There are currently no refbacks.


Jurnal Ilmiah Ekonomi Islam, ISSN 2477-6157 l E-ISSN 2579-6534

Creative Commons License

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

web analytics

situs toto