Islamic Financial Literacy and Regulatory Framework in the Implementation of Equity Crowdfunding in Indonesia

Maieva Wulan Dari; Raden Arfan Rifqiawan

doi:10.24235/jm.v10i1.18932

Islamic Financial Literacy and Regulatory Framework in the Implementation of Equity Crowdfunding in Indonesia

Maieva Wulan Dari^(1*), Raden Arfan Rifqiawan⁽²⁾,

(1) UIN Walisongo Semarang
(2) UIN Walisongo Semarang
(*) Corresponding Author

Abstract

Sharia investment through Equity Crowdfunding (ECF) has become one of the main pillars in developing the Islamic financial system in Indonesia. Although it is regulated by OJK Regulation No. 57/POJK.04/2020 and strengthened by the DSN-MUI fatwa, the implementation of Sharia-compliant ECF still faces significant challenges. This study aims to analyse the legal framework of Sharia ECF in Indonesia, evaluate compliance with its principles in its practices, and identify challenges related to financial literacy and legal protection for investors and issuers. The research method used is a normative legal approach with qualitative analysis through a literature review of relevant regulations, fatwas, and legal documents. The findings show that the low level of financial literacy and inadequate supervision of ECF platforms affect investor participation and the effectiveness ..of legal protection. Based on these findings, the study recommends the massive enhancement of financial literacy, strengthening Sharia-based supervision, and developing Sharia dispute resolution mechanisms to create a fair, sustainable, and inclusive Islamic capital market.

Keywords: Equity Crowdfunding; Islamic Investment; Financial Literacy; Regulation.

Full Text:

PDF

References

Ahmad, S., Anggraeni, N., & Pambudi, A. K. (2020). A. Djazuli’s Thinking Regarding Ḥifẓu al-Ummah: Dismissing the Entangled Bureaucracy to Commemorate the Era of Society 5.0. De Jure: Jurnal Hukum dan Syar’iah, 12(1), 86–101. https://doi.org/10.18860/j-fsh.v12i1.8700

Aziz, F. A. (2020). Menakar Kesyariahan Fintech Syariah di Indonesia. Al-Manahij: Jurnal Kajian Hukum Islam, 14(1), 1–18. https://doi.org/10.24090/mnh.v14i1.3567

Azwar, A., & Jamaluddin, J. (2024). Securities crowdfunding as a source of capital and alternative investment in the maqāṣid al-sharī’ah perspective: Indonesian case. Journal of Management and Muamalah, 14(2), 99–118.

Barkah, Q., Sa, R., Is, M. S., Andriyani, A., & Bt Ismail, A. (2024). Legal Transformation of Indonesian Sharia Banks Towards Digital Banking in the Era of Industrial Revolution 4.0. Al-’Adalah, 21(2), 347. https://doi.org/10.24042/adalah.v21i2.21254

Batubara, Y. (2021). Fitur Transaksi Platform Gojek: Paylater dalam Tinjauan Hukum Islam dan Fatwa No. 116/DSN-MUI/IIX/2017 tentang Uang Elektronik Syariah. El-Mashlahah, 11(1), 60–77. https://doi.org/10.23971/elma.v11i1.2626

Dai, R. M. (2020). Fintech as a catalyst for growth of micro, small and medium enterprises in Indonesia. Academy of Strategic Management Journal, 19(5), 1–12.

Fatwa DSN-MUI No. 107/DSN-MUI/II/2020 tentang Equity Crowdfunding dalam Pasar Modal Syariah. (2020). Dewan Syariah Nasional - Majelis Ulama Indonesia.

Hafizhah, A., & Rialdy, N. (2024). Konsep Crowdfunding di Indonesia dalam Perspektif Syariah Compliance. Journal of Islamic Economics and Finance, 1(2). https://doi.org/10.70248/joieaf.v1i2.1727

Handoyo, S., & Anas, S. (2024). The effect of environmental, social, and governance (ESG) on firm performance: the moderating role of country regulatory quality and government effectiveness in ASEAN. Cogent Business & Management, 11(1), 2371071.

Hardy, T. (2021). Digging into deterrence: an examination of deterrence-based theories and evidence in employment standards enforcement. International Journal of Comparative Labour Law and Industrial Relations, 37(2/3).

Hasibuan, F. U., & Wahyuni, R. (2020). Pengaruh Pengetahuan Masyarakat dan Minat Penerapan Nilai Islam Terhadap Keputusan Menggunakan Tabungan Perbankan Syariah (Studi Kasus Masyarakat Kota Langsa). Jurnal Ilmiah Ekonomi Islam, 6(1), 22–33.

Hasil Survei Nasional Literasi Dan Inklusi Keuangan Tahun 2024. (2024). Otoritas Jasa Keuangan (OJK). https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-dan-BPS-Umumkan-Hasil-Survei-Nasional-Literasi-dan-Inklusi-Keuangan-Tahun-2024.aspx

Kadir, M. R. (2021). Sistem Equity Crowdfunding (ECF) Dalam Hukum Di Indonesia. Az-Zarqa’: Jurnal Hukum Bisnis Islam, 13(1). https://doi.org/10.14421/azzarqa.v13i1.2242

Kadir, S., & Salfianur, S. (2021). Pelatihan Ekonomi Mikro Syariah Dalam Meningkatkan Literasi Keuangan Syariah Bagi Masyarakat Desa Bulu-Bulu Kab. Bone Dan Siwa Kab. Wajo. E-Amal: Jurnal Pengabdian Kepada Masyarakat, 1(3), 467–480.

Miftaqurromah, Y. (2021). Pengaruh Citra Perusahaan, Tingkat Keagamaan, Gaya Hidup, Persepsi, dan Promosi Terhadap Minat Menjadi Nasabah Bank Syariah di Kota Blitar. Juornal of Economics and Policy Studies, 2(2), 37–48.

Muala, A. (2020). Reposisi Ekonomi Islam Di Era Globalisasi Perspektif Maqashid Syari’ah. JIL: Journal of Islamic Law, 1(1), 45–63. https://doi.org/10.24260/jil.v1i1.17

Nasrullah, A. (2017). Upaya Peningkatan Partisipasi Masyarakat Dalam Pengunaan Produk dan Jasa Lembaga Keuangan Mikro Syariah (LKMS) Sebagai Salah Satu Pilar Sistem Keuangan Nasional. PROSIDING, 1(8), 14–29.

Nurlaeli, I., & Sarpini, S. (2022). Peningkatan Financial Literacy dan Implementasi Sistem Ekonomi Syariah bagi Guru Ekonomi dan Pegawai Lembaga Keuangan Syariah (BMT) di Sokaraja Banyumas. Jurnal Literasi Pengabdian Dan Pemberdayaan Masyarakat, 1(2), 91–102.

Octaviani, R., Pamesti, P. I., & Heradhyaksa, B. (2021). Review of Equity Crowdfunding Practices through Santara.id in the Perspective of Islamic Economic Law. Al-Ahkam, 31(2), 161–182. https://doi.org/10.21580/ahkam.2021.31.2.9014

Peraturan Otoritas Jasa Keuangan No. 57/POJK.04/2020 tentang layanan urun dana berbasis teknologi informasi (POJK No. 57/POJK.04/2020). (2020). Otoritas Jasa Keuangan. https://www.ojk.go.id

Popa Tache, C. E., & Săraru, C. S. (2024). Evaluating today’s multi-dependencies in digital transformation, corporate governance and public international law triad. Cogent Social Sciences, 10(1), 2370945.

Pradini, A. Y., & Faozan, A. (2023). Sharia financial literacy and inclusion: opportunities and challenges. Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah, 8(2), 205–214.

Pradini, Anez Yuniar & A Faozan. (2024). Sharia Financial Literacy and Inclusion: Opportunities and Challenges. Al-Mustashfa: Jurnal Hukum Ekonomi Syariah, 8(2), 205-214. https://doi.org/10.24235/jm.v8i2.15406

Pratama, H. (2023). Penyelesaian sengketa equity crowdfunding syariah melalui kelembagaan alternative dispute resolution terintegrasi. El-Iqthisadi: Jurnal Hukum Ekonomi Syariah Fakultas Hukum dan Syariah, 6(1), 220–235. https://doi.org/10.24252/el-iqthisady.vi.42256

Pratama, H. (2024). Penyelesaian Sengketa Equity Crowdfunding Syariah Melalui Kelembagaan Alternative Dispute Resolution Terintegrasi. Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking, 8(1). https://doi.org/10.35448/jiec.v8i1.22353

Prayitno, G., & Setyowati, R. (2020). The Existence of Sharia Supervisory Board in Sharia Fintech: Legal Basis and Problematic in Indonesia. Syariah: Jurnal Hukum dan Pemikiran, 20(2), 135. https://doi.org/10.18592/sjhp.v20i2.4060

Rahmawati, L., Tanjung, I., & El Badriati, B. (2018). Analisis Permintaan dan Perilaku Konsumen Fintech Syariah Model Crowdfunding. Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah, 2(1), 35–49. https://doi.org/10.33650/profit.v2i1.552

Redzuan, N. H., Kassim, S., & Shaharuddin, S. S. (2024). Literature Review on Islamic Crowdfunding. Islamic Sustainable Finance, 170–184.

Rifani, D., Soemitra, A., & Nurlaila, N. (2025). Pengaruh Literasi Keuangan, Edukasi Sekolah Pasar Modal, dan Gaya Hidup Generasi Z terhadap Minat Berinvestasi Saham Syariah. Jurnal Akuntansi Dan Keuangan Islam, 13(1), 5–30.

Rifqiawan, R. A. & others. (2025). Legal and Accounting Review of Sharia Fintech Financial Reports on Official Websites. Al-Ahkam, 35(1), 59–86. https://doi.org/10.21580/ahkam.2025.35.1.23544

Rifqiawan, R. A. (2025). Rekonstruksi Regulasi Fintech Syariah: Referensi Hukum dan Akuntansi untuk Inklusifitas Bisnis. Darbooks Media.

Rohmah, Z. F., Arta, A., Huda, Q., & Nurrohman, D. (2024). Peran Regulasi Sebagai Landasan Hukum Bagi Pertumbuhan Lembaga Keuangan Syariah Di Indonesia: Peluang Dan Tantangan. Maro: Jurnal Ekonomi Syariah Dan Bisnis, 7(1), 1–13. https://doi.org/10.31949/maro.v7i1.5792

Santi, E., Budiharto, & Saptono, H. (2017). Pengawasan Otoritas Jasa Keuangan Terhadap Financial Technology (Peraturan Otoritas Jasa Keuangan Nomor 77/POJK.01/2016). Diponegoro Law Journal, 6(3), 1–20. https://doi.org/10.14710/dlj.2017.19683

Scholz, J. T. (1997). Enforcement policy and corporate misconduct: the changing perspective of deterrence theory. Law and Contemporary Problems, 60(3), 253–268.

Selasi, D., Nurpitasari, S., & Saputri, M. (2024). Pengaruh Literasi Keuangan Syariah terhadap Minat Investasi pada Pasar Modal Syariah. SANTRI : Jurnal Ekonomi Dan Keuangan Islam, 2(6), 289–297. https://doi.org/10.61132/santri.v2i6.1141

Shalihah, Dr. F., Marwa, M. H. M., Alwajdi, M. F., & Putranti, D. (2022). Equity Crowdfunding di Indonesia. UAD Press.

Tripalupi, R. I. (2020). Equity Crowdfunding Syari’ah Dan Potensinya Sebagai Instrumen Keuangan Syari’ah Di Indonesia. ADLIYA: Jurnal Hukum dan Kemanusiaan, 13(2), 229–246. https://doi.org/10.15575/adliya.v13i2.6440

Virdi, I. (2022). Kajian Hukum Terhadap Pengembangan Fintech Syariah Di Indonesia. Jurnal Hukum & Pembangunan: Vol, 52(1), 190–219.

Virgiawan, R., & Luthfiani, D. S. (2023). The Role of Equity Crowdfunding Business Model in Improving Employee Welfare Based on Maqashid Shari’ah Perspective: Case Study of SMEs listed in Santara Platform. Jurnal Ilmiah Ekonomi Islam, 9(3), 3198. https://doi.org/10.29040/jiei.v9i3.10779

Wilantini, C., & Fadllan, F. (2021). Equity Crowdfunding dan Usaha Mikro Kecil Menengah: Kajian Equity Crowdfunding sebagai Instrumen Pendanaan UMKM Syariah: Equity Crowdfunding and Micro, Small and Medium Enterprises: Study of Equity Crowdfunding as a Sharia MSME Funding Instrument. El-Qist: Journal of Islamic Economics and Business (JIEB), 11(1), 82–97. https://doi.org/10.15642/elqist.2021.11.1.82-97

DOI: 10.24235/jm.v10i1.18932