Securities Crowdfunding as a Source of Capital and Alternative Investment in the Maqāṣid al-Sharī’ah Perspective: Indonesian Case
DOI:
https://doi.org/10.53840/jmm.v14i2.198Keywords:
Securities Crowdfunding, MSMEs, Maqāṣid al-Sharī’ahAbstract
This research aims to describe the implementation of Securities Crowdfunding (SSC) in Indonesia from the perspective of Maqāṣid al-Sharī’ah. A descriptive-qualitative method is employed using library research and content analysis techniques. The results show that the implementation of SSC in Indonesia is in line with and has a meeting point with the values of the Maqāṣid al-Sharī’ah concept, especially in the context of safeguarding religion, soul, mind, lineage, and property. In the context of religious protection (ḥifẓ al-dīn), the implementation of the SSC, which is based on the DSN-MUI fatwa based on the Qur'an, Hadith, and other Islamic laws, becomes the legitimization of Islamic religious values and norms so that the entire Muslim community can maintain the purity and experience of their religion in economic transactions. In the context of protecting the soul (ḥifẓ al-nafs), the implementation of SSC, which refers to the DSN-MUI fatwa and principles, provides peace of mind for the perpetrators because they have avoided deviant practices. In the context of safeguarding reasons (ḥifẓ al- ‘aql), SSC operators are required to have adequate knowledge and competence, both in financial and aspects. In the context of safeguarding assets (ḥifẓ al-māl), the implementation of SSC does not contain elements of usury, maysir (gambling), garār (fraud), and mudarat (negative effects) so that assets are kept safe and halal. Meanwhile, in the context of safeguarding descendants (ḥifẓ al-nasl), the conformity of transactions with principles in SSC will determine the halalness of the assets obtained so that they have a positive impact on the family and descendants who are supported by the results of the business.
Downloads
References
Abd Rani, N. F., Seman, A. C., Ab Rahman, A., & Z’aba, M. R. (2021). A Viewpoint of islamic financial technology (I-Fintech) In Malaysia. Labuan E-Journal of Muamalat and Society (LJMS), 15, 97–110.
Al-Badwī, Y. A. M. (2000). Maqashid al-Syariah Ibn Taimiyah. Yordania: Dar al-Nafa’is.
Al-Fāsī, A. (1991). Maqāṣid al-Syarī’ah al-Islāmiyyah wa Makārimuhā. Dār al-Garb al-Islāmī.
Al-Jundī, S. A. al-W. (2013). Maqāsid al-Syarī’ah ’inda Ibn al-Qayyim al-Jauziyyah (1st ed.). Bairūt: Muassasah al-Risālah.
Al-Khādimī, N. al-D. ibn M. (1998). al-Ijtihād al-Maqāṣidī: ḥujīyatuhu ḍawābiṭuhu Majālātuhu. Qatar: Wuzārat al-Awqāf wa al-Syu’ūn al-Islāmiyyah.
Al-Khādimī, N. al-D. ibn M. (2001). ‘Ilm al-Maqāṣid al-Syarī‘ah (Cet. I). Maktabah al-’Ubaikān.
Al-Najjār, ‘Abd al-Majīd. (2008). Maqāṣid al-Sharī’ah bi Ab‘ād al-Jadīd. Bairūt: Dār al-Garb al-Islāmī.
Al-Raisūnī, A. (1995). Naẓariyyah al-Maqāṣid ’Inda al-Imām al-Syāṭibī. Virginia: Ma’had ’Ālī li al-Fikr al-Islāmī.
Al-Syāṭibī, A. I. bin I. (2003). al-Muwāfaqāt. Bairūt: Dār al-Kutub al-’Ilmiyah.
Al-Syāṭibī, A. I. I. bin M. (1997). Al-Muwāfaqāt. Khubar: Dār Ibnu ‘Affān.
Badan Kebijakan Fiskal. (2022). Warta Fiskal: Mendorong Inklusi Keuangan UMKM. https://fiskal.kemenkeu.go.id/files/warta-fiskal/file/1674223131_wf3-rev.pdf.
Bastomi, M., & Sholehuddin, S. (2022). Peningkatan penjualan produk industri kreatif melalui pelatihan packaging dan packing di RW 01 Kelurahan kedungkandang Kota Malang. RESWARA: Jurnal Pengabdian Kepada Masyarakat, 3(2), 434–441. https://doi.org/https://doi.org/10.46576/rjpkm.v3i2.1861.
Bungin, B. (2013). Metodologi Penelitian Kuantitatif. Jakarta: Kencana Prenada Media Group.
Creswell, J. W., and Creswell, J. D. (2017). Research Design Qualitative, Quantitative, and Mixed Methods Approaches (5th ed.). New York, NY: SAGE Publications, Inc.
Elo, S., & Kyngäs, H. (2008). The qualitative content analysis process. Journal of Advanced Nursing, 62(1), 107–115.
Fitri, W. (2023). The legal protection for security crowdfunding is based on sharia investment in MSMEs economic recovery. International Journal of Law Reconstruction, 7(1), 39–53.
Hakim, R., & Irawan, M. D. (2019). Islamic rulings and financial technology (fintech): An analysis on the relevance and implications. Madania: Jurnal Kajian Keislaman, 23(2), 137–146.
Heryani, H., Legowo, A. C., & Nugroho, I. P. (2020). Strategi pengembangan industri kreatif untuk inovasi. Jurnal Teknologi Industri Pertanian, 30(3), 290–298. https://doi.org/https://doi.org/10.24961/j.tek.ind.pert.2020.30.3.290.
Ibn ‘Asyur, M. al-T. (2004). Maqashid al-Syari’ah al-Islamiyyah. Qatar: Wizarah al-awqaf wa al-Syu’un al-Islamiyyah.
Ibnu Manẓūr. (2003). Lisān al- ‘Arab (Vol. 3). Riyāḍ: Dār ‘Ālam al-Kutub.
Jumhūriyyah Miṣr al- ‘Arabiyyah. (2011). Mu’jam al-Wasīṭ. Miṣr: Maktabah al-Syurūq al-Dauliyyah.
Kasim, M. H., Brotodjojo, R., & Kaswidjanti, W. (2021). Strategi pemberdayaan ukm sarabba rajana yang berdaya saing di pasar produk minuman sulawesi selatan. Jurnal Pengabdian Kepada Masyarakat (JPKM) TABIKPUN, 2(3), 213–222. https://tabikpun.fmipa.unila.ac.id/index.php/jpkm_tp/article/view/57.
KNEKS (Komite Nasional Ekonomi dan Keuangan Syariah). (2022). Modul securities crowdfunding (scf) syariah untuk investor. Jakarta: Komite nasional ekonomi dan keuangan syariah (KNEKS).
Kominfo. (2021). Pemerintah terus genjot digitalisasi UMKM untuk percepat pemulihan ekonomi nasional. https://www.kominfo.go.id/content/detail/39377/pemerintah-terus-genjot-digitalisasi-umkm-untuk-percepat-pemulihan-ekonomi-nasional/0/virus_corona.
Maruf, I. R. (2024). Application of maqashid sharia principles in islamic security crowdfunding contracts in indonesia. Jurnal Sosial Sains Dan Komunikasi, 2(2), 187–198.
Muchtar, E. H., & Zubairin, A. (2022). Fintech syariah dalam perspektif hukum islam. Jurnal Asy-Syukriyyah, 23(1), 14–21.
Nafiah, R., & Faih, A. (2019). Analisis transaksi financial technology (fintech) syariah dalam perspektif maqashid syariah. IQTISHADIA Jurnal Ekonomi & Perbankan Syariah, 6(2), 167–175.
Noor, A. (2022). The legal regulatory framework of sharia securities crowdfunding in indonesia. Masalah-Masalah Hukum, 51(4), 433–444.
Noor, A., Arifin, M., & Fachruddin, M. R. (2024). Revitalization of sharia securities-based crowdfunding: a regulatory review and its impact on dalal MSME development. Journal of Law, Politic and Humanities, 4(5), 1626–1635.
Noor, T. R. N., & Fadhaillah, M. (2022). Strategi bertahan dan bangkit pada masa pandemi (studi pada pelaku umkm desa sarirogo-sidoarjo). Al Iman: Jurnal Keislaman Dan Kemasyarakatan, 6(2), 414–436. https://garuda.kemdikbud.go.id/documents/detail/3108020.
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.
Remmang, H. (2021). Perencanaan Bisnis UMKM. Sah Media.
Rif’an, H. N., Rif’an, M. A., Nuzulah, H., & A’yun, M. (2021). Implementasi crowdfunding fintech syariah dalam perspektif maqashid syari’ah. AL-SYIRKAH, 2(2), 52–60.
Sarwono, J. (2006). Metode Penelitian Kuantitatif Dan Kualitatif. Graha ilmu.
Sumarni, Y. (2020). Pandemi Covid-19: Tantangan ekonomi dan bisnis. Al-Intaj: Jurnal Ekonomi Dan Perbankan Syariah, 6(2), 46–58. https://ejournal.uinfasbengkulu.ac.id/index.php/Al-Intaj/index.
Yuspin, W., Marjanah, I. D., Budiono, A., & Pitaksantayothin, J. (2023). The sharia compliance of securities crowdfunding: a case study on sme. Diponegoro Law Review, 8(2), 226–242.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Journal of Management and Muamalah
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
