Equity crowdfunding sharia as Islamic social finance in recovering the economy amid covid-19 pandemic crisis in Indonesia
Keywords:
equity crowdfunding sharia, Islamic social finance, Economic Recovery, Pandemic crisis
Abstract
This research was conducted to elaborate on sharia equity crowdfunding as Islamic social finance that can be offered to deal with the Covid-19 pandemic in Indonesia. This study uses a descriptive qualitative approach with content analysis techniques and library research. The results of the study, it can be said that amid pandemic, sharia-based equity crowdfunding can be an option for businesses or can prevent this outbreak, especially SMEs, to maintain their business by getting assistance in terms of finance or resources because they maintain sharia principles that prioritizing justice and transparency to realize the benefit of people. Because sharia crowdfunding invests in halal products, shares the risk of its investment, and has a character that is free from interest and avoids: 1. Riba, which is an addition given in exchange for usury goods or additional agreed-upon principal debts. 2. Gharar, namely uncertainty in a contract both regarding the quality and quantity of the object of the contract. 3. Maysir, namely every contract that is carried out with unclear goals and inaccurate calculations, speculation, and chancy. 4. Tadlis, which is hiding the record of the object of the contract 5. Dharar, namely actions that cause harm or loss to other parties.
References
Abdullah, S. & Oseni, U. A. (2017). Towards a Sharia Compliant Equity-Based Crowdfunding for the Halal Industry in Malaysia. International Journal of Business and Society, Vol. 18S1, 2017, 223-240
Afdi, Nizar. 2017. Teknologi Keuangan (Fintech): Konsep dan Implementasinya di Indonesia. Warta Fiskal V, p. 10.
Ardiansyah, T. (2019). Model Finansial dan Teknologi (Fintech) Membantu Permasalahan Modal Wirausaha UMKM di Indonesia. Majalah Ilmiah Bijak Vol 16, No. 2, 158-166
Azlan, W. A., Hakimah, A., & Ismail, R. (2019). Equity Crowdfunding inMalaysia: Legal and Sharia Challenges. International Journal of Asian Social Science, Vol. 9, No. 8, 450460
Azwar dan Khaerul, “Kedudukan Ilmu Ekonomi Islam di Antara Ilmu Ekonomi dan Fikih Muamalah: Analisis Problematika Epistemologis”, Nukhbatul ‘Ulum: Jurnal Bidang Kajian Islam, Vol. 5, No. 2 (2019), p. 88-105.
Azwar. Solusi Ekonomi dan Keuangan Islam di Masa Pandemi Covid-19. https://www.kemenkeu.go.id/publikasi/artikel-dan-opini/solusi-ekonomi-dan-keuangan-islam-sa at-pandemi-covid-19/ accessed on 26th September 2021.
Biancone, P. P., & Secinaro, S. (2016). The Equity Crowdfunding Italy: A Model Sharia Compliant. Europuean Journal of Islamic Finance, No. 5, June. Available from http://www.ojs.unito.it/index.php/EJIF
Bone, J., & Baeck, P. (2016). Crowdfunding Good Causes. In Nesta (Issue June).
Elizabeth M. Gerber, et.al. 2012. Crowdfunding: Why People Are Motivated to Post and Fund Projects on Crowdfunding Platforms. Evanston: Northwestern University, p. 1.
Estellés-Arolas Enrique & Fernando González-Ladrón-de-Guevara. 2012. "Towards an Integrated Crowdsourcing Definition". Journal of Information Science 38(2): p.189–200.
Financial Service Authority of Republik of Indonesia. (2016). Layanan Pinjam Meminjam Uang berbasis Teknologi Informasi. Salinan Peraturan Otoritas Jasa Keuangan Republik Indonesia No. 77/POJK.01/2016
Hidayat, S. E., Farooq, M. O., & Abdul Alim, E. (2020). The Impact Of COVID-19 Outbreak on the Islamic Finance in the OIC Countries. KNEKS.
Hutomo, C. I. (2019). Layanan Urun Dana melalui Penawaran Saham berbasis Teknologi Informasi (Equity Crowdfunding). Perspektif, Kajian Masalah Hukum dan Pembangunan Vo. 24, No. 2, 65-74
Irawati. (2019). Tinjauan Yuridis Pemanfaatan Equity Crowdfunding bagi Pengembangan Usaha Kecil dan Menengah di Indonesia. Diponegoro Law Review Vol. 4, No. 2. Available from https://ejournal2.undip.ac.id/index.php/dplr/article/view/6543/3392#
Inggritia, S., & Nurul, H. (2021). Islamic Social Finance Optimalization For Economic Growth (Covid 19 In Indonesia). (LAA MAISYIR : Journal of Islamic Economy), Volume 8, Nomor 1, Juni 2021: 1-12, Available from http://journal.uin-alauddin.ac.id/index.php/lamaisyir, p.9
Mokter Hossain dan Gospel Onyema Oparaocha. 2017. Crowdfunding: Motives, Definitions, Typology and Ethical Challenges. Entrepreneurship Research Journal Volume 7 No 2, p. 5.
Nugroho, A. Y. (2019). Fenomena Perkembangan Crowdfunding di Indonesia. Jurnal Ekonomi Universitas Kadiri, Vol. 4, No. 1, 34-46. Available from http://dx.doi.org/10.30737/ekonika.v4i1.254
Novitarani, A. & Setyowati, R. (2018). Analisis Croedfunding Syariah berdasarkan Prinsip Sharia Compliance serta Implementasinya dalam Produk Perbankan Syariah. Almanahij Journal of Islamic Law, Vol. XII, No. 2, 247-262
Pakpahan, A. K. (2020). Covid-19 dan Implikasi bagi Usaha Mikro, Kecil, dan menengah. Jurnal Ilmiah Hubungan Internasional – Parahyangan Centre for International Studies, Special Edition. Available from https://doi.org/10.26593/jihi.v0i0.3870.5964 accessed on 26th September 2021.
Pierrakis, Y., & Collins, L. (2014). Crowdfunding: A New Innovative Model of Providing Funding to Projects and Businesses. SSRN Electronic Journal, November. https://doi.org/10.2139/ssrn.2395226
Richard Baldwin and Beatrice Weder di Mauro, “Economics in the Time of Covid-19”, New E-Book. The Graduate Institute Geneva (April 2020): p. 1-10.
Sabirin, S., & Sukimin, D. A., Islamic Micro Finance Melati: Sebuah Upaya Penguatan Permodalan bagi Pedagang Pasar Tradisional (Economica: Jurnal Ekonomi Islam, Vo. 8, No. 1, 2017), p. 27-53.
Salam, N. (2020). Layanan Urun Dana (Equity Crowdfunding) dalam Perspektif Ekonomi Islam. Institut Agama Islam Negeri Ponorogo. Available from http://etheses.iainponorogo.ac.id/id/eprint/8783
Thaha, A. F. (2020). Dampak Covid-19 terhadap UMKM di Indonesia. Jurnal Brand Vol. 2, No. 1, 147-153. Available from https://ejournals.umma.ac.id/index.php/brand
Thaker, M. A. B. M. T., H. B. M. T. Thaker, A. B. A. Pitchay, Md. F. B. Amin, & A. B. Khaliq. (2020). Leveraging Islamic Banking and Finance for Small Business: Exploring the Conceptual and Practical Dimensions. ADBI Working Paper 1156. Asian Development Bank Institute,
Tokyo. Retrieved from URL: https://www.adb.org/publications/leveragingislamic-banking-financesmall-business , p.19
Uno, S. (2020). Teknologi Keuangan Dinilai Solusi Permodalan UMKM di Tengah Covid-19. Medcom.id. Retrivied September 26, 2021, from https://www.medcom.id/ekonomi/bisnis/3NOGJ0zN-teknologi-keuangan-dinilaisolusi-permodalan-umkm-di-tengah-covid-19
Uyun, Q., Zakat, Infaq, Shadaqah, dan Wakaf Sebagai Konfigurasi Filantropi Islam, (Islamuna: Jurnal Studi Islam, vol. 2, No. 2, 2015), p. 218-234.
Warde, I. (2010). Islamic finance in the global economy. In Islamic Finance in the Global Economy. https://doi.org/10.5860/choice.48-7050
World Bank. Islamic Development Bank. & Islamic Research and Training Institute. (2015). Leveraging Islamic finance for small and medium enterprises. Joint WB-IDB policy report. World Bank Global Islamic Finance Development Center. Istanbul, Turkey. Retrieved from
URL:http://www.irti.org/English/News/Documents/Islamic%20SMEs%20Finance%20Report%20on%20Leveraging%20Isla mic%20Finance%20for%20SMEs.pdf p.55.
Yusuf, Othman., Farid, Abd Latib., Nasir, Ahmad., & Ridhal, Hasnan. (2020) The Role Of Islamic Social Finance In Reviving The Economy During COVID19 Pandemic Crisis, (International Journal of Muamalat, November, Vol. 4, No. 1 eISSN: 2600-9153), p.148
Zaki, Abdullah., & Akhmad, Akbar Susamto. (2019). Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Volume 11 (2), July 2019. Available from http://journal.uinjkt.ac.id/index.php/iqtishad p.292.
Zamir Iqbal, A. M. (2006). An Introduction to Islamic Finance An Introduction to Islamic Finance. Sematic Scholar, p. 2.
Afdi, Nizar. 2017. Teknologi Keuangan (Fintech): Konsep dan Implementasinya di Indonesia. Warta Fiskal V, p. 10.
Ardiansyah, T. (2019). Model Finansial dan Teknologi (Fintech) Membantu Permasalahan Modal Wirausaha UMKM di Indonesia. Majalah Ilmiah Bijak Vol 16, No. 2, 158-166
Azlan, W. A., Hakimah, A., & Ismail, R. (2019). Equity Crowdfunding inMalaysia: Legal and Sharia Challenges. International Journal of Asian Social Science, Vol. 9, No. 8, 450460
Azwar dan Khaerul, “Kedudukan Ilmu Ekonomi Islam di Antara Ilmu Ekonomi dan Fikih Muamalah: Analisis Problematika Epistemologis”, Nukhbatul ‘Ulum: Jurnal Bidang Kajian Islam, Vol. 5, No. 2 (2019), p. 88-105.
Azwar. Solusi Ekonomi dan Keuangan Islam di Masa Pandemi Covid-19. https://www.kemenkeu.go.id/publikasi/artikel-dan-opini/solusi-ekonomi-dan-keuangan-islam-sa at-pandemi-covid-19/ accessed on 26th September 2021.
Biancone, P. P., & Secinaro, S. (2016). The Equity Crowdfunding Italy: A Model Sharia Compliant. Europuean Journal of Islamic Finance, No. 5, June. Available from http://www.ojs.unito.it/index.php/EJIF
Bone, J., & Baeck, P. (2016). Crowdfunding Good Causes. In Nesta (Issue June).
Elizabeth M. Gerber, et.al. 2012. Crowdfunding: Why People Are Motivated to Post and Fund Projects on Crowdfunding Platforms. Evanston: Northwestern University, p. 1.
Estellés-Arolas Enrique & Fernando González-Ladrón-de-Guevara. 2012. "Towards an Integrated Crowdsourcing Definition". Journal of Information Science 38(2): p.189–200.
Financial Service Authority of Republik of Indonesia. (2016). Layanan Pinjam Meminjam Uang berbasis Teknologi Informasi. Salinan Peraturan Otoritas Jasa Keuangan Republik Indonesia No. 77/POJK.01/2016
Hidayat, S. E., Farooq, M. O., & Abdul Alim, E. (2020). The Impact Of COVID-19 Outbreak on the Islamic Finance in the OIC Countries. KNEKS.
Hutomo, C. I. (2019). Layanan Urun Dana melalui Penawaran Saham berbasis Teknologi Informasi (Equity Crowdfunding). Perspektif, Kajian Masalah Hukum dan Pembangunan Vo. 24, No. 2, 65-74
Irawati. (2019). Tinjauan Yuridis Pemanfaatan Equity Crowdfunding bagi Pengembangan Usaha Kecil dan Menengah di Indonesia. Diponegoro Law Review Vol. 4, No. 2. Available from https://ejournal2.undip.ac.id/index.php/dplr/article/view/6543/3392#
Inggritia, S., & Nurul, H. (2021). Islamic Social Finance Optimalization For Economic Growth (Covid 19 In Indonesia). (LAA MAISYIR : Journal of Islamic Economy), Volume 8, Nomor 1, Juni 2021: 1-12, Available from http://journal.uin-alauddin.ac.id/index.php/lamaisyir, p.9
Mokter Hossain dan Gospel Onyema Oparaocha. 2017. Crowdfunding: Motives, Definitions, Typology and Ethical Challenges. Entrepreneurship Research Journal Volume 7 No 2, p. 5.
Nugroho, A. Y. (2019). Fenomena Perkembangan Crowdfunding di Indonesia. Jurnal Ekonomi Universitas Kadiri, Vol. 4, No. 1, 34-46. Available from http://dx.doi.org/10.30737/ekonika.v4i1.254
Novitarani, A. & Setyowati, R. (2018). Analisis Croedfunding Syariah berdasarkan Prinsip Sharia Compliance serta Implementasinya dalam Produk Perbankan Syariah. Almanahij Journal of Islamic Law, Vol. XII, No. 2, 247-262
Pakpahan, A. K. (2020). Covid-19 dan Implikasi bagi Usaha Mikro, Kecil, dan menengah. Jurnal Ilmiah Hubungan Internasional – Parahyangan Centre for International Studies, Special Edition. Available from https://doi.org/10.26593/jihi.v0i0.3870.5964 accessed on 26th September 2021.
Pierrakis, Y., & Collins, L. (2014). Crowdfunding: A New Innovative Model of Providing Funding to Projects and Businesses. SSRN Electronic Journal, November. https://doi.org/10.2139/ssrn.2395226
Richard Baldwin and Beatrice Weder di Mauro, “Economics in the Time of Covid-19”, New E-Book. The Graduate Institute Geneva (April 2020): p. 1-10.
Sabirin, S., & Sukimin, D. A., Islamic Micro Finance Melati: Sebuah Upaya Penguatan Permodalan bagi Pedagang Pasar Tradisional (Economica: Jurnal Ekonomi Islam, Vo. 8, No. 1, 2017), p. 27-53.
Salam, N. (2020). Layanan Urun Dana (Equity Crowdfunding) dalam Perspektif Ekonomi Islam. Institut Agama Islam Negeri Ponorogo. Available from http://etheses.iainponorogo.ac.id/id/eprint/8783
Thaha, A. F. (2020). Dampak Covid-19 terhadap UMKM di Indonesia. Jurnal Brand Vol. 2, No. 1, 147-153. Available from https://ejournals.umma.ac.id/index.php/brand
Thaker, M. A. B. M. T., H. B. M. T. Thaker, A. B. A. Pitchay, Md. F. B. Amin, & A. B. Khaliq. (2020). Leveraging Islamic Banking and Finance for Small Business: Exploring the Conceptual and Practical Dimensions. ADBI Working Paper 1156. Asian Development Bank Institute,
Tokyo. Retrieved from URL: https://www.adb.org/publications/leveragingislamic-banking-financesmall-business , p.19
Uno, S. (2020). Teknologi Keuangan Dinilai Solusi Permodalan UMKM di Tengah Covid-19. Medcom.id. Retrivied September 26, 2021, from https://www.medcom.id/ekonomi/bisnis/3NOGJ0zN-teknologi-keuangan-dinilaisolusi-permodalan-umkm-di-tengah-covid-19
Uyun, Q., Zakat, Infaq, Shadaqah, dan Wakaf Sebagai Konfigurasi Filantropi Islam, (Islamuna: Jurnal Studi Islam, vol. 2, No. 2, 2015), p. 218-234.
Warde, I. (2010). Islamic finance in the global economy. In Islamic Finance in the Global Economy. https://doi.org/10.5860/choice.48-7050
World Bank. Islamic Development Bank. & Islamic Research and Training Institute. (2015). Leveraging Islamic finance for small and medium enterprises. Joint WB-IDB policy report. World Bank Global Islamic Finance Development Center. Istanbul, Turkey. Retrieved from
URL:http://www.irti.org/English/News/Documents/Islamic%20SMEs%20Finance%20Report%20on%20Leveraging%20Isla mic%20Finance%20for%20SMEs.pdf p.55.
Yusuf, Othman., Farid, Abd Latib., Nasir, Ahmad., & Ridhal, Hasnan. (2020) The Role Of Islamic Social Finance In Reviving The Economy During COVID19 Pandemic Crisis, (International Journal of Muamalat, November, Vol. 4, No. 1 eISSN: 2600-9153), p.148
Zaki, Abdullah., & Akhmad, Akbar Susamto. (2019). Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Volume 11 (2), July 2019. Available from http://journal.uinjkt.ac.id/index.php/iqtishad p.292.
Zamir Iqbal, A. M. (2006). An Introduction to Islamic Finance An Introduction to Islamic Finance. Sematic Scholar, p. 2.
Published
2022-07-01
How to Cite
Aldinda, F. (2022). Equity crowdfunding sharia as Islamic social finance in recovering the economy amid covid-19 pandemic crisis in Indonesia. NUsantara Islamic Economic Journal, 1(2), 155-166. https://doi.org/10.34001/nuiej.v1i2.153
Section
Articles
Copyright (c) 2022 NUsantara Islamic Economic Journal
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
