The Effectiveness Of Sharia Fintech Securities Crowdfunding (Scf Syariah) For Business Capital For Santripreneurs In Indonesia

Rian Alfi

doi:10.37567/sajgibe.v5i1.5190

Rian Alfi Sekolah Tinggi Ekonomi Islam Abdussalam, Indonesia

DOI: https://doi.org/10.37567/sajgibe.v5i1.5190

Keywords: Sharia Crowdfunding; Islamic Boarding Schools; Islamic Economics; Santripreneurs

Abstract

This study analyses the effectiveness of Sharia Securities Crowdfunding (SCF Syariah) as an innovative solution to the capital constraints faced by santripreneurs in Indonesia. Using a Systematic Literature Review (SLR) covering the period 2020–2025, this study evaluates strategic opportunities and fundamental barriers within the pesantren ecosystem. The findings indicate that Sharia SCF possesses a competitive advantage due to its alignment with the principle of ta’awun and the implementation of profit-sharing contracts such as Mudharabah and Musyarakah, which are free from riba. However, its growth is hindered by low digital financial literacy among santri in developing business projections, regulatory gaps regarding information disclosure standards, and limited technological infrastructure in remote areas. This study concludes that Sharia SCF, through Mudharabah and Musyarakah contracts, is an innovative instrument aligned with the principle of ta’awun within the pesantren ecosystem. Although santripreneurs hold a strategic position in producing global commodities, the effectiveness of this financing remains hindered by low digital financial literacy and regulatory limitations regarding human resource standardisation and investor protection. Therefore, the success of Sharia SCF requires systemic readiness and stakeholder synergy to mitigate the risks of information asymmetry and strengthen the business accountability of Islamic boarding schools.

References

Agus, A., Ruslan, A., & Fitriani, F. (2024). The Implementation of Crowdfunding as a Funding Solution for SMEs from a Sharia Perspective (Case Study: The Kitabisa.com Platform). Tangible Journal, 9 (1 SE-Articles), 180–195. https://doi.org/10.53654/tangible.v9i1.477

Apriliani, R., Ayunda, A., & Fathurochman, S. F. (2019). Awareness and Perceptions of Micro and Small Enterprises Regarding Sharia Crowdfunding. Amwaluna: Journal of Sharia, 3 (2), 267–289. https://doi.org/https://doi.org/10.29313/amwaluna.v3i2.4798

Arianto, B., Handayani, B., & Marwati, M. (2024). Development of Sociopreneur-Based Islamic Boarding School Businesses in Realising the Spirit of Santripreneurship. PRAXIS: Journal of Community, 2 (3), 66–77. https://doi.org/10.47776/praxis.v2i3.946

Ayu, A. S., & Muryanto, Y. T. (2025). Legal Protection for Investors Through the Principle of Transparency in the Securities Crowdfunding (SCF) Mechanism. USM Law Review Journal, 8(3), 1338– 1361. https://doi.org/https://doi.org/10.26623/julr.v8i2.12438

Azizah, M., Fikriyah, A. D., Sholeha, S., & Ahmad, A. F. (2024). Sharia Fintech Equity Crowdfunding as a Solution for SME Access to Capital. JEB: Business Economics, 30(2), 96–107.

Dontes Putra, Hulwati, & Duhriah. (2024). Implementation of Sharia Compliance in Sharia Crowdfunding Platforms for SMEs: A Case Study of PT Shafiq Digital Indonesia. AL-Mustla: Journal of Islamic and Social Sciences, 6(1 SE-Articles), 156–180. https://doi.org/10.46870/jstain.v6i1.939

Fitria, L., Hudaya, D. R., & Choiriyah, A. (2025). Mapping Trends in Research on Sharia Securities Crowdfunding for MSMEs (2021–2024): A Biblioshiny Approach. IHTIYATH Journal of Sharia, 9 (1), 22–38. https://doi.org/10.32505/ihtiyath.v9i1.9712

Halim, A., & Safrudin, R. (2024). A Study of the Development of Sharia Crowdfunding in Indonesia as a Funding Solution for MSMEs. El-Iqtishady: Journal of Sharia Economic Law, 6 (2), 350–361. https://doi.org/https://doi.org/10.24252/el-iqthisady.vi.53929

Hamid, A. M., & Sun’iyah, S. L. (2023). Sharia-Based Economic Empowerment through Santripreneurs (Case Study: Darul Hikmah Islamic Boarding School, Gumantuk Village, Maduran, Lamongan). HUMANIS: Journal of Social Sciences and Humanities, 15 (1 SE-Articles), 55–66. https://doi.org/https://doi.org/10.52166/humanis.v15i1.3943

Indriana, Satila, H. T., Alwi, B. D., & Fikri, M. (2022). Sharia Fintech Equity Crowdfunding as a Solution for SME Capital Access. BISNIS: Journal of Islamic , 10 (1), 1–32. https://doi.org/http://dx.doi.org/10.21043/bisnis.v10i1.13142

Issubagyo, Z. E., & Kharisma, D. B. (2019). Challenges and Obstacles Faced by the Financial Services Authority in the Supervision of Equity Crowdfunding. Journal of Law and Economic Development, VII(2), 302–311. https://doi.org/https://doi.org/10.20961/hpe.v7i2.43476

Jahan, N., Naveed, S., Zeshan, M., & Tahir, M. A. (2016). How to Conduct a Systematic Review: A Narrative Literature Review. Cureus, 8 (11), 1–8. https://doi.org/10.7759/cureus.864

Majid, R., & Nugraha, R. A. (2022). Crowdfunding and Islamic Securities: . Journal of Islamic Monetary Economics and Finance, 8 (1), 89–112. https://doi.org/10.21098/jimf.v8i1.1420

Nelly, R., Harianto, H., Abd.Majid, M. S., Marliyah, M., & Handayani, R. (2022). An Empirical Study of the Development of Sharia Crowdfunding in Indonesia. Al-Kharaj: Journal of Sharia Economics, Finance & Business, 4 (5), 1283–1297. https://doi.org/10.47467/alkharaj.v4i5.926

Nisa, A., & Ritonga, N. (2024). Challenges and the Future of Donation-Based Crowdfunding Development in Sharia Financial Technology in Indonesia. Yurisprudentia: Journal of Economic Law, 10 (2), 390–404. https://doi.org/DOI: 10.24952/yurisprudentia.v10i2.12678

Rohim, Y. N., & Pratama, B. B. (2025). A Santripreneur Education Model Based on the Maqashid al-Shariah Framework for the Economic Empowerment of Santri in Pesantren. Islamic Banking: Journal of Islamic Banking Thought and Development, 11( 1 SE-Articles), 81–99. https://doi.org/10.36908/isbank.v11i1.1543

Setiawan, H. C. B., Fatimah, N., Ilham, I., Kurniawan, A., Latukismo, T. H., & Prasetya, A. (2024). A Santri-Based Entrepreneurship Development Model: (A Study at the Rahmatan Lil Alamin Revenue Manuscript, 2 (3 SE-Revenue), 204–210. https://doi.org/10.63068/revenue.v2i3.65

Suryanto, S., & Kurniati, P. S. (2024). The Dilemma of Crowdfunding: Understanding Barriers in the Financial Landscape of Small and Medium Enterprises in Indonesia. UNIKOM Scientific Journal, 22 (2), 57–65. https://doi.org/DOI:10.34010/miu.v22i2.17346

Umardani, M. K. (2018). Analysis of the Conformity of Sharia Crowdfunding/P2P Lending Agreements Based on Sharia Compliance at Ammana. ADIL: Journal of Law, 12(1), 68–8 6. https://doi.org/https://doi.org/10.33476/ajl.v12i1.1918

Wilantini, C., & Fadllan, F. (2021). Equity Crowdfunding and Micro, Small and Medium EnterprisesEl-Qist: Journal of Islamic Economics and Business (JIEB), 11 (1 SE-Articles), 82–97. https://doi.org/10.15642/elqist.2021.11.1.82-97