Email this article 
THE LEGAL REGULATORY FRAMEWORK OF SHARIA SECURITIES CROWDFUNDING IN INDONESIA
Copyright (c) 2022 Masalah-Masalah Hukum License URL: http://creativecommons.org/licenses/by-nc/4.0
Abstract
The Sharia SCF industry is thriving in Indonesia with an increasing number of providers and users, but it is also very high risk. To establish trust and ensure investment security, a strong legal framework is needed. This study uses a statutory approach to examine the legal regulatory framework for Sharia SCF. The research found that while Article 33 of the 1945 Constitution forms the basis of Sharia SCF regulations, the industry is not specifically regulated by law. Instead, the Financial Services Authority issued POJK No. 57/2020 based on Law No. 21/2011. However, in the future, the Sharia SCF industry must be regulated by law to provide maximum legal certainty and protection for users or consumers.
Keywords
References
Alhammad, M. M., AlOthman, R., and Tan, C. (2021). Review of Crowdfunding Regulations across Countries: A Systematic Review Study. Journal of Information Systems Engineering and Management, 6(4), em0145. https://doi.org/10.21601/jisem/11395
ALUDI. (2022a). Authorized Member. Retrieved from ALUDI website: https://aludi.id/index.php/core_home/selengkapnya_anggota
ALUDI. (2022b). Total Komulatif Investasi Yang Dihimoun Securities Crowdfunding. Retrieved from https://aludi.id/
Apendi, S. (2021). Ketiadaan Peraturan Menteri Dalam Hierarki Peraturan Perundang-Undangan Nasional Dan Implikasinya Terhadap Penataan Regulasi Dalam Sistem Hukum Nasional. PALAR (Pakuan Law Review, 07, 111–126. Retrieved from https://journal.unpak.ac.id/index.php/palar
Asshiddiqie, J. (2008). KONSTITUSI EKONOMI (Ekonomi Pasar, Demokrasi, dan Konstitusi). Demokrasi, Dan Konstitusi, 1–6.
Astuti, N., Suhariningsih, S., Sukarmin, S., and Hamidah, S. (2021). MSME Funding with Securities Crowdfunding in Indonesia and the People’s Economic System. https://doi.org/10.4108/eai.14-4-2021.2312871
Atmoko, C. (2022). OJK: Makin banyak masyarakat bantu UMKM via securities crowdfunding. Retrieved from Antaranews.com website: https://www.antaranews.com/berita/2937929/ojk-makin-banyak-masyarakat-bantu-umkm-via-securities-crowdfunding
Aulia, M., Yustiardhi, A. F., and Permatasari, R. O. (2020). An overview of Indonesian regulatory framework on Islamic financial technology (fintech). Jurnal Ekonomi & Keuangan Islam, 6(1), 64–75. https://doi.org/10.20885/jeki.vol6.iss1.art7
Basuki, U. (2019). Dasar Negara dan Hukum Dasar: Suatu Telaahan Yuridis atas Relasi Pancasila dan UUD 1945. Supremasi Hukum, 8(1), 21–48.
Bell, T. (2019). Weakness in numbers: The risks investors’ bounded rationality and cognitive biases pose to the US securities crowdfunding market. Geo. LJ, 175–201. Retrieved from https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/glj108§ion=8%0Ahttps://www.law.georgetown.edu/georgetown-law-journal/wp-content/uploads/sites/26/2019/11/Weakness-in-Numbers.pdf
Budianto, A. (2020). Legal research methodology reposition in research on social science. International Journal of Criminology and Sociology, 20(9), 1339–1346. https://doi.org/10.6000/1929-4409.2020.09.154
Cheong, C. W. H. (2021). Risk, resilience, and Shariah-compliance. Research in International Business and Finance, 55(August 2020), 101313. https://doi.org/10.1016/j.ribaf.2020.101313
Duniafintech.com. (2022). SCF Syariah Indonesia: Perkembangan hingga Contohnya. Retrieved from duniafintech.com website: https://duniafintech.com/scf-syariah-indonesia/
Ekatjahjana, W., Hauerstein, K., and Heilmann, D. (2019). Regulatory Reform in Indonesia A Legal Perspective.
Faudzi, M. S., Bakar, J. A., and Ahmad, S. (2021). The Relevance of Conventional and Islamic Crowdfunding as Financing Instruments for SMEs. Journal of Islamic Finance, 10(1), 59–64.
Financial Services Authority. (2022). Securities Crowdfunding Sebagai Alternatif Pendanaan UMKM. Retrieved from https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/30676
Hakim, L. (2022). Securities Crowdfunding Sebagai Alternatif Pembiayaan Pada Pelaku Usaha Mikro Dalam Perspektif Teori Hukum Pembangunan. Res Nullius Law Journal, 4(1), 32–41. https://doi.org/10.34010/rnlj.v4i1.4578
Harvelian, A. (2016). Mahkamah Konstitusi dan Penguatan Konstitusi Ekonomi Indonesia Constitutional Court and The Enforcement of Indonesia Economics Constitution. Jurnal Konstitusi, 13(3), 538.
IFSB. (2006). Guiding Principles on Corporate Governance for Institutions Offering only Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds). Islamic Financial Service Board, (December), 1–33.
Insider, L. (2022). Regulatory Framework definition. Retrieved from https://www.lawinsider.com/dictionary/regulatory-framework
Kowalewski, O., and Pisany, P. (2022). The rise of fintech: A cross-country perspective. Technovation, (August), 102642. https://doi.org/10.1016/j.technovation.2022.102642
Kusumaningrum, D., Yusrifal, M., Mumtazah, N., and Fuad, Y. (2021). Urgensi Penerapan Kepatuhan Syariah Pada Perbankan Syariah. Dinamika Ekonomi Jurnal Ekonomi Dan Bisnis, 14(2), 1–13. Retrieved from https://stienas-ypb.ac.id/jurnal/index.php/jdeb/article/view/323/353
Majid, R., and Nugraha, R. A. (2022). Crowdfunding and Islamic Securities: the Role of Financial Literacy. Journal of Islamic Monetary Economics and Finance, 8(1), 89–112. https://doi.org/10.21098/jimf.v8i1.1420
Muryanto, Y. T., Kharisma, D. B., and Ciptorukmi Nugraheni, A. S. (2022). Prospects and challenges of Islamic fintech in Indonesia: a legal viewpoint. International Journal of Law and Management, 64(2), 239–252. https://doi.org/10.1108/IJLMA-07-2021-0162
Natural Resource Government Institute. (2015). Legal Framework Navigating the Web of Laws and Contracts Governing Extractive Industries. Legal Framework, 1(March), 7.
Nelly, R., Harianto, H., Abd.Majid, M. S., Marliyah, M., and Handayani, R. (2022). Studi Empiris Perkembangan Crowdfunding Syariah di Indonesia. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(5), 1283–1297. https://doi.org/10.47467/alkharaj.v4i5.926
Noor, A., Ahamat, H., Marzuki, I., Wulandari, D., Junaidi, A. A., Lisdiyono, E., and Trisnawati, B. (2021). Regulation and consumer protection of fintech in Indonesia. Linguistics and Culture Review, 6(August 2021), 49–63. https://doi.org/10.21744/lingcure.v6ns3.1938
Noor, A., and Heradhyaksa, B. (2020). Execution Mechanism of Mortgage Rights Using Executorial Title in Sharia Banking Is Whose Authority? Diponegoro Law Review, 5(2), 245–259. https://doi.org/10.14710/dilrev.5.2.2020.245-259
Noor, A., Wulandari, D., Ahamat, H., Marzuki, I., Junaidi, A. A., and Mahsun, M. (2022). Issues of Sharia Debt-Based Crowdfunding on Regulations in Indonesia. Universal Journal of Accounting and Finance, 10(1), 298–305. https://doi.org/10.13189/ujaf.2022.100130
Nurfitriyani, A. (2022). SCF Syariah, Shafiq Sukses Salurkan Lebih dari Rp100 Miliar Permodalan untuk UMKM. Wartaekonomi.Com. Retrieved from https://wartaekonomi.co.id/read460105/scf-syariah-shafiq-sukses-salurkan-lebih-dari-rp100-miliar-permodalan-untuk-umkm
Petrov, L. F., and Emelyanova, E. S. (2021). The crowdfunding: Financial flows and risks. CEUR Workshop Proceedings, 2830, 41–51.
Prabowo, B. A. (2020). Reputation Oversight by the Sharia Supervisory Board Toward Wakalah Contract Application on Murabahah Financing. 436(40), 775–781. https://doi.org/10.2991/assehr.k.200529.164
Pratami, J. F., Danarahmanto, P. A., Nugraha, and 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.
Rahardyan, A. (2022). Daftar 10 Fintech Urun Dana Resmi OJK, Total Crowdfunding Tembus Rp507 Miliar. Retrieved from finansial.bisnis.com website: https://finansial.bisnis.com/read/20220610/563/1542131/daftar-10-fintech-urun-dana-resmi-ojk-total-crowdfunding-tembus-rp507-miliar
Samarah, W. E. A. R., and Alkhatib, S. F. S. (2020). Crowdfunding operations: Outreach factors in developing economies. Journal of Public Affairs, 20(1). https://doi.org/10.1002/pa.1988
Shaid, N. J. (2022). Daftar Fintech Securities Crowdfunding Syariah yang Dapat Izin OJK. Retrieved from money.kompas.com website: https://money.kompas.com/read/2022/03/27/174902126/daftar-fintech-securities-crowdfunding-syariah-yang-dapat-izin-ojk?page=all#:~:text=Daftar securities crowdfunding syariah,yang teranyar LBS Urun Dana.
Soemarsono, A. A., and Sofianti, U. D. (2021). Perspektif Hukum Mengenai Penggunaan Securities Crowdfunding pada Masa Pemulihan Ekonomi Akibat Pandemi. Jurnal Hukum Lex Generalis, 2(8), 607–626. https://doi.org/10.56370/jhlg.v2i8.103
Tan, D. (2021). Metode Penelitian Hukum: Mengupas Dan Mengulas Metodologi Dalam Menyelenggarakan Penelitian Hukum. Nusantara: Jurnal Ilmu Pengetahuan Sosial, 8(8), 2463–2478.
Wasiuzzaman, S. (2021). Regulations, perceived information quality and perceived risk of equity crowdfunding: A study of Malaysian investors. Strategic Change, 30(4), 353–366. https://doi.org/10.1002/jsc.2429
Widiyastuti, J. W. and S. M. (2019). the Role of Financial Services Authority in the Consumer Protection Amid the Growth of Fintech Industry in Indonesia. Mimbar Hukum - Fakultas Hukum Universitas Gadjah Mada, 31(2), 297. https://doi.org/10.22146/jmh.43129
Widyastuti, U., Febrian, E., Sutisna, S., and Fitrijanti, T. (2020). Sharia compliance in Sharia mutual funds: A qualitative approach. International Journal of Economics and Business Administration, 8(3), 19–27. https://doi.org/10.35808/ijeba/483
Wirawan, C. B. (2019). Sejarah Perkembangan Crowdfunding. (ALUDI), Asosiasi Layanan Urun Dana Indonesia, 1–4.
