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Legal Protection in Sharia Securities-Based Crowdfunding: A Normative Review of Dual Regulation

Al-Manahij: Jurnal Kajian Hukum Islam · Vol. 19 No. 2 (2025) · hlm. 355–374

DOI
10.24090/mnh.v19i2.14749
ISSN
2579-4167, 1978-6670
Terbit
2025-12-29
Penerbit
Universitas Islam Negeri Profesor Kiai Haji Saifuddin Zuhri Purwokerto
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-sa/4.0

Abstrak

Sharia Securities-based crowdfunding (Sharia SBC) has emerged as a novel financial innovation that integrates Islamic principles with financial technology, expanding investment access in Indonesia. However, this development has also created significant regulatory gaps and legal risks related to data protection, Sharia compliance, information asymmetry, and weak dispute resolution mechanisms. This study examines the adequacy of Indonesia’s dual regulatory model, the Financial Services Authority (OJK) and the National Sharia Council (DSN-MUI), in protecting investors and ensuring Sharia compliance in SBC. Using normative legal methods combined with comparative and policy-oriented approaches, the study identifies the lack of binding force in DSN-MUI fatwas, the limited role of the Sharia Supervisory Board, and weak enforcement of data security and disclosure standards. Comparative studies from Malaysia and Bahrain suggest that integrating Sharia audits and a centralized dispute resolution mechanism can strengthen legal certainty. These findings underscore the need for regulatory reforms to render DSN-MUI fatwas legally binding, establish a Sharia arbitration body, and mandate annual Sharia compliance audits for SBC operators. These recommendations aim to improve legal certainty, investor protection, and the integrity of Shariabased financial technology in Indonesia.

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  • Universitas Hang Tuah
  • Lambung Mangkurat University
  • Tun Hussein Onn University of Malaysia
  • State University of Semarang
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Rekan penulisOrganisasiArtikel bersama
Dwi WulandariAfiliasi tidak diketahui3
Aqila-Syarief Muhammad AfifAfiliasi tidak diketahui2
Muhammad Fazli AzmiAfiliasi tidak diketahui2
Ali MaskurAfiliasi tidak diketahui2
Ma'ruf Ma'rufAfiliasi tidak diketahui2
Rachmat SubagyoLambung Mangkurat University2
Rudi SiswantoAfiliasi tidak diketahui2
KuncowatiAfiliasi tidak diketahui1
Arya Nabil AbyanAfiliasi tidak diketahui1
Arya Nabil AbyanUniversitas Hang Tuah1
SupangatUniversitas Hang Tuah1
Moh ArifinAfiliasi tidak diketahui1
GunartoAfiliasi tidak diketahui1
Bambang Tri BawonoAfiliasi tidak diketahui1
Kiki Nuriska DenhasAfiliasi tidak diketahui1
Melina Kartika Putri DuhaAfiliasi tidak diketahui1
Dayuni AgustinaAfiliasi tidak diketahui1
Erra Fazira Fay SiregarAfiliasi tidak diketahui1
Novita Pratiwi SilalahiAfiliasi tidak diketahui1
Azizul Azhar RamliTun Hussein Onn University of Malaysia1
Dudih GustianAfiliasi tidak diketahui1
Falentino SembiringAfiliasi tidak diketahui1
Fanny RahmaAfiliasi tidak diketahui1
Aat SuwantoAfiliasi tidak diketahui1
Masrukan MasrukanState University of Semarang1
Rochmad RochmadAfiliasi tidak diketahui1
Sutri HandayaniAfiliasi tidak diketahui1
Dwi Nur FadhillahAfiliasi tidak diketahui1
Imam Tresno EdyAfiliasi tidak diketahui1
Rico RohmanAfiliasi tidak diketahui1
Mubtadi Faisol AthobariAfiliasi tidak diketahui1
Azimatul HusniaAfiliasi tidak diketahui1
lathifah munawarohAfiliasi tidak diketahui1
Ismail MarzukiAfiliasi tidak diketahui1
Edy SaputroAfiliasi tidak diketahui1
Muhammad Akmal HabibAfiliasi tidak diketahui1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://ejournal.uinsaizu.ac.id/index.php/almanahij/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Legal Protection in Sharia Securities-Based Crowdfunding: A Normative Review of Dual Regulation</dc:title>
	<dc:creator xml:lang="en">Noor, Afif</dc:creator>
	<dc:creator xml:lang="en">Ghofur, Abdul</dc:creator>
	<dc:creator xml:lang="en">Supangat</dc:creator>
	<dc:creator xml:lang="en">Fittria, Anis</dc:creator>
	<dc:subject xml:lang="en">Legal Protection</dc:subject>
	<dc:subject xml:lang="en">Sharia SBC</dc:subject>
	<dc:subject xml:lang="en">Investor</dc:subject>
	<dc:subject xml:lang="en">Regulation</dc:subject>
	<dc:subject xml:lang="en">Sharia Integration</dc:subject>
	<dc:description xml:lang="en">Sharia Securities-based crowdfunding (Sharia SBC) has emerged as a novel financial innovation that integrates Islamic principles with financial technology, expanding investment access in Indonesia. However, this development has also created significant regulatory gaps and legal risks related to data protection, Sharia compliance, information asymmetry, and weak dispute resolution mechanisms. This study examines the adequacy of Indonesia’s dual regulatory model, the Financial Services Authority (OJK) and the National Sharia Council (DSN-MUI), in protecting investors and ensuring Sharia compliance in SBC. Using normative legal methods combined with comparative and policy-oriented approaches, the study identifies the lack of binding force in DSN-MUI fatwas, the limited role of the Sharia Supervisory Board, and weak enforcement of data security and disclosure standards. Comparative studies from Malaysia and Bahrain suggest that integrating Sharia audits and a centralized dispute resolution mechanism can strengthen legal certainty. These findings underscore the need for regulatory reforms to render DSN-MUI fatwas legally binding, establish a Sharia arbitration body, and mandate annual Sharia compliance audits for SBC operators. These recommendations aim to improve legal certainty, investor protection, and the integrity of Shariabased financial technology in Indonesia.</dc:description>
	<dc:publisher xml:lang="en">Universitas Islam Negeri Profesor Kiai Haji Saifuddin Zuhri Purwokerto</dc:publisher>
	<dc:date>2025-12-29</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://ejournal.uinsaizu.ac.id/index.php/almanahij/article/view/14749</dc:identifier>
	<dc:identifier>10.24090/mnh.v19i2.14749</dc:identifier>
	<dc:source xml:lang="en">Al-Manahij: Jurnal Kajian Hukum Islam; Vol. 19 No. 2 (2025); 355-374 </dc:source>
	<dc:source>2579-4167</dc:source>
	<dc:source>1978-6670</dc:source>
	<dc:source>10.24090/mnh.v19i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://ejournal.uinsaizu.ac.id/index.php/almanahij/article/view/14749/4714</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Afif Noor, Abdul Ghofur, Supangat, Anis Fittria</dc:rights>
	<dc:rights xml:lang="en">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>