Shariah Compliance Analysis of Islamic Crowdfunding: Case Study of ethiscrowd.com

Authors

  • Ayu Yuningsih Universitas Islam Indonesia Yogyakarta
  • Rifqi Muhammad Universitas Islam Indonesia Yogyakarta

DOI:

https://doi.org/10.36835/iqtishoduna.v9i1.472

Keywords:

islamic crowdfunding, financial technology, sharia compliance

Abstract

This paper aims to analyze the mechanism and implementation of crowdfunding on ethiscrowd.com and the evaluation of shariah compliance. Based on the parameters of shariah compliance proposed by Rosly (2010) it can be seen that the implementation of shariah crowdfunding of ethiscrowd.com has fulfilled the three parameters of shariah compliance namely ‘aqd, maqasid al-shariah and legal documentation. Meanwhile, in the case of financial and accounting reporting disclosed the ethiscrowd.com is not yet not fulfilling existing of regulations, where crowdfunding companies should publish detailed financial reports. The management of ethiscrowd.com only publishes project development reports funded by investors. This is because there is no specific provision for disclosing  financial reporting and accounting for financial technology companies, especially those engaged in equity crowdfunding.

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References

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Published

2020-04-01

How to Cite

Yuningsih, Ayu, and Rifqi Muhammad. “Shariah Compliance Analysis of Islamic Crowdfunding: Case Study of ethiscrowd.Com”. IQTISHODUNA: Jurnal Ekonomi Islam 9, no. 1 (April 1, 2020): 75–90. Accessed July 16, 2024. https://ejournal.iaisyarifuddin.ac.id/index.php/iqtishoduna/article/view/472.

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