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Developing productive strategies for Shariah‐compliant crowdfunding industry in Indonesia

Author

Listed:
  • Akhmad Affandi Mahfudz
  • Khoirul Umam
  • Syahrul Ihsan

Abstract

The emergence of Shariah security crowdfunding (SCF) in Indonesia hitherto faces a number of obstacles amid potent competition and sluggish growth of investment to enhance Halal industry. This study aims to unveil the best strategy to develop SCF industry and boost investment from diverse perspectives. To meet these objectives, this paper employs Delphi approach by undertaking Likert scale to measure the right strategy from different angles. Questionnaire and in‐depth interview have been conducted with selected experts in the field. There are five points that become the concern of experts namely governance, risk and compliance, business and marketing, IT system, and innovation strategy. This study found that innovation strategy is the best and effective strategy to develop SCF industry followed by “Risk and Compliance” and third is “Governance.” This study implies a possibility of an amendment of regulation to incorporate the finding of this paper as a recommendation to regulators and industries. In this regard, the industry will create an innovative product as a strategy to maximize their capacity. The study on SCF particularly to find the best and effective strategy for Indonesia has never been conducted before.

Suggested Citation

  • Akhmad Affandi Mahfudz & Khoirul Umam & Syahrul Ihsan, 2026. "Developing productive strategies for Shariah‐compliant crowdfunding industry in Indonesia," Review of Financial Economics, John Wiley & Sons, vol. 44(1), January.
    • Handle: RePEc:wly:revfec:v:44:y:2026:i:1:n:e70016
    DOI: 10.1002/rfe.70016
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    References listed on IDEAS

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    1. Akhmad Affandi Mahfudz & Afife Rahma Ahsanti & Helmy Fauzy Ahmad, 2023. "Shariah Securities Crowdfunding Platform in Indonesia: An Appraisal Based on Regulatory Framework and Shariah Perspectives," Advances in Economics, Business and Management Research, in: Imam Abrori & Indrian Supheni & Muhammad Mudhofar & Wahyuning Murniati & Nico Irawan & Arfan Ikhsan (ed.), Proceedings of the Conference on SDGs Transformation Through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023), pages 75-79, Springer.
    2. Ghazi Zouari & Marwa Abdelhedi, 2021. "Customer satisfaction in the digital era: evidence from Islamic banking," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-18, December.
    3. Gisele Hidalgo & Jefferson Marlon Monticelli & Ingridi Vargas Bortolaso, 2024. "Social Capital as a Driver of Social Entrepreneurship," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 15(1), pages 182-205, January.
    4. Fahmi Ali Hudaefi & M. Kabir Hassan & Muhamad Abduh, 2023. "Exploring the development of Islamic fintech ecosystem in Indonesia: a text analytics," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 15(3), pages 514-533, January.
    5. Norman Dalkey & Olaf Helmer, 1963. "An Experimental Application of the DELPHI Method to the Use of Experts," Management Science, INFORMS, vol. 9(3), pages 458-467, April.
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