Analisis Praktek Islamic Securities Crowdfunding bagi Sektor UMKM Ditinjau dari Ketentuan Fatwa DSN-MUI No. 140

Abstract

This study aims to analyze the practice of Islamic Securities Crowdfunding (ISCF) for Micro, Small, and Medium Enterprises (MSMEs) through a case study at PT. LBS Urun Dana and its compliance with DSN-MUI Fatwa No. 140/DSN-MUI/VIII/2021. The research employs a qualitative case study approach through interviews, observations, as well as analysis of company documents and relevant literature. The findings indicate that most ISCF mechanisms at PT. LBS Urun Dana comply with sharia principles as regulated in the fatwa, particularly in musyarakah, mudharabah, and syirkah contracts. However, weaknesses remain in contract transparency and the clarity of profit-sharing ratios. This study emphasizes the importance of improving investor literacy, strengthening regulation, and enhancing the role of the Sharia Supervisory Board to ensure the sustainability and compliance of ISCF practices in Indonesia.