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All Journal Profixa: International Journal of Economic and Business Research Mercatura Lumina: Journal of Management, Entrepreneurship, and Tourism
Ahmad Solekhan
Sekolah Tinggi Islam Kendal

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The Impact of Sharia Securities Crowdfunding on The Performance of The Islamic Capital Market in Indonesia: A Conceptual Review of Strengthening The Islamic Financial Ecosystem Masruri Masruri; Ahmad Solekhan
International Journal of Economic and Business Research Vol. 1 No. 3 (2026): : July: Profixa: International Journal of Economic and Business Research
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/sy4mgy05

Abstract

The rapid advancement of financial technology has accelerated the development of Sharia Securities Crowdfunding (SSCF) as an innovative financing and investment mechanism within Indonesia's Islamic financial ecosystem. This study aims to conceptually examine the impact of SSCF on the performance of the Islamic capital market through a qualitative approach employing library research integrated with a Systematic Literature Review (SLR). The analysis synthesizes evidence from academic publications, regulatory documents, and institutional reports to evaluate the strategic role of SSCF from the perspectives of Financial Intermediation Theory, Financial Inclusion Theory, and Signaling Theory. The findings indicate that SSCF strengthens the Islamic capital market by improving financial intermediation, expanding financing access for Micro, Small, and Medium Enterprises (MSMEs), broadening investor participation, and enhancing market transparency through Sharia-compliant digital platforms. Nevertheless, its sustainable development remains constrained by regulatory adaptation, governance quality, financial literacy, cybersecurity, and stakeholder coordination. Strengthening regulatory harmonization, institutional collaboration, digital infrastructure, and Islamic financial literacy is therefore essential to maximize the contribution of SSCF to a resilient, inclusive, and sustainable Islamic financial ecosystem in Indonesia.
Challenges Facing the BAZNAS Kendal Regency Microfinance Program in Building the Community’s Economy Ahmad Solekhan
Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 2 (2026): : May: Mercatura Lumina: Journal of Management, Entrepreneurship, and Tourism
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/pygj2d26

Abstract

The BAZNAS Micro Finance Program is a form of productive zakat implementation aimed at empowering mustahik through the provision of business capital, mentoring, and entrepreneurial development, with the expectation of serving as an effective Islamic economic empowerment instrument in reducing poverty, increasing community income, and strengthening economic independence. This study aims to analyze the implementation of the BAZNAS Micro Finance Program in Kendal Regency, identify the challenges encountered, and examine its role in strengthening the community economy. A qualitative method with a descriptive approach was employed, with data collected through interviews, observations, and documentation involving program managers, field facilitators, and beneficiaries, and analyzed using an interactive model of data condensation, data display, and conclusion drawing, supported by source and method triangulation to ensure data validity. The findings reveal that the program is implemented through beneficiary selection, productive capital distribution, business mentoring, and monitoring of mustahik business development, contributing positively to income improvement and business strengthening, although it is constrained by limited funding, insufficient mentoring capacity, suboptimal monitoring systems, underdeveloped evaluation frameworks, low financial literacy, limited managerial capacity, and dynamic market conditions.
Co-Authors Masruri Masruri