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Sharia Crowdfunding Securities Development Model with Analytical Network Process (ANP) Approach Muhammad Ikhsan Harahap; Nurhayati; Marliyah; Yusrizal; Ilhamy Nasution, Muhammad Lathief; Ramil Abbasov
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.501

Abstract

This research aims to develop a model for Islamic securities crowdfunding in Indonesia. Respondents consisted of 9 experts, including regulators, SCF operators, academics, MSMEs, and representatives of the Islamic fintech association, selected through purposive sampling. This research uses the Analytical Network Process (ANP) approach model. The results indicated that the problems encountered in the development of Islamic crowdfunding securities comprise five key aspects: literacy, public trust, management, regulatory, and technological. The level of agreement (rater agreement) is W=0.3753086, indicating 37.5% sufficient agreement in determining the problem priority issues among informants. The most prioritized Islamic crowdfunding securities development solution is the literacy solution, followed by the public trust solution, the technology solution, the management solution, and finally the regulatory solution. The informants’ agreement level is W = 0.2938272. This means that the level of agreement among informants on the priority order of Islamic SCF development solutions is 29.3%, indicating a sufficient level of agreement. Alternative strategies for developing the most prioritized Islamic crowdfunding securities include increasing literacy, building ecosystems, securing government support, improving technology, and implementing business sustainability strategies. The level of agreement (rater agreement) is W = 0.3101343, indicating that the priority order of Islamic SCF development strategies is 31% agreement, which is a sufficient level.
Co-Authors Abrar, M. Farid Ade Khadijatul Z. Hrp Adha, Raju Andri Soemitra Ari Apryansyah Arifin, Rahman atika Ayunda Khoiriyah Azhari, Dhea Maura Delima Sari Lubis Desy Desky Dharma, Budi Dorlan Habibi Egi Fadilah Saragih Endah Wahyunuing Asih Engel Natalia, Tree Esma Cetin Fitrianur Ahmad Sihombing Haeruddin Hakim Sitompul, Muhammad Halimahtussakdiyah Halimatussakdiyah Handayani, Seri Handoko, Dodi Okri Harahap, Muhammad Ikhsan Harahap, Rahmat Daim Harry Irawan Hilmiatus Sahla Hilyati Inayah Irawan, Harry Ismul Fakhri Lubis Isnaini Harahap Julita Julita Khairul Faiz Batubara khusnul_khotimah Kusmilawaty Laylan Syafina Lubis, Ismul Fakhri M FAUZAN M. Fauzan M.Hakim Sitompul Mailina, Rani Medeni, Desi Chintiara MUHAMAD Muhammad Habibi Siregar Muhammad Lathief Ilhamy Nasution Muhammad Yafiz, Muhammad Mukhlis Nadia Anzani Nashwa Nabila Kasih Nur Fadhilah Ahmad Hasibuan Nurfuadi, Wika Nurhayati Nuri Aslami Nurjanah, Putria Nurlaila Nursantri Yanti Perjuangan Siregar Pradana, Wahyu Yuda Prasektiyo, Agung Prayogi Kusdino Putra, Yunanda Eka Raharti, Riana Rahman, Zikri Rahmani, Nur Ahmadi Bi Rahmat Rahmat Daim Harahap Ramil Abbasov Rizkan Polem, T. Rizky, Gustina Santi Arafah Saparuddin Siregar Saparuddin Siregar Saragih, Adeliya Sarmiana Batubara Siregar, Alfa Nadiah Sitompul, Ripa Sabila Usni Sofya A. Rasyid sri sudiarti Sugianto Sunur, Arba Syarbaini, Ahmad Muhaisin B. T. Rizkan Polem Tambunan, Khairina Tanjung, Ahmad Fuadi Tyo Azharil Fikri Wahyu Syarvina Waizul Qarni Wati, Patma Yenni Samri Juliati Nasution Yuni Lubis, Syafrina Yusrizal Zahra, Fairuz Azzahra Irsyad Zulfahani Zulhelmy