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Journal : Al-Muzara'ah

The Analysis of Crowdfunding Implementation as an Alternative Financing for Islamic Microfinance Institution Karimah, Diva Azka; Tamanni, Luqyan; Indra, Indra; Pamuncak, Mohammad Bintang
AL-MUZARA'AH Vol. 13 No. 1 (2025): AL-MUZARA'AH (June 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.1.95-107

Abstract

Islamic Microfinance Institutions (IMFIs) play a crucial role in delivering financial services to Micro, Small, and Medium Enterprises (MSMEs), thereby advancing financial inclusion and fostering economic empowerment. Despite their significance, IMFIs frequently encounter major constraints, particularly limited access to capital. In contrast, technological advancements have introduced innovative and efficient financing alternatives, most notably in the form of financial technology (fintech). This study investigates the potential for collaboration between IMFIs and fintech, with a particular emphasis on crowdfunding as a financing mechanism. It seeks to identify the benefits and opportunities, alongside the costs and risks, associated with the implementation of fintech-based crowdfunding as an alternative financing source for IMFIs. Adopting a critical review research paradigm and a mixed-method epistemological approach, the study employs two key methodologies: (1) the development of a typology outlining the benefits, opportunities, costs, and risks of collaboration; and (2) the application of the Analytic Network Process (ANP), using the typology as the foundation for model construction. Findings indicate that experts generally perceive the benefits and opportunities of such collaboration to outweigh the associated costs and risks. Notable advantages include enhanced access to capital and the cultivation of a more robust investment culture within IMFIs. On the other hand, key concerns include infrastructural limitations and the potential for capital loss. To mitigate these risks and maximize collaborative benefits, the study highlights the importance of strengthening institutional management across both IMFIs and fintech platforms.
Co-Authors . Rahman , Muhammad Iqbal A. A Aam Slamet Rusydiana, Aam Slamet Abdul Mughni Ade Muhammad Ritonga Adha, Prama Natio Afifah, Kuni Afriliani, Sri Afrina, Nyak Yusfa Agus Nugroho, Agus Agus Priyono Agus Umar Hamdani Agussabti Agussabti Agustina, Adinda Agustinawati, Dwi Agustini, Sherly Ahmad Rosyid Akbardiansyah, Akbardiansyah Aksal Hidayat Al Aziz, Abdul Al Rasyidin Alexius Ulan Bani Alfiyanti, Dwi Ali, Ramsah Ali, Zulkarnain Muhammad AMALIA, TIARA Ambiyar, Ambiyar Amna Emda Anak Agung Istri Sri Wiadnyani Andi Bungawati, Andi Andi Rosman N Andiyana Sandi, Aan Andri Rivai Andrilolo, Andrilolo Andy Arya Maulana Wijaya Anita Priantina Annisa Agelina, Annisa Annissya, Widia Primi Aprillia, Ade Yeni Ardhina, Aried Ardiansyah, La Ode Ariani Trisna Murti, Ariani Trisna Arifin, Dadang Arifin, Nofri Yudi Arip Rahman Arsad, Arsad Aryasanti, Agnes Asia Arifin asih, yekti purwo Asrul Asrul Athaya, Putri Aufa, Aufa Aulia Puspa Ayu Aulia Rahman Auliansyah, Auliansyah Avedta, Sherrindra Azis, Moh. Nisyar Sy. Abd. Azisah Mn, Abdilla Nurul Azzahro, Siti Fatimah Bayu Prasetyo, Bayu Bayu Taufiq Possumah, Bayu Taufiq Bernadus Gunawan Sudarsono Bravo, Bram Chaliluddin, Makwiyah A. Darfiti, Refit Gustaroska Darmawan Darmawan Dayat Dayat, Dayat Depari, Genesis Sembiring Dewi Kusuma Wardani Dewi, Trihoni Nalesti Dewi, Yasdiafiani Dhanny Cahyadi, Dhanny Diah Supatmiwati Didit Haryadi Dori Chandra Dumar, Bergita Efendi, Raimon Efin Shu Eka, Audinah Elly Susanti Elvi Juliansyah Jamari Endang Silaningsih Ernawati Ernawati Erni Yuningsih Ervien Ervien, Ervien Erwin Purwanto Faiz Fauzan, Moch Faizi, Besse Nur FAJAR SETIAWAN Fajar, Setiawan Falihin, Dalilul Faliqul Isbah Farida Arianti Fatimah, Tri Fatiqiyah, S. Syarah Firdausi, Wildan Firmansyah Firmansyah Firnanda, Teguh Fissilmi, Annisa Fitri Wijayanti Fitriya, Fitriya Gaffar, Emmilya Umma Aziza Gagal Rencana, Feri Susilo Gamayuni, Rindu Rika Gatut Ari Wardani Grace Gata, Grace Gustaman, Firman Gusti Vonna, Adinda Habiba, Syahrir Hadidtyo Wisnu Wardani Hadistio , Ryan Rinaldi Haedar Haedar, Haedar Halimursyadah Halimursyadah Hamdan Hamdan Hamidi Hamidi Handepi, Nogi Harda Armayanto Haryanto, Anton Hasmina Tari Mokui Hasni, Mutiara Hendra Purnama Heriani, Andi Hilda Hastuti Hilda Susanti Hudiarto Hudiarto, Hudiarto Hunowu, Sri Yulian Husen, Rahma Aulia Hussin, Mohd Fauzi bin Abu Ibarahim, Deva Ichsan Setiawan Idacahyati, Keni Idriana, Idriana Idris Putra , Muhammad Ihsan, Fahrun Ilahi, Vitratul Ilham Nurhalim, M. Imaduddin, Imaduddin Indra Indra Indrawan, Mohamad Gita Indya Dewi Insani, Risna Nurul Insani, Sri Ayu Intan Indriani , Gustania Iqram, Muh. 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