Sharia Oikonomia Law Journal
Vol. 2 No. 3 (2024)

Development of Sharia Business Models for Technology Startups

Agus Zainul Arifin (Universitas Tarumanegeara)
Christine Dewi Nainggolan (Sekolah Tinggi Ilmu Ekonomi Sultan Agung)
Haryanto Tanuwijaya (Universitas Dinamika)
Wolnough Cale (Chernihiv National Technological University)



Article Info

Publish Date
17 Oct 2024

Abstract

Indonesia has seen rapid growth of technology startups in recent years. However, many startups have yet to capitalize on the sharia business model, which can be an attractive alternative to address social and economic challenges. The main objective of this study is to develop a sharia business model that is suitable for technology startups in Indonesia. Specifically, this study aims to identify the key elements of a sharia business model that are relevant for technology startups, analyze the benefits and barriers of implementing a sharia business model in the technology industry, and formulate an effective implementation strategy for technology startups to adopt a sharia business model. This study uses a combination of qualitative and quantitative methods. In the first stage, the literature was thoroughly studied and interviews were conducted with sharia business experts and technology startup activists to determine the main components of the sharia business model. The results of the study indicate that the main components of the relevant sharia business model for technology startups include the principle of profit sharing (profit sharing), prohibition of riba (interest-free financing), and fairness and transparency in transactions. The survey results also show that most technology startup founders see the sharia business model as an alternative that can attract investors and consumers. This study found that technology startups in Indonesia have great potential to implement a sharia business model if there is a strong effort to educate and provide resources.

Copyrights © 2024






Journal Info

Abbrev

solj

Publisher

Subject

Description

The Sharia Oikonomia Law Journal explores various aspects of Sharia economic law and the evolving economic challenges. Its primary focus includes the impact of digital transformation on Islamic finance, such as fintech and blockchain, as well as the role of Sharia financial instruments (zakat, waqf, ...