<![CDATA[This study analyzes the harmonization of Islamic law and financial technology regulation in the implementation of Sharia-compliant securities crowdfunding as an alternative mechanism for strengthening the capital of micro, small, and medium-sized enterprises (MSMEs) in Indonesia. The study employs a normative legal research method using statutory, conceptual, and analytical approaches to examine regulations issued by the Financial Services Authority (OJK), fatwas of the National Sharia Council–Indonesian Ulema Council (DSN-MUI), and scholarly literature concerning fiqh muamalah, Sharia governance, investor protection, and digital financing. The findings indicate that the regulatory reform introduced through OJK Regulation (POJK) No. 17 of 2025 strengthens transparency, governance, risk mitigation, and investor protection. However, legal certainty in Sharia-compliant securities crowdfunding remains dependent on substantive integration between capital market regulations and Sharia principles. DSN-MUI Fatwa No. 140/DSN-MUI/VIII/2021 provides parameters for contractual structures, Sharia compliance, and dispute resolution; nevertheless, its effectiveness requires consistent incorporation into electronic contracts, supervision by Sharia Supervisory Boards, risk disclosure, and remedial mechanisms. This study proposes a dual-validity framework requiring the simultaneous fulfillment of Sharia compliance and enforceability under positive law, as well as a four-layer harmonization model encompassing contractual substance, regulatory enforceability, Sharia governance, and legal protection. This framework strengthens the position of Sharia-compliant securities crowdfunding as an inclusive, accountable, and relevant instrument of Islamic economic law for supporting MSME capital growth.]]>
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