Integration of Fatwa in the Governance of Islamic Crowdfunding and Shariah Compliance Disclosure
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Abstract
The rapid growth of Islamic crowdfunding in Indonesia reflects increasing demand for Sharia-compliant financial solutions. However, challenges persist in ensuring compliance with fatwas, governance standards, and transparency in Sharia compliance disclosure, which are critical for investor trust and platform sustainability. This study conducts a Systematic Literature Review following PRISMA guidelines to analyze 15 selected articles from reputable sources (2019–2024). The research explores the integration of fatwas, governance challenges, and disclosure practices in Islamic crowdfunding. Findings reveal that fatwas serve as adaptive frameworks for validating contracts such as mudharabah and musyarakah and operational mechanisms, yet inconsistencies in interpretations among Sharia authorities create regulatory ambiguities. Governance challenges include weak oversight by Sharia Supervisory Boards, misalignment between regulations, and insufficient human resources skilled in both Sharia and fintech. Meanwhile, disclosure practices vary widely, with many platforms failing to provide comprehensive disclosures, undermining investor confidence. However, effective disclosure enhances trust and platform sustainability by aligning operations with Sharia principles. The study highlights the need for harmonized fatwa standards, strengthened governance through technology such as AI for real-time compliance monitoring, and standardized disclosure formats. Innovations like blockchain-based audit trails and predictive analytics could transform disclosure into a proactive tool. By addressing these gaps, Islamic crowdfunding can evolve as a robust, ethical alternative for financing MSMEs, contributing to Indonesia’s Islamic economy.
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