Sharia Green Financing: Potential Sustainable Funding for MSME on Wakafestasi Securities Crowdfunding Services
Keywords:
Financial Technology, Securities Crowdfunding, UMKMAbstract
COVID-19 has had an impact on decreasing economic growth but has accelerated digital transformation in aspects of life, including transforming conventional economic activities into a digital economy. The impact of financial technology as a financial technology concept gave birth to securities crowdfunding instruments. This cycle is a sustainable funding alternative that is suitable for MSMEs and is in line with the government's project to build a sustainable economy, or green economy. Total funding reached $1 trillion, with the scheme funding 481 business units and 160,368 investors. As of August 2023, business unit funding reached 268 units with a funding map of 10 debt, 59 sukuk, and 199 equity, with a comparative percentage of 78% conventional and 22% sharia business units. The implementation of these funding services integrates three aspects, namely law, economics, and Islamic philanthropy. Initially, capital was collected from the community, but PT Dana Investasi Bersama launched capital sourced from Islamic philanthropy. This research will review aspects of legality, suitability of regulations, and funding schemes for products offered on the basis of the absence of comprehensive regulations governing these funding schemes using normative legal research methodology with descriptive analysis methods. In this research, it was found that there is an interconnection between several regulations, namely Law of the Republic of Indonesia Number 20 of 2008 concerning Micro, Small, and Medium Enterprises and Services Authority Regulation Number 16 of 2021 Amendment to Financial Services Authority Regulation Number 57/POJK.04/2020 as legality that conforms to the standards regulated by laws and regulations in the funding scheme in the securities crowdfunding cycle.
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