مجلة التنويع الاقتصادي
Volume 7, Numéro 1, Pages 19-28
2026-06-30
Islamic Crowdfunding As An Alternative Financing Mechanism For Start-ups
Authors : Bentouir Naima . Gherbi Sabah . Oudjamaa Ibrahim .
Abstract
The subject of this paper is Islamic crowdfunding as a mechanism to provide alternative financing for startups, specifically looking at the leading examples of these efforts in Malaysia and Indonesia. Islamic crowdfunding offers another option for funding startup ventures by using unique features of Shariah-compliant (halal) contracts to develop participatory and egalitarian value propositions for startup funds through investments. Malaysia has developed one of the strongest regulatory frameworks of its kind through the Securities Commission Malaysia (SC), fully utilizing the infrastructure for licensed equity and P2P Islamic crowdfunding platforms that offer the country the chance to be a global leader in Islamic fintech. Likewise, Indonesia's Financial Services Authority (OJK) has begun advancing Islamic digital finance using a series of Shariah P2P platforms that support micro-entrepreneurs and early-stage innovators. By analyzing both countries as leading examples, the study highlights specific reasons identified for why the governance, regulatory, and technological factors led to success implementation, while providing appropriate guidelines for other emerging markets advancing startup financing options using Islamic crowdfunding.
Keywords
Crowdfunding ; Islamic finance ; financing ; start-up
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