EFEKTIVITAS FATWA DSN MUI TENTANG ISLAMIC SECURITIES CROWDFUNDING PADA PLATFORM SHAFIQ

Abstract

Abstrak

Revolusi teknologi digital telah mendorong perkembangan inovatif dalam sistem pembiayaan, salah satunya adalah Islamic Securities Crowdfunding (ISCF), yang mengintegrasikan prinsip- prinsip syariah ke dalam skema urun dana berbasis efek. Penelitian ini bertujuan untuk menganalisis efektivitas implementasi fatwa Dewan Syariah Nasional-Majelis Ulama Indonesia (DSN-MUI) terkait ISCF pada platform Shafiq. Penelitian menggunakan pendekatan yuridis-sosiologis dengan metode studi pustaka, yang menyoroti keberlakuan fatwa sebagai norma tidak tertulis dalam praktik industri keuangan syariah. Hasil kajian menunjukkan bahwa Shafiq secara administratif telah memenuhi ketentuan fatwa melalui penerapan akad musyarakah dan mudharabah, penyediaan prospektus, kehadiran DPS, serta kurasi proyek halal. Namun, secara substantif masih terdapat kelemahan berupa kurangnya kejelasan mekanisme pembagian keuntungan, keterbatasan transparansi risiko, minimnya pengawasan berkelanjutan, lemahnya monitoring penggunaan dana, serta disharmoni antara fatwa DSN-MUI dan regulasi OJK. Dengan demikian, efektivitas implementasi fatwa dapat dikategorikan cukup efektif pada aspek administratif, tetapi belum optimal pada aspek substantif, sehingga diperlukan penguatan akad, peningkatan keterbukaan informasi, optimalisasi peran DPS, dan harmonisasi regulasi agar ISCF sah secara hukum, valid secara syariah, serta sejalan dengan maqashid al-shariah dalam menjaga harta dan mewujudkan kemaslahatan ekonomi umat.

Kata Kunci: Fatwa DSN-MUI, Islamic Securities Crowdfunding, Shafiq

Abstract

The digital technology revolution has driven innovative developments in financing systems, one of which is Islamic Securities Crowdfunding (ISCF), which integrates sharia principles into securities-based crowdfunding schemes. This study aims to analyze the effectiveness of the implementation of the fatwa of the National Sharia Council-Indonesian Ulema Council (DSN-MUI) regarding ISCF on the Shafiq platform. The study uses a juridical-sociological approach with a literature review method, which highlights the applicability of fatwas as unwritten norms in the practice of the Islamic finance industry. The results of the study show that Shafiq has administratively complied with the provisions of the fatwa through the application of musyarakah and mudharabah contracts, the provision of prospectuses, the presence of a DPS, and the curation of halal projects. However, substantively, there are still weaknesses in the form of a lack of clarity in the profit-sharing mechanism, limited risk transparency, minimal ongoing supervision, weak monitoring of fund use, and disharmony between the DSN-MUI fatwa and OJK regulations. Thus, the effectiveness of the fatwa's implementation can be categorized as quite effective in administrative aspects, but not yet optimal in substantive aspects. Therefore, it is necessary to strengthen contracts, increase information disclosure, optimize the role of the DPS, and harmonize regulations so that ISCF is legally valid, valid in terms of sharia, and in line with maqashid al-shariah in protecting assets and realizing the economic interests of the people.

Keywords: DSN-MUI fatwas, Islamic Securities Crowdfunding, Shafiq