Bibliometric Analysis of Islamic Crowdfunding: A Literature Review of Its Journey

Crowdfunding and Islamic finance

Islamic crowdfunding campaigns are crucial for the hotel industry, which has been adversely affected by the COVID-19 pandemic (Baber et al., 2022). There is a need for better alternatives to enhance crowdfunding trust among donors for strategic sustainability in the conditions of turbulence and financial crisis caused by COVID (Jiao et al., 2022). Crowdfunding is a financial phenomenon aimed at obtaining resources to implement innovative projects in a market where success is determined by experience, human capital, and gender (Borrero-Domínguez, Cordón-Lagares, and Hernández-Garrido, 2020). Performance and effort expectations, social influences, as well as facilitating conditions significantly influence entrepreneurs’ behavioral intentions to adopt crowdfunding, although its reception may not be as favorable as in developed countries due to the lack of supporting tools, financial regulations, and promotional campaigns (Islam and Khan, 2021). Crowdfunding platforms can also contribute to sustainable development processes (Testa et al., 2022) by supporting green projects, environmental protection, and sustainability initiatives (Prędkiewicz and Kalinowska-Beszczyńska, 2021).

In the initial stages of creating a crowdfunding platform, social capital is required to support the success of the campaign (Butticè, Colombo, and Wright, 2017). Equity crowdfunding is a viable opportunity to finance new businesses, especially startups and small and medium enterprises (SMEs) (Giudici, Guerini, and Rossi-Lamastra, 2020). Crowdfunding has the potential to democratize access to finance and provide new investment opportunities, including for underrepresented groups such as women (Serwaah, 2022). The success of previous campaign programs affects individual empathy and intention to donate to crowdfunding charities (Lin et al., 2018). Islamic crowdfunding platforms (Islamic crowdfunding FPs) have the potential to contribute to sustainable development by embedding social responsibility and providing fundraising opportunities for unbanked and underserved individuals (Testa et al., 2022). Islamic crowdfunding is part of the global Islamic crowdfunding economy, thereby providing opportunities for crowdfunding initiatives (Floren, Rasul, and Gani, 2020). Sharia crowdfunding strategies are a solution to economic and social welfare problems in various countries. This strategy leverages the use of crowdfunding platforms and blockchain technology to ensure transparency and track transactions, in line with the ethical norms and rules of Islamic crowdfunding business (Kuanova, Sagiyeva, and Shirazi, 2021).

Fintech and blockchain

The utilization of fintech as a microfinance initiative offered by Islamic banks needs to be increased to promote ṣadaqah-based loans and products (Abd Wahab et al., 2023). Fintech can be a solution and support the resilience of the sharia crowdfunding banking sector in addressing the challenges faced in the context of the COVID-19 pandemic (Pireh, 2022). The government and society are encouraged to strengthen and expand social networks, particularly to enhance crisis management for recovery from the impact of the COVID-19 pandemic (Pitas and Ehmer, 2020). Similar to the innovations implemented by companies in Brunei Darussalam to maintain the resilience and continuity of their businesses during the pandemic (Basir, 2022), sharia financial instruments such as waqf play a role in providing health equipment and assisting those affected by the pandemic (Kasri and Chaerunnisa, 2021).

The use of ZakaTech has the potential to enhance the fundraising capacity of Islamic crowdfunding social financial institutions (Bin-Nashwan et al., 2022). The impact of fintech developments has also manifested in Islamic finance and economics, positioning Islamic crowdfunding as a provider of various solutions to the economic impact of COVID-19 through key principles and investment tools, including profit-sharing, takaful, and waqf (Benamraoui, 2021). Factors driving the adoption of fintech services, such as perceptions of trust, exert a highly significant direct influence on the intention to use Islamic Paytech crowdfunding services (Irimia-Diéguez et al., 2023). Other driving factors include perceived ease of use, perceived usefulness, and consumer innovation (Shaikh et al., 2020). The presence of crowdfunding has a positive impact on the success of fundraising, and crowdfunding platforms are effective fintech tools for financing entrepreneurs in the Middle East (Abdeldayem and Aldulaimi, 2022).

Islamic fintech provides opportunities for new start-ups with increased transparency and ethical practices in Islamic crowdfunding financial institutions, thereby enhancing processes and providing cost-effectiveness in delivering sharia-compliant products and services (Chong, 2021). Islamic crowdfunding platforms, combined with blockchain technology, can promote transparency and facilitate the growth of Islamic crowdfunding social instruments and projects, involving stakeholders such as governments, Islamic crowdfunding financial institutions, and commercial organizations (Kuanova, Sagiyeva, and Shirazi, 2021). In Islamic crowdfunding with blockchain technology, the occurrence of mudharabah financing based on crowdfunding and murabahah is highly possible (Ag Omar et al., 2021).

Islamic crowdfunding

Islamic crowdfunding is a form of crowdfunding that operates in accordance with Islamic principles and ethics. It combines the use of crowdfunding platforms with Islamic contracts and business rules to facilitate the financing of projects and initiatives that align with Islamic values. Islamic crowdfunding platforms leverage blockchain technology to ensure transparency and traceability of transactions (Kuanova, Sagiyeva, and Shirazi, 2021), providing a digital space where individuals can donate or invest in projects promoting social welfare, entrepreneurship, education, or other areas of interest, including in the book publishing sector (Ag Omar et al., 2021).

Islamic crowdfunding platforms (Islamic crowdfunding FPs) contribute to sustainable development (Testa et al., 2022), affordable housing (Ma and Md Taib, 2023), zakat donations waqf (Hapsari et al. 2022), and qordul hasan (Pireh, 2022). By leveraging technology and Islamic finance principles, Islamic crowdfunding offers a unique pathway for individuals to participate in socially responsible and financially inclusive initiatives (Testa et al., 2022). Additionally, the use of fintech platforms and technology has become increasingly prominent during the pandemic, including in the field of Islamic finance (Darmansyah et al., 2020).

Sharia crowdfunding can optimize the role of sharia fintech, such as the crowdfunding model, as an intermediary between Muslim donors or crowd funders and micro, small, and medium enterprises (MSMEs) (Raimi and Uzodinma, 2020). Overall, Islamic crowdfunding strategies provide an innovative approach to overcome economic problems and improve social welfare in various countries. The acceptance and success of Islamic crowdfunding are influenced by factors such as social capital, religiosity, social influence, and demographic characteristics of Islamic crowdfunding (Choy and Schlagwein, 2016). Islamic crowdfunding can also be used for various purposes, including affordable housing solutions, entrepreneurial development, and investment opportunities, offering an alternative model for Islamic crowdfunding venture capital companies by providing a mechanism to mitigate business risks (Gafrej and Boujelbéne, 2022).

The multidimensional model of high-growth companies in Russian-Ukrainian Islamic crowdfunding consists of several interrelated dimensions, such as innovation, finance, human resources, and business strategies after the COVID-19 pandemic, which are very different from the previous period (Tchinda and Dejardin, 2021). Overall, Islamic crowdfunding is used globally for a variety of purposes, namely meeting economic, social, and charitable needs. Several challenges that can hinder the development and progress of sharia crowdfunding are: lack of awareness and understanding of the concept and potential of sharia crowdfunding among publications (Alalwan et al., 2017); the absence of clear regulations and internationally recognized standards (Darmansyah et al., 2020); lack of strong relationships with potential donors and harnessing the electronic power of word of mouth (Alalwan et al., 2022); implementation and understanding of the use of sharia crowdfunding in managing sharia funds and the limited number of registered sharia crowdfunding platforms; as well as the need for more sharia-compliant platforms and the importance of Islamic crowdfunding (Beck, Demirg-Kunt, and Merrouche, 2013); also consistency and transparency in Sharia compliance (Ramli, Abdullah, and Alam, 2023).

Islamic crowdfunding platforms contribute to the growth of Islamic crowdfunding instruments and social projects, overcoming economic challenges and improving social welfare (Herianingrum et al., 2022). Islamic crowdfunding and blockchain technology are becoming mainstream in the Muslim world, especially for small and medium enterprises (SMEs) (Hudaefi, 2020). Islamic crowdfunding has the potential to manage Islamic funds, such as cash waqf and zakat, effectively (Indahsari et al., 2014). Islamic crowdfunding platforms, such as EthisCrowd, provide affordable housing solutions for low-income households in Indonesia (Ma and Md Taib, 2023). Knowledge, belief, and religiosity play a positive role in explaining the intention to donate money online among the Indonesian millennial generation (Kasri and Chaerunnisa, 2021). Crowdfunding campaigns that combine religious and social narratives are more likely to attract funding and achieve success (Simpson et al., 2020).

Several factors determine the success of Islamic crowdfunding, including perceptions of other people’s charitable behavior, previous donations, religiosity, knowledge, beliefs, and attitudes towards the intention to donate to cash waqf—a reflection of strong Islamic values that prioritize religion, increasing literacy waqf, trust in cash waqf institutions, and developing effective marketing strategies. Knowledge and effective communication of religious messages, beliefs, and religiosity play a positive role in explaining the intention to donate money online among the Indonesian millennial generation (Kasri and Chaerunnisa, 2021).

Publication and citations perform annually

We began analyzing documents with the keyword “Islamic crowdfunding” in 2013 because the crowdfunding model had successfully transformed the way society funds projects, businesses, and social initiatives. This shift captured the attention of academics seeking to comprehend the impact and potential of this innovative financing model. Our database search commenced with the keyword “Islamic crowdfunding” in 2013 because we discovered 1 document on Islamic crowdfunding in the Scopus database for that year, which had not been found in previous years.

Sharia finance is a financial sector adhering to Islamic sharia principles. Islamic finance had been rapidly developing before 2013, and academics were intrigued by the prospect of integrating sharia concepts with the emerging crowdfunding trend. This integration aimed to create a financing model aligned with Islamic principles. There was a surge in awareness and interest in financial products complying with Islamic principles, prompting Muslim communities worldwide to explore investment or project funding options in accordance with their beliefs. Islamic crowdfunding initiatives emerged as an interesting alternative in this context.

The potential of financial inclusion to provide access to individuals or groups that previously faced difficulties or lacked access to formal financial markets intrigued academics. They sought to explore how crowdfunding models, including sharia-based ones, could enhance financial well-being and inclusion in Muslim communities. This research not only facilitates access for individuals or groups that previously encountered financial difficulties or lacked access to formal financial markets but also sparks academic interest in investigating further the realm of Islamic crowdfunding. It underscores an increase in interest, utilization, and growth of crowdfunding as a financing method. However, it is crucial to note the limitations of crowdfunding in educational campaigns during this period.

Post-2013, there was a growing body of research on this subject, with a notable surge during the COVID-19 pandemic in 2020. This surge was prompted by shifts in spending patterns and heightened humanistic values in society during the pandemic. The phenomenon underscored the need for mutual assistance, resulting in a substantial amount of aid being provided. These events motivated researchers to delve into this phenomenon, evident in the rising number of documents in the database from 2013 to 2022. The progression was particularly remarkable from 2016 to 2022, with the number of documents increasing from 8 to 295. This surge in documents in the Scopus database was accompanied by a corresponding increase in citations, notably peaking from 2019 to 2022.

Identify the most influential studies

There are six most common fields of study in Scopus documents, namely: Business, Management and Accounting, Economics, Econometrics and Finance, Social Sciences, and Computer Science. Research on Islamic crowdfunding focuses significantly on Business, Management, and Accounting for several reasons. First, Islamic crowdfunding is a financial activity that requires expertise in financial management, risk management, and marketing strategies, as seen in Islamic banks (Aderemi and Ishak, 2020). Managing funds and resources is crucial in crowdfunding, including Islamic crowdfunding. Additionally, knowledge in financial management and accounting practices is essential for Islamic crowdfunding (Hasan, Hassan, and Rashid, 2018). Islamic crowdfunding studies also intersect with economics and business management, involving the analysis of banking effectiveness, financial literacy, and customer awareness (Albaity and Rahman, 2019). The success of a crowdfunding campaign, especially in the environmentally friendly project sector, depends on factors like campaign characteristics, updates, and the targeted amount. Islamic crowdfunding requires an understanding and application of marketing and management principles (Prędkiewicz and Kalinowska-Beszczyńska, 2021). Therefore, the involvement of business and management disciplines in Islamic crowdfunding research is essential to comprehend its dynamics and optimize outcomes.

Research on Islamic crowdfunding also places a significant focus on Economics, Econometrics, and Finance for several reasons. Firstly, crowdfunding plays a crucial role in economic development, especially in the Gulf Cooperation Council (GCC) countries (Thottoli, 2022). Secondly, crowdfunding adoption among start-up entrepreneurs, particularly in developing countries, is still low, necessitating research to identify influencing factors such as performance expectations, effort expectations, social influence, facilitating conditions, and perceived trust (Islam and Khan, 2021). Furthermore, crowdfunding is not solely an economic phenomenon but also involves social relationships and motivation (Sherman and Axelrad, 2022). Aspects like social trust, networks of friends and family, and social enterprise are integral to crowdfunding (Flanigan, 2017). Additionally, crowdfunding has emerged as an additional source of financing for research projects. Therefore, understanding the factors influencing the success of scientific crowdfunding projects, including newsworthiness, reputation signalling, and online payment theory, is crucial (Schäfer et al., 2016). Overall, research on Islamic crowdfunding encompasses various economic and financial aspects to understand its role, adoption, and impact.

Research on Islamic crowdfunding also involves a significant focus on Social Sciences for several reasons. Firstly, Islamic crowdfunding often supports creative projects in fields such as literature, art, and media (Alblooshi, 2022). For example, a crowdfunding platform was used to fund the publication of Ishak et al.’s book (Aderemi and Ishak, 2020) and independent print media (Konhäusner et al., 2021). These projects rely on the support and contributions of individuals who value and appreciate the arts and creative endeavours. Crowdfunding campaigns often involve storytelling and community engagement, which are important elements of the arts and humanities. Crowdfunding platforms provide opportunities for creators to connect with their audiences, build communities, and share their vision and passion. Research on crowdfunding explores the motivations and behavior of backers and contributors (Steigenberger, 2017). To understand the human aspects of crowdfunding, such as the reasons why people contribute and the impact of crowdfunding on society, requires a focus on the arts and humanities. By studying these aspects, researchers can gain insight into the social and cultural dynamics of Islamic crowdfunding and its impact on creative industries and communities.

Computer Science is a field related to the development of Islamic crowdfunding because crowdfunding platforms heavily rely on website platforms and web-based online platforms (Jiao et al., 2022). Computer science also plays a crucial role in ensuring transparency and transaction tracking in crowdfunding platforms, especially when combined with blockchain technology. Computer science is essential for developing and analyzing data in the context of crowdfunding, allowing researchers to understand behavioral intentions and factors influencing the adoption of Islamic crowdfunding services (Alsmadi, Alrawashdeh, et al., 2023). Overall, computer science is an integral part of the functioning, development, and analysis of Islamic crowdfunding platforms. Relationship marketing orientation, entrepreneurial alertness, system quality, and service quality significantly influence entrepreneurs’ involvement in e-equity crowdfunding, predicting knowledge acquisition and innovation performance (Pratono et al., n.d.). Computer science and science can address challenges in the fields of computers, science, and technology but have not been able to improve a person’s ethics (Oliver and McNeil, 2021). All in all, computer science is an integral part of the functioning, development, and analysis of Islamic crowdfunding platforms.

The most common subject areas found in Islamic crowdfunding in 2013-2022, will these three subjects always be present in every study?

Crowdfunding plays a major role in economics development, particularly in the Gulf Cooperation Council (GCC) countries serves as a source of financing for new business startups and small and medium enterprises (SMEs). The adoption of crowdfunding among startup entrepreneurs, especially in developing countries, is still low. Therefore, the research aims to identify the factors that influence crowdfunding adoption, such as performance expectations, effort expectations, social influence, facilitating conditions, and perceived trust. In addition, crowdfunding is not solely an economics phenomenon but involves social relations and motivation (Sherman and Axelrad, 2022). Social trust, network of friends and family, and social ventures are important aspects of crowdfunding (Flanigan, 2017). In addition, crowdfunding has emerged as an additional source of financing for research projects. It is important to understand the factors that influence the success of scientific Islamic crowdfunding projects, including news value, reputation signalling and online payment theory (Schäfer et al., 2016). Overall, research on Islamic crowdfunding covers various economics and financial aspects to understand its role, adoption, and impact.

Research on Islamic crowdfunding involves many Social Sciences, for several reasons. First, Islamic crowdfunding often supports creative projects in fields such as literature, art, and media. These projects rely on the support and contributions of individuals who value and appreciate the arts and creative endeavours. Second, crowdfunding campaigns often involve storytelling and community involvement, Crowdfunding platforms provide opportunities for creators to connect with their audience, build community, and share their vision and passion. Finally, research on crowdfunding explores the motivations and behaviors of supporters and contributors (Steigenberger 2017). By studying these aspects, researchers can gain insight into the social and cultural dynamics of Islamic crowdfunding and its impact on creative industries and communities. Research on Islamic crowdfunding involves a lot of computer scientists, because crowdfunding platforms rely heavily on website platforms and web-based online platforms (Bouncken, Komorek, and Kraus, 2015). This platform utilizes computer science technology to facilitate fundraising from a large number of individuals or organizations. In addition, computer science plays an important role in ensuring transparency and transaction tracking in crowdfunding platforms, especially when combined with blockchain technology. Overall, computer science is an integral part of the functioning, development and analysis of Islamic crowdfunding platforms. Relationship marketing orientation, entrepreneurial awareness, system quality, and service quality significantly influence entrepreneur involvement in equity crowdfunding, Islamic crowdfunding knowledge acquisition and innovation performance. Computer science and scientist are able to answer challenges in in the fields of computers, science, and technology, but have not been able to improve the person’s ethics (Oliver and McNeil, 2021). Overall, computer science is an integral part of the functioning, development and analysis of Islamic crowdfunding platforms.

The combination of crowdfunding platforms and blockchain technology increases transparency and transaction tracking, in line with Islamic crowdfunding ethical norms. The importance of previous successful campaigns and the quality of the website, convenience of transactions, and quality of project content will influence individual empathy as well as credibility influencing the intention to donate to charity crowdfunding (Butticè, Colombo, and Wright, 2017). The most used keywords on Scopus document the relationship between Islamic crowdfunding and Fintech can be seen here, there needs to be further research on this matter, how does Islam view Fintech, where Fintech is a new technology, besides that it needs to be discussed why there are so many studies in Malaysia Islamic crowdfunding is a large Islamic country.

We can see the topics that were most discussed during 2013 to 2022, namely: fintech, factor, finance, and innovation. Meanwhile, based on the most keyword articles in the Scopus database, the most frequently discussed topics are: crowdfunding with 72 documents, fintech with 55, blockchain with 40, and Malaysia with 26 documents. Islamic crowdfunding initiatives contribute to the growth of Islamic crowdfunding social instruments and projects, involving stakeholders such as governments, Islamic crowdfunding financial institutions, and commercial organizations. The acceptance and success of Islamic crowdfunding is influenced by factors such as social capital, religiosity, social influence, and characteristics of Islamic communities. It is used for various purposes, including affordable housing solutions, entrepreneurship development, and investment opportunities. Islamic crowdfunding also offers an alternative model for Islamic crowdfunding venture capital firms, providing a mechanism for mitigating business risks (Gafrej and Boujelbéne, 2022). Overall, Islamic crowdfunding is used globally for a variety of purposes, addressing economics, social and charitable needs. The multidimensional model of high-growth companies in Russia-Ukranian Islamic crowdfunding consists of several interrelated dimensions, such as innovation, finance, human resources, and business strategy after the COVID-19 pandemic is very different from the previous period (Tchinda and Dejardin, 2021).

How can fintech be a solution and support the resilience of the Islamic crowdfunding banking sector in facing the challenges faced in the context of the COVID-19 pandemic. What are the innovation efforts made by companies in Brunei Darussalam in maintaining the resilience and continuity of their business during the pandemic (Basir, 2022). The role of Islamic finance instruments such as waqf, in providing health equipment and supporting those affected by the pandemic has also been highlighted. Islamic fintech services are influenced by perceived ease of use, perceived usefulness, and consumer innovation. Governments and society are encouraged to strengthen and expand social networks to improve crisis management and resilience (Pitas and Ehmer, 2020). The use of ZakaTech and its potential to increase the fundraising capacity of Islamic crowdfunding social finance institutions. The emergence of Fintech advancements has extended its influence to Islamic finance and economics, offering several solutions to mitigate the economic repercussions of COVID-19. This includes leveraging the fundamental principles and investment instruments of Islamic crowdfunding, such as profit-sharing, takaful, and endowment funds (Benamraoui, 2021). For Islamic banking users, both knowledge of and trust in FinTech services strongly influence their decision to use Islamic crowdfunding platforms (Irimia-Diéguez et al., 2023).

The most influential studies based on keywords

Based on Table 6, it can be seen that crowdfunding, fintech, blockchain, fintech, Malaysia, Islamic Finance, and Innovation occupy the 6th largest position in the Islamic crowdfunding document. Crowdfunding is the keyword with the largest number of documents, because crowdfunding campaigns are very important for the hotel industry which is affected by the COVID-19 pandemic (Baber et al., 2022). Factors that influence the success of a crowdfunding campaign include the inherent quality of the project in determining the success of the campaign (Wan Mohamad Nazarie and Williams, 2021). Islamic crowdfunding platforms utilize block-chain technology to ensure transparency and traceability of transactions. The combination of crowdfunding platforms and blockchain technology increases transparency and transaction tracking, in line with Islamic ethical norms. The following are the most frequently cited keywords during 2013-2022.

Islamic values are discussed in the islamic crowdfunding article

To examine further, what Islamic values are discussed in the Scopus document, an examination of the abstract and documents is carried out more thoroughly. The results of examining these documents can be seen in the table below. From Table 7, the most discussed Islamic values are zakat, alms, waqf, and the contracts in mua’amalah. Zakat, alms, and waqf (ZISWAF) are very important concepts in Islam, because it is an obligation for Muslims to give part of their wealth to the needy. The ZISWAF concept is a central value in Islamic economics and finance which has a direct connection with crowdfunding, because they are a source of financing that can be used to support projects that comply with sharia principles. In carrying out mu’amlah actions, Muslims cannot be separated from the mu’amalah contracts or agreements in Islam that are used in Islamic crowdfunding, such as: mudarabah, musharakah, or murabahah. A good understanding of these contracts is very important because they are the basis of sharia financing and bind the parties involved in crowdfunding transactions. In recent years, Islamic crowdfunding has developed rapidly as an alternative financing that complies with sharia principles. Therefore, research in the literature review often seeks a deeper understanding of how Islamic values, such as zakat, alms, and waqf, play a role in these developments. Muslim communities interested in Islamic crowdfunding often have a special interest in ensuring that the funds they invest or donate are in accordance with Islamic principles. Therefore, an emphasis on concepts such as zakat, alms and waqf can meet their needs and interests. The review literature may look for ways in which Islamic crowdfunding can provide positive social impact through these concepts.

Islamic crowdfunding has become an increasingly important alternative in supporting projects and ventures that comply with sharia principles that involve interdisciplinary scholarship. This was triggered by the increasing demand for financing that is in accordance with Islamic values, so clear regulations are needed in Islamic crowdfunding. Good regulation can help ensure that crowdfunding platforms comply with sharia principles and protect investors and owners of Islamic Crowdfunding projects. Islamic crowdfunding can help society and the economy, contributing to poverty alleviation (Zhang et al., 2020; Liu & Xu, 2016; Liu et al., 2018; Fang, 2021) and the development of certain sectors through products, such as crowdfunding for small and medium enterprises, and social projects, which comply with sharia principles as the industry adapts to the diverse needs of Muslim communities. However, there are challenges in the future development of Islamic crowdfunding, namely that apart from the benefits due to increased community participation in projects that are in accordance with religious values, it has the potential risk of losing investment and compliance with sharia principles. Provide a better understanding of Islamic crowdfunding, provide valuable information for practitioners, and encourage further research in this area to support the development of better crowdfunding models in accordance with sharia principles, in order to increase the success of sharia crowdfunding in the wider community. The data is only taken from the Scopus database, and does not include the latest research that could have a significant impact on the understanding of Islamic crowdfunding, because the data is only taken up to 2022. There is a possibility of bias in literature selection which results in an incomplete or distorted representation of the relevant literature. Additionally, research on Islamic crowdfunding may vary by geographic region, so the literature review may suffer from regional bias. Many research are in English or Indonesian, but there is many research in foreign language too that became obstruction to my research.

Islamic crowdfunding is influenced by changes in the economic and legal environment, such as changes in regulations regarding sharia financing which may not be accommodated by research on Islamic crowdfunding, so this literature review also does not accommodate these changes. Further and in-depth discussion of the steps is needed. Methods are also needed to overcome the current scarcity of sharia fintech so that in the future it can be accepted by all levels of society, and increase Muslims’ understanding of openness and conformity with Islamic religious rules, especially a discipline that encompasses a profound understanding of Islamic principles and their application in various aspects of life (al-Zuhayli, 1986).

Islamic crowdfunding platforms can serve as a funding solution for SMEs and startups, facilitating access to capital for businesses that may struggle to obtain traditional financing (Hendratmi et al., 2020). The concept of crowdfunding, when connected with spiritual and religious responsibilities, can drive the economic growth of micro and small enterprises, thereby contributing to economic development (Aderemi & Ishak, 2020). Islamic values ​​and principles, when applied in crowdfunding initiatives, can help households improve their livelihoods and reduce poverty by promoting ethical financial practices and responsible wealth distribution. Islamic crowdfunding is in line with the principles of Islamic finance, promoting equitable distribution of wealth and avoiding riba, which can contribute to poverty reduction. Islamic crowdfunding offers a Shariah-compliant and ethical financing solution that can empower the underprivileged, strengthen economic foundations, and promote sustainable development. Ultimately, it plays a vital role in poverty alleviation efforts in Muslim societies and beyond. By leveraging the concepts of cooperation, risk sharing, and ethical investment, Islamic crowdfunding can contribute to poverty alleviation in a variety of ways (Aderemi & Ishak, 2022). Islamic crowdfunding platforms, such as Qard Hasan crowdfunding, can create opportunities for micro-enterprises and bridge the wealth gap between different socio-economic classes, encouraging collaboration and a more charitable society (Aderemi & Ishak, 2022). By providing funding for small and medium enterprises (SMEs) and social projects tailored to meet the needs of Muslims, Islamic crowdfunding contributes to poverty alleviation and sectoral development. In addition, Islamic crowdfunding can reduce the government's financial burden in supporting micro-enterprises, empowering them to be more independent, creative, and competitive in promoting their products (Ishak et al., 2023).

Fiqh law is a science that discusses the detailed laws of Islamic law in the field of practical actions derived from religious evidence., it is important to have scholars and religious scholars who have a deep understanding of social fiqh and its implementation in Islamic law. Based on the potential and limitations of sharia crowdfunding research in the data above, several recommendations are given for future sharia crowdfunding research so that it can support sharia crowdfunding, namely: the need for further and in-depth discussion regarding the steps. is needed to overcome the current shortcomings of sharia fintech so that in the future it can be accepted by all levels of society, increasing Muslims’ understanding of openness and conformity with Islamic religious rules, especially fiqh law. In this context, it is important to involve Islamic crowdfunding scholars and ulama who have a deep understanding of social fiqh and its implementation in Islamic crowdfunding law. It is also important to strengthen Islamic business ethics in Islamic crowdfunding operations, by prioritizing Islamic principles such as honesty, responsibility and maintaining consumer trust. By implementing these solutions, it is hoped that Muslims’ trust in Islamic crowdfunding can increase. To increase publication trust in the performance of sharia crowdfunding, state legislation is very necessary, so that rights, obligations, transparency and security in sharia crowdfunding are clearer.

Indonesia, as the country with the largest Muslim population in the world, has developed policies and regulations to support the growth of Islamic crowdfunding, involving the Financial Services Authority (OJK) and the National Sharia Finance Committee (KNKS). The OJK regulates and supervises the financial industry, including Islamic crowdfunding, through regulations such as OJK Regulation No. 37/POJK.04/2018 concerning equity crowdfunding services based on information technology, which includes Sharia-compliant platforms. KNKS, now known as the National Committee for Islamic Economy and Finance (KNEKS), plays a role in developing and promoting policies and regulations to strengthen the Sharia economy and finance, including crowdfunding, with support from the Indonesian government through various Sharia fintech initiatives. The National Sharia Council (DSN-MUI) also plays a crucial role by issuing fatwas, such as Fatwa No. 117/DSN-MUI/II/2018 and No. 118/DSN-MUI/II/2018, to ensure that crowdfunding products and services comply with Sharia principles, and each Islamic crowdfunding platform in Indonesia must have a Sharia Supervisory Board to ensure adherence to Sharia principles in their operations and offered products.

According to OJK, which oversees Indonesia's financial sector, several Sharia-compliant crowdfunding platforms, such as Ethis Indonesia, ALAMI, and SyarQ, are registered with and supervised by the authority. Ethis Indonesia focuses on property and social financing, ALAMI provides Sharia-compliant P2P lending for SMEs, and SyarQ offers Sharia-based consumer financing.. The transaction volume of Islamic crowdfunding in Indonesia has shown significant growth, with ALAMI recording over IDR 1 trillion in financing by the end of 2023, supporting thousands of SMEs across Indonesia. The sectors financed through Islamic crowdfunding platforms include micro, small, and medium enterprises (MSMEs), property, education, and social projects. Investor participation in Islamic crowdfunding platforms continues to increase, indicating high confidence in Sharia-compliant financing mechanisms. The use of technology in Sharia crowdfunding platforms facilitates investment and financing processes, enhances transparency, and reduces risk.