Investor Protection in Sharia and Conventional Securities Crowdfunding: A Comparative Study of SHAFIQ and Santara

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Published: 2026-11-01
DOI: https://doi.org/10.70308/nabqx142
Keywords:
securities crowdfunding, investor protection, disclosure, SHAFIQ, Santara

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Husnul Mulkiah1
1 Sunan Kalijaga State Islamic University Yogyakarta image/svg+xml
Gusnam Haris2
2 Sunan Kalijaga State Islamic University Yogyakarta image/svg+xml
Risma Dehani Chilmiyah3
3 Sunan Kalijaga State Islamic University Yogyakarta image/svg+xml
Sally Nabila4
4 Sunan Kalijaga State Islamic University Yogyakarta image/svg+xml
Dhaifa Shabha Humaira5
5 Sunan Kalijaga State Islamic University Yogyakarta image/svg+xml

Abstract

Securities crowdfunding (SCF) gives the public a new way to invest in small businesses. However, investors face the risk of loss, difficulty selling their shares, and uncertainty over who is responsible when problems arise. This study aims to explain the legal relationship among investors, issuers, and operators, and to compare investor protection on the SHAFIQ and Santara platforms. It employs normative legal research with statutory, conceptual, and comparative approaches. The legal materials consist of regulations, official platform terms, share offering documents, and scholarly literature, which are analyzed qualitatively using Financial Services Authority (OJK) Regulation Number 17 of 2025 and Philipus M. Hadjon’s theory of legal protection. The results show that SHAFIQ emphasizes sharia principles and the operator’s working obligations, whereas Santara emphasizes the operator’s position as an intermediary and its responsibility for the accuracy of information. Both platforms contain investment risk warnings. Information disclosure and clarity of investor rights constitute preventive protection, while complaint handling and dispute resolution constitute repressive protection. Platforms and regulators need to ensure that platform terms comply with the regulations and that the responsibilities of each party are clear. This study is limited to the available documents; future research should therefore examine transaction agreements and complaint data.

Article Details

Issue

Vol. 4 No. 2 (2026): Adagium: Jurnal Ilmiah Hukum

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Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

How to Cite

Mulkiah, Husnul, Gusnam Haris, Risma Dehani Chilmiyah, Sally Nabila, and Dhaifa Shabha Humaira. 2026. “Investor Protection in Sharia and Conventional Securities Crowdfunding: A Comparative Study of SHAFIQ and Santara”. Adagium: Jurnal Ilmiah Hukum 4 (2): 1937-48. https://doi.org/10.70308/nabqx142.

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