ESSAYS ON CROWDFUNDING IN ISLAMIC FINANCE

Abstract

This dissertation explores the integration of crowdfunding and Islamic finance through a multidimensional analysis of regulatory frameworks, sentiment dynamics, and strategic development pathways in Indonesia and Qatar. Anchored in the broader discourse of Islamic fintech, the study is divided into three interrelated essays. The first essay investigates the regulatory landscape governing Sharia-compliant crowdfunding in Indonesia. Through content analysis of statutory instruments, fatwas, and institutional policies, the study identifies legal ambiguities and implementation gaps that affect platform operation, investor protection, and Sharia adherence. It offers targeted policy recommendations to harmonize Islamic legal principles with national regulatory frameworks, thereby promoting investor confidence and market growth. The second essay focuses on sentiment analysis, applying machine learning algorithms—including Complement Naïve Bayes, Support Vector Machine, and Logistic Regression—to user-generated content on ALAMI, a leading Sharia peer-to-peer lending platform in Indonesia. The findings reveal that trust, regulatory clarity, and service transparency are critical determinants of user sentiment and platform adoption. The integration of natural language processing in Islamic fintech research represents a methodological innovation that bridges computational tools with Islamic financial ethics. The third essay evaluates Qatar’s emerging crowdfunding ecosystem using a combination of regulatory analysis, stakeholder mapping, network analysis, and Monte Carlo simulations. Despite its robust Islamic finance infrastructure, Qatar lacks a dedicated regulatory framework for crowdfunding. The study identifies institutional and policy gaps that hinder the development of Sharia-compliant crowdfunding and proposes a strategic framework to strengthen sustainable innovation in line with the Qatar National Vision 2030. Collectively, the dissertation offers a comprehensive model for understanding and enhancing Islamic crowdfunding platforms by integrating legal analysis, technological adoption, and behavioral insights. It contributes to both theory and practice by proposing actionable strategies for regulators, platform developers, and policymakers to nurture a more transparent, inclusive, and Sharia-compliant fintech ecosystem in Muslim-majority and emerging markets.

Date of Award	2025
Original language	American English
Awarding Institution	HBKU College of Islamic Studies