Investor Protection in Sharia and Conventional Securities Crowdfunding: A Comparative Study of SHAFIQ and Santara (Adagium.)

Summary

• OJK Regulation Number 17 of 2025 entered into force on 25 July 2025, revoking OJK Regulation 57/POJK.04/2020 as amended by Regulation 16/POJK.04/2021.p.2
• SHAFIQ received its OJK operating licence under Decision Number KEP-37/D.04/2021 on 19 August 2021 to provide sharia-compliant crowdfunding services.p.2
• Santara obtained its OJK operating licence under Decision Number KEP-59/D.04/2019 on 6 September 2019 as a conventional platform operator.p.2
• Sharia securities crowdfunding relies on DSN-MUI Fatwa Number 140/DSN-MUI/VIII/2021 to establish its contractual compliance framework.p.2
• Information disclosure and clarity of investor rights serve as preventive legal protection mechanisms to prevent disputes before they happen.p.1
• Complaint handling and dispute resolution mechanisms provide repressive legal protection once violations or conflicts occur.p.1

Key insights

1. Securities crowdfunding provides capital access for small businesses but exposes investors to risk of loss, share illiquidity, and dividend uncertainty.p.2
2. OJK Regulation Number 17 of 2025 governs platform operator duties, securities offerings, contract structures, risk management, and investor protections.p.2
3. SHAFIQ structures its sharia securities offerings using musyārakah musāhamah and wakālah contracts.p.2
4. Both SHAFIQ and Santara disclose investment risks including losses, liquidity constraints, non-payment of dividends, dilution, and system failures.p.7
5. Santara emphasizes its role as an intermediary while stating that issuers and operators share responsibility for information accuracy.p.6
6. Preventive protection quality depends on readable, complete, and balanced disclosure regarding financial performance and business risks.p.7
7. Repressive protection covers dispute resolution through internal platform handling, alternative dispute resolution bodies, or court proceedings.p.8
8. Accepting investment risks does not relieve operators or issuers of liability for misleading information or statutory non-compliance.p.8