Developing productive strategies for Shariah‐compliant crowdfunding industry in Indonesia

Abstract The emergence of Shariah security crowdfunding (SCF) in Indonesia hitherto faces a number of obstacles amid potent competition and sluggish growth of investment to enhance Halal industry. This study aims to unveil the best strategy to develop SCF industry and boost investment from diverse perspectives. To meet these objectives, this paper employs Delphi approach by undertaking Likert scale to measure the right strategy from different angles. Questionnaire and in‐depth interview have been conducted with selected experts in the field. There are five points that become the concern of experts namely governance, risk and compliance, business and marketing, IT system, and innovation strategy. This study found that innovation strategy is the best and effective strategy to develop SCF industry followed by “Risk and Compliance” and third is “Governance.” This study implies a possibility of an amendment of regulation to incorporate the finding of this paper as a recommendation to regulators and industries. In this regard, the industry will create an innovative product as a strategy to maximize their capacity. The study on SCF particularly to find the best and effective strategy for Indonesia has never been conducted before.