- İslam Ekonomisi ve Finansı Dergisi (İEFD)
- Cilt: 11 Sayı: 2
- Shariah Governance Frameworks for Equity Crowdfunding: An Analysis and Proposal
Shariah Governance Frameworks for Equity Crowdfunding: An Analysis and Proposal
Authors : Burak Çıkıryel
Pages : 523-587
Doi:10.54863/jief.1770694
View : 97 | Download : 134
Publication Date : 2025-12-30
Article Type : Research Paper
Abstract :The rapid expansion of equity crowdfunding in Türkiye has revealed a significant demand from investors for Shariah-compliant opportunities. However, the absence of a formal Shariah governance framework has created critical vulnerabilities, including erosion of trust, information asymmetry, a clear legal void and ambiguity of liability, inadequate due diligence, reputational and sustainability risks, unnecessary operational burden, voluntary financial exclusion, and systemic risk, which undermine the integrity of this emerging market. This study addresses this governance deficit through a qualitative analysis grounded in a critical literature review. Its primary contribution is twofold: first, it systematically maps the specific Shariah governance challenges inherent in Türkiye\\\'s crowdfunding ecosystem; second, it proposes three distinct, practical governance models to resolve them. These models are: (1) the Two-Tier Shariah Governance Model, which establishes a central authority and specialized platforms; (2) the Hybrid Model, which integrates an \\\"Islamic window\\\" into existing platforms; and (3) the Outsourced Shariah Governance Model, which standardizes third-party compliance verification. The implementation of any of these frameworks would institutionalize trust, mitigate risk, and foster the sustainable development of equity crowdfunding in Türkiye, serving as a template for other jurisdictions facing similar challenges.Keywords : Kitle Fonlaması, Paya dayalı kitle fonlaması, Ser’i yönetişim, Türkiye, Alternatif finans
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