Shafiq Digital Indonesia First Shariah Securities Crowdfunding Service Provider to Gain OJK Licence

Shafiq Digital Indonesia (SHAFIQ) has been awarded a business license from the Financial Services Authority (OJK) on the 19th of August 2021, according to a statement issued by Dr Muhammad Syafii Antonio, SHAFIQ Co-Founder and Chairman. The licence grants SHAFIQ permission to run a business as a securities offering provider via information technology-based crowdfunding services.

Why it Matters?

According to Dr Syafii, there is an increased awareness today of business practices based on Islamic principles, where a strict prohibition on transactions or contracts that contain elements of usury, gharar and injustice is prevalent. Business owners are therefore reassessing their activities looking for alternatives which are in line with Shariah principles. <...