Identifying the obstacles to the development of the crowdfunding industry in the Islamic capital market of Iran and providing policy solutions
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

Identifying the obstacles to the development of the crowdfunding industry in the Islamic capital market of Iran and providing policy solutions

Document Type : Original Article

Authors
mohammad hossein Shariaty.nia 1
Seyyed Mohammad Afghahi 2
Mohammad Tohidi 3
Mostafa Soltani 4
hossein hasanzadeh sarvestani 5
1 Ph.D. Student, Department of Financial Engineering, Faculty of Islamic Studies and Management, Imam Sadeq University, Tehran, Iran
2 Ph.D. Student, Department of Financial Engineering, Faculty of Management and Accounting, Allameh Tabatabai University, Tehran, Iran
3 faculty member of imam sadiq university
4 Ph.D. Student, Department of Financial Engineering, Faculty of Islamic Studies and Management, Imam Sadeq University, Tehran, Iran.
5 . Assistant Professor, Department of Finance, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran.
10.22034/jse.2024.12416.2264
Abstract
Over the past years, the crowdfunding industry has grown significantly as one of the new methods of financial intermediation with the aim of quick and easy financing of projects and ideas around the world. The regulation of the crowdfunding industry in Iran is with the capital market supervisory body. Actors, stakeholders, policymakers and the supervisory body of the crowdfunding industry each have their own concerns to improve the performance and increase the productivity of the mentioned industry in the financial markets of Iran. The present study aims to identify and categorize the challenges of the crowdfunding industry in Iran's capital market, while providing the audience with a complete understanding of the current situation of the crowdfunding industry in Iran and its challenges, and also provide useful policy suggestions in this regard. . For this purpose, in order to identify the relevant challenges by analyzing the themes extracted from expert surveys, 23 unique challenges were identified and categorized under the 4 organizing themes. "Structural and technical inefficiencies", "Lack of efficiency in the areas of policy, regulation and market operations", "Unhealthy competitive environment in the crowdfunding industry" and "Non-compliance with Sharia" are four diverse areas under which the mentioned challenges can be classified as organizing themes; And according to the comparative studies, and sometimes the theoretical consensus of the experts, appropriate policy proposals have been presented in this direction at the end of the research.
Keywords
crowd funding
SME financing
Shariah governance
financial market regulatory
Islamic finance
Subjects
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Quarterly Journal of Securities Exchange
Volume 17, Issue 68
Winter 2025
Pages 97-150