Evolusi Digital Akad Musyarakah: Tinjauan Literatur terhadap Mitigasi Risiko Moral Hazard dalam Crowdfunding Syariah

Abstract

The digital transformation of Islamic finance encourages the evolution of musharakah contracts into a technology-based crowdfunding ecosystem. However, this change also presents a more complex moral hazard risk due to the limitations of direct supervision. This research aims to synthesize the scientific literature for the period 2015-2025 in order to map the digital evolution of musharakah contracts and formulate a moral hazard risk mitigation framework that is adaptive to the characteristics of sharia crowdfunding platforms. The study uses a Systematic Literature Review (SLR) with a descriptive-analytical approach across 15 reputable scientific articles. The findings show that the moral hazard in sharia crowdfunding stems from information asymmetry, weaknesses in digital financial reporting, and limited platform oversight capacity, which collectively weakens the integrity of profit-sharing-based contracts. Effective mitigation requires the integration of four dimensions, namely algorithmic technology such as blockchain and smart contracts, strengthening digital sharia supervisory institutions, updating specific OJK regulations, and increasing the capacity of Islamic financial literacy, which together form the concept of Algorithmic Sharia Governance as a novelty in this study.