The Performance and Perspective of the Ethical Leadership of the Islamic Equity-Based Crowdfunding Platform in Oman

One of the modern alternatives for meeting the need for investment resources is crowdfunding. It is important for implementing small and medium-sized initiatives in the country. At the same time, this method of attracting funds in Islamic countries is limited by the complexity of integrating Islamic values with modern financial solutions. This study is devoted to analysing the features of the development of Equity-Based crowdfunding in Oman using the example of the Ethis platform as the only Islamic crowdfunding platform in the country. The methodological basis of the research is qualitative analysis methods based on the analysis of statistical data or quantitative indicators. A conceptual approach was used to analyse scholarly articles, research papers, and online sources related to Islamic Equity-Based crowdfunding. The Islamic Equity-Based crowdfunding platform Ethis was chosen as the subject of the study because it has a successful track record of achieving Shariah-compliant investment goals. Based on the results of the analysis of the functioning of the Islamic share crowdfunding platform in Oman, a conclusion about the importance of adopting the Capital Markets Authority's Decision No. E/153/2021 for developing the crowdfunding industry in Oman was made. The study theoretically proves the important role of CMA's certification in increasing the legitimacy of crowdfunding platforms and public trust in the Omani Equity-Based crowdfunding industry. At the same time, it was concluded that the existing legal restrictions on the expansion of the investor community serve as disincentives for the development of investing in crowdfunding among the general public. In addition, the small number of Equity-Based crowdfunding platforms in Oman is due to the difficulty of combining traditional Islamic values with modern financial technology. It actualises the need to develop a comprehensive approach to the harmonisation of Islamic traditions with the specifics of the development of digital financial technologies. The results of the study are essential for researchers, practitioners and other interested persons from the point of view of deepening the basic principles of crowdfunding development and promoting their implementation in the context of increasing profits from the use of crowdfunding platforms.