UMKM Indonesia berperan penting terhadap kontribusi PDB Indonesia dan mampu menyerap tenaga kerja yang besar. Namun, UMKM Indonesia memiliki keterbatasan akses dalam pendanaan modal usaha mereka secara konvensional. Hal tersebut dikarenakan UMKM tidak memiliki kolateral penjaminan yang layak bagi institusi keuangan konvensional, sehingga dianggap belum bankable. Oleh karena itu, perlu adanya alternatif pendanaan lain yang bisa menjadi solusi, salah satunya adalah urun dana ekuitas (equity crowdfunding). Equity crowdfunding di Indonesia saat ini sedang mengalami perkembangan dari segi jumlah investor maupun nominal investasi, ditambah lagi terdapat model Syariah dalam skema equity crowdfunding. Namun, hal tersebut perlu dicari tahu mengenai faktor apa saja yang mempengaruhi intensi UMKM untuk mengadopsi Islamic equity crowdfunding. Penelitian ini merupakan replikasi penelitian Kazaure et al. (2020), yang bertujuan menganalisis faktor-faktor yang mempengaruhi UMKM di Indonesia terhadap intensi mengadopsi Islamic equity crowdfunding. Responden penelitian sebanyak 209 responden UMKM yang berdomisili di wilayah Indonesia, kemudian data diolah menggunakan SPSS 26 dan SmartPLS 3.0. Analisis yang digunakan dalam penelitian adalah Structural Equation Modelling (SEM). Hasil penelitian menunjukkan bahwa perceived usefulness, perceived trust, use of social media, dan perceived maqashid sharia memiliki pengaruh positif terhadap intensi UMKM Indonesia untuk mengadopsi Islamic equity crowdfunding.

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Indonesian MSMEs play an important role in the contribution of Indonesia's GDP and are able to absorb a large workforce. However, Indonesian MSMEs have limited access to conventional funding for their capital. That is because MSMEs do not have proper collateral for conventional financial institutions, so they are not bankable. Therefore, it is necessary to have other alternative funding that can be a solution, one of which is equity crowdfunding in Indonesia is currently undergoing development in terms of the number of investors and nominal investment and there is a concept of Sharia model in equity crowdfunding. However, it is necessary to find out what factors influence the intention of MSMEs to adopt Islamic equity crowdfunding. This study is a replication of the research of Kazaure et al. (2020), which aims to analyze the factors that influence MSMEs in Indonesia towards the intention to adopt Islamic equity crowdfunding. The research respondents were 209 MSME respondents domiciled in Indonesia, then the data was processed using SPSS 26 and SmartPLS 3.0. The analysis of Structural Equation Modeling (SEM) is use in this research. The results showed that perceived usefulness, perceived trust, use of social media, and perceived maqashid sharia had a positive influence on the intentions of Indonesian MSMEs in adopting Islamic equity crowdfunding.