Sharia External Financing Alternatives for Business Expansion Study Case: PT. XYZ

This study investigates sharia compliance external sources of financing for SME’s business expansion. The object this is PT. XYZ that operates in the security service entity outsourcing industry. In last five years until 2022 has declined number clients growth. Fortunately, 2023 received an offer to supply 500 personnel will increase its sales growth 134%. a lot higher than internal and sustainable rate company, hence it needs IDR 5.2 Billion support data collected research through primary secondary from semi-structured interview, financial reports desk method. examines three alternatives Sharia namely Islamic Bank financing, Sukuk Issuance Stock Issuance. choose one alternative makes performance company healthy also provides most worthy risk-return equity holders. According ratios, DCF valuation analysis, finds best source because desirable returns shareholders with lower risks. others SMEs could use can be issued funding campaign within specified period authorized credible Securities Crowdfunding (I-SCF) platforms.