TY - JOUR
T1 - A qualitative investigation into crowdfunding framework as a source of financing for waqf land development
AU - Hapsari, Meri Indri
AU - Bin Mohd Thas Thaker, Mohamed Asmy
AU - Mohammed, Mustafa Omar
AU - Duasa, Jarita
N1 - Funding Information:
The waqf crowdfunding takes advantage of crowd-based decision-making and innovation and applies it to the funding of waqf land projects. Crowdfunding is a new internet-based method of fundraising in which individuals solicit contributions for projects on specialized crowdfunding websites, known as a crowdfunding platform. The focus in crowdfunding is to gather many small donations rather than requesting a single large sum from a funding agency or traditional financial institutions. A particular project is mostly funded with a small contribution from a huge number of individuals with the help of the internet. Furthermore, by using online platforms in the operation of crowdfunding waqf, donors can donate their money more easily and efficiently. In addition, the main benefit of crowdfunding waqf is gathered in terms of the extent of geographical coverage. People contribute and donate money to crowdfunding waqf irrespective of geographical boundaries. It means that crowdfunding waqf allows waqf institutions to gain financial support from generous people across the globe. Moreover, other benefits are about the positive impact of low-cost tools to access funds and the ability to attract the emotional interest of users/donors with the attractive campaign. Thus, waqf institution can meet their liquidity in developing waqf land without relying much on government allocations.
Funding Information:
Based on the opinions from the interviews, regulations and public awareness involved in the waqf project are expected to become the main hindrance in materializing the CWM. For instance, in Malaysia, all matters regarding waqf are governed and enacted by the Islamic Religious Council of the respective state. Each SIRC and state Mufti must issue their respective fatwa related to the permissible areas received under the crowdfunding funds. To realize the development of waqf land using the proposed model, the CWM project must obtain state SIRC approval. Thus, to completely avoid problems arising from regulatory issues, the CWM should operate under an entity of SIRC. This finding is supported by earlier studies by . So that, the policies on the implementation of the CWM are consistent with the state policies.
Publisher Copyright:
© 2021, Emerald Publishing Limited.
PY - 2022/3/11
Y1 - 2022/3/11
N2 - Purpose: This paper aims to inquire about the opinions and recommendations of various experts on the crowdfunding waqf model (CWM), particularly in terms of its suitability, applicability and prospect in the market. Design/methodology/approach: This paper used primary data which are collected from semi-structured interviews conducted with several experts from various backgrounds. For examining the data, this paper has used thematic analysis. Findings: The experts support the suitability of CWM in providing financing resource to develop waqf lands. They highlight the importance of establishing, managing and operating CWM under the aegis of the State Islamic Religious Council in Malaysia and supervising by the Wakaf, Zakat or Hajj Department (JAWHAR). They further point out that the donors or crowdfunders, interesting project, promotion and regulation are key factors that influence the sustainability of CWM. Originality/value: This paper adds to the literature on waqf land and crowdfunding, especially from the Malaysian context. This paper validates the CWM in terms of its suitability, applicability and prospect in the market by interviewing experts from various backgrounds.
AB - Purpose: This paper aims to inquire about the opinions and recommendations of various experts on the crowdfunding waqf model (CWM), particularly in terms of its suitability, applicability and prospect in the market. Design/methodology/approach: This paper used primary data which are collected from semi-structured interviews conducted with several experts from various backgrounds. For examining the data, this paper has used thematic analysis. Findings: The experts support the suitability of CWM in providing financing resource to develop waqf lands. They highlight the importance of establishing, managing and operating CWM under the aegis of the State Islamic Religious Council in Malaysia and supervising by the Wakaf, Zakat or Hajj Department (JAWHAR). They further point out that the donors or crowdfunders, interesting project, promotion and regulation are key factors that influence the sustainability of CWM. Originality/value: This paper adds to the literature on waqf land and crowdfunding, especially from the Malaysian context. This paper validates the CWM in terms of its suitability, applicability and prospect in the market by interviewing experts from various backgrounds.
KW - Crowdfunding
KW - Crowdfunding waqf model (CWM)
KW - Financing of waqf
KW - Sustainable infrastructure
KW - Thematic analysis
KW - Waqf land
UR - http://www.scopus.com/inward/record.url?scp=85121325053&partnerID=8YFLogxK
U2 - 10.1108/JIABR-10-2020-0311
DO - 10.1108/JIABR-10-2020-0311
M3 - Article
AN - SCOPUS:85121325053
SN - 1759-0817
VL - 13
SP - 425
EP - 443
JO - Journal of Islamic Accounting and Business Research
JF - Journal of Islamic Accounting and Business Research
IS - 3
ER -