A qualitative investigation into crowdfunding framework as a source of financing for waqf land development

Abstract

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.

Fintech in islamic finance literature: A review

“…Moreover, a few studies also recommended crowdfunding based on the waqf model, especially in non-Muslim countries (Zain et al, 2019). Furthermore, by conducting semi-structured interviews with the experts, Hapsari et al (2022) also found that crowdfunding offers a sustainable fund source to develop waqf lands. In another case, Afroz et al (2019) declare that implementing crowdfunding for financing solar energy in Malaysian households is possible.…”

Waqf Sustainability or Sustainable Waqf? A Bibliometric Analysis

“…Mutawalli needs the help of financial managers who can calculate and mitigate risks so that the waqf funds given to the community do not run out (Billah & Saiti, 2017). A third party for waqf financial management is also needed to offer prospective waqifs about projects that waqf institutions will carry out through Islamic Microfinance schemes (Hapsari et al, 2022). Financial planning can help mutawalli to be responsible for the sustainable development of waqf, significantly cash and property waqf.…”

Corporate social responsibility and Islamic social finance impact on banking sustainability post-COVID-19 pandemic

“…[ 41 ] discovered that the crowdfunding waqf model contributes to sustainability by providing financing resources to develop waqf lands influenced by crowd funders, interesting projects, promotions, and effective regulations. Several studies have analysed the role of zakat as an Islamic social finance mechanism but did not directly link its effect on sustainability.…”