The starring role of crowdfunding in GCC: a structured literature review

Abstract

PurposeThe purpose of this study is to understand and analyze the key topics on which scholars have engaged in relation to crowdfunding and its starring role in the Gulf Cooperation Council (GCC) countries from an Islamic perspective. A Structured Literature Review (SLR) is used in this study to assess how scholars carried out their studies in order to better understand future research directions.Design/methodology/approachThe study adopted a SLR methodology and considered 89 peer-reviewed studies published between 1981 and 2021 in GCC countries.FindingsThe study identified the starring role of crowdfunding from the Islamic perspective, its role in economic development and its role as a source of finance for new business startups in GCC countries.Research limitations/implicationsBecause the research was conducted by a single person, his subjective interpretation might have an impact on the results. Furthermore, only journal papers limited to GCC and published between 1981 and 2021 were examined.Practical implicationsCountries in GCC might recognize the starring role of crowdfunding for their SMEs and economic development.Originality/valueThe authors draw avenues for future research by considering the starring role of crowdfunding using SLR from the Islamic perspective. This helps future researchers to identify the starring role of crowdfunding to contextualize in GCC countries.

Assessing global interest in decentralized finance, embedded finance, open finance, ocean finance and sustainable finance

“…Allen, 2012;Mullineux, 2010;Farzin et al, 2021); the effect of financial innovation on the economy (e.g. Johnson and Kwak, 2012;Laeven et al, 2015;Thottoli, 2022); the effect of financial innovation on banking and financial stability (e.g. Norden et al, 2014;Kim et al, 2013); the different types of financial innovation (e.g.…”

“…Johnson and Kwak, 2012; Laeven et al. , 2015; Thottoli, 2022); the effect of financial innovation on banking and financial stability (e.g. Norden et al.…”

Bibliometric Analysis of Islamic Crowdfunding: A Literature Review of Its Journey

“…These platforms provide a digital space where individuals can donate or invest in projects promoting social welfare and entrepreneurship (Hendratmi, Ryandono, and Sukmaningrum, 2020), education, or other areas of interest within the Islamic community. Consequently, Islamic crowdfunding has the potential to support various sectors, including book publishing (Ishak and Rahman, 2021), contribute to sustainable development (Testa et al, 2019), affordable housing (Ma and Md Taib, 2023), and zakat donations (Adnan et al, 2023).…”

“…These platforms employ blockchain technology to ensure transparency and traceability of transactions (Alshater et al, 2022), providing a digital space where individuals can donate or invest in projects promoting social welfare, entrepreneurship, education, or other areas of interest. In this context, Islamic crowdfunding has the potential to support various sectors, including book publishing (Ishak and Solihin, 2012), contribute to sustainable development (Testa et al, 2019), affordable housing, and zakat donations (Beik and Arsyianti, 2016). By leveraging technology and Islamic finance principles, Islamic crowdfunding offers a unique pathway for individuals to participate in socially responsible and financially inclusive initiatives.…”

Zakat, Infaq and Shadaqah (Zis) Digitalization: A Case Study Using Technology Organization Environment Framework

“…Donors and muzakki have paid digital-based social enterprises confidently due to their desire for data timeliness, accuracy, and transparency (Aji & Muslichah, 2022;Kasri & Yuniar, 2021). Moreover, legitimacy and licensing as a Zakat Management Organization (OPZ) increase public confidence in donating and tithing via digital platforms (Thottoli, 2022).…”