Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues
The emergence of innovative digital financial technologies has made donation-crowdfunding viable as a method that can supplement traditional fundraising mechanisms. Crowdfunding has recently gained worldwide attention as an alternative financing mechanism to the traditional fundraising methods for b...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Universitas Islam Negeri Ar-Raniry
2024
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| Online Access: | http://psasir.upm.edu.my/id/eprint/114413/ http://psasir.upm.edu.my/id/eprint/114413/1/114413.pdf |
| _version_ | 1848866486339239936 |
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| author | Mat Radzi, Rafisah Muhamed, Nurul Aini Kamaruddin, Muhammad Iqmal Hisham Wan Mohamad Nazarie, Wan Nur Faznie Kamarubahrin, Aimi Fadzirul |
| author_facet | Mat Radzi, Rafisah Muhamed, Nurul Aini Kamaruddin, Muhammad Iqmal Hisham Wan Mohamad Nazarie, Wan Nur Faznie Kamarubahrin, Aimi Fadzirul |
| author_sort | Mat Radzi, Rafisah |
| building | UPM Institutional Repository |
| collection | Online Access |
| description | The emergence of innovative digital financial technologies has made donation-crowdfunding viable as a method that can supplement traditional fundraising mechanisms. Crowdfunding has recently gained worldwide attention as an alternative financing mechanism to the traditional fundraising methods for business ventures or social projects. While donation-crowdfunding which utilise platforms has demonstrated promising growth, there is no established legal framework available to accommodate its operation, especially for Islamic ones. Therefore, this study provides intuitive information pertaining to legal and Shariah issues in governing Islamic donation-based crowdfunding in Malaysia. Drawing from the conceptual framework of Islamic economics and qualitative data collection through semi-structured with six representatives of the Islamic donation-crowdfunding platforms, this study concludes
that the issues associated with Malaysian regulations regimes and Shariah issues revolve around the donation-based crowdfunding platforms business model should be considered when devising a Shariah framework for donation-crowdfunding schemes. The findings will help policymakers to formulate and put in place the appropriate regulatory framework to facilitate Islamic donation-based crowdfunding practice. |
| first_indexed | 2025-11-15T14:21:22Z |
| format | Article |
| id | upm-114413 |
| institution | Universiti Putra Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T14:21:22Z |
| publishDate | 2024 |
| publisher | Universitas Islam Negeri Ar-Raniry |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | upm-1144132025-01-20T01:10:20Z http://psasir.upm.edu.my/id/eprint/114413/ Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues Mat Radzi, Rafisah Muhamed, Nurul Aini Kamaruddin, Muhammad Iqmal Hisham Wan Mohamad Nazarie, Wan Nur Faznie Kamarubahrin, Aimi Fadzirul The emergence of innovative digital financial technologies has made donation-crowdfunding viable as a method that can supplement traditional fundraising mechanisms. Crowdfunding has recently gained worldwide attention as an alternative financing mechanism to the traditional fundraising methods for business ventures or social projects. While donation-crowdfunding which utilise platforms has demonstrated promising growth, there is no established legal framework available to accommodate its operation, especially for Islamic ones. Therefore, this study provides intuitive information pertaining to legal and Shariah issues in governing Islamic donation-based crowdfunding in Malaysia. Drawing from the conceptual framework of Islamic economics and qualitative data collection through semi-structured with six representatives of the Islamic donation-crowdfunding platforms, this study concludes that the issues associated with Malaysian regulations regimes and Shariah issues revolve around the donation-based crowdfunding platforms business model should be considered when devising a Shariah framework for donation-crowdfunding schemes. The findings will help policymakers to formulate and put in place the appropriate regulatory framework to facilitate Islamic donation-based crowdfunding practice. Universitas Islam Negeri Ar-Raniry 2024 Article PeerReviewed text en cc_by_sa http://psasir.upm.edu.my/id/eprint/114413/1/114413.pdf Mat Radzi, Rafisah and Muhamed, Nurul Aini and Kamaruddin, Muhammad Iqmal Hisham and Wan Mohamad Nazarie, Wan Nur Faznie and Kamarubahrin, Aimi Fadzirul (2024) Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues. Petita: Jurnal Kajian Ilmu Hukum dan Syariah, 9 (2). pp. 413-434. ISSN 2502-8006; eISSN: 2549-8274 https://petita.ar-raniry.ac.id/index.php/petita/article/view/316 10.22373/petita.v9i2.316 |
| spellingShingle | Mat Radzi, Rafisah Muhamed, Nurul Aini Kamaruddin, Muhammad Iqmal Hisham Wan Mohamad Nazarie, Wan Nur Faznie Kamarubahrin, Aimi Fadzirul Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues |
| title | Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues |
| title_full | Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues |
| title_fullStr | Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues |
| title_full_unstemmed | Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues |
| title_short | Islamic donations-based crowdfunding platforms in Malaysia: an evaluation of regulatory and shariah issues |
| title_sort | islamic donations-based crowdfunding platforms in malaysia: an evaluation of regulatory and shariah issues |
| url | http://psasir.upm.edu.my/id/eprint/114413/ http://psasir.upm.edu.my/id/eprint/114413/ http://psasir.upm.edu.my/id/eprint/114413/ http://psasir.upm.edu.my/id/eprint/114413/1/114413.pdf |