Developingwaqfland through crowdfunding-waqfmodel (CWM): the case of Malaysia

Mohamed Asmy Bin Mohd Thas Thaker and Anwar Allah Pitchay

Journal of Islamic Accounting and Business Research, 2018, vol. 9, issue 3, 448-456

Abstract: Purpose - This paper aims to attempt to offer a viable alternative model of source of financing to developwaqfland, which is known as crowdfunding-waqfmodel (CWM). Design/methodology/approach - The extant literature on the financing constraints faced bywaqfinstitution in developingwaqfland, and crowdfunding have been reviewed critically and used in the attempt of proposing an alternative model. Findings - The paper has developed CWM as a source of financing forwaqfinstitution in Malaysia. This model is expected to providewaqfinstitution in Malaysia to meet their liquidity constraint in developingwaqfland. It also involves an involvement of crowdfunding platform. Research limitations/implications - The paper is based on conceptual explorations of literature in the area ofwaqfand crowdfunding. This is a conceptual paper, so it did not use any empirical analysis. Practical implications - The findings of this paper will providewaqfinstitution with an alternative source of financing to developwaqfland. The present study also has implications for government and policymakers. By involving crowdfunding, it helps the government to reduce its expenses for the development ofwaqfland in Malaysia. Originality/value - This paper offers an additional literature onwaqfand crowdfunding especially from the Malaysian context. The paper proposes a viable alternative model forwaqfinstitution as a source of financing by using crowdfunding, to developwaqfland. This model incorporates donation-based crowdfunding model and reward-based crowdfunding model. This model is different with the existing way of raising Cashwaqf, which is conducted also via online basis by financial institutions and state government agencies. Later, the collected Cashwaqffund is transformed into illiquid assets such as building of hospitals, educational institutions and purchasing machinery and assets. However, the nature of proposed model in this study is to assistwaqfinstitution to developwaqfland. Crowdfunding model is used to raise fund to developwaqfland in Malaysia. The fund collected via crowdfunding model is based on donation and reward based, not based on the nature of Cashwaqf.

Keywords: Malaysia; Crowdfunding; Liquidity constraint; Waqf land (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jiabrp:jiabr-05-2016-0062

DOI: 10.1108/JIABR-05-2016-0062

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