CAN CROWDFUNDING EMPOWER WAQF COLLECTION IN MALAYSIA?

Muhammad Shahrul Ifwat Ishak; Nur Rasyidah Kamaruzaman; Abdulmajeed M. R. Aderemi; Hussein 'Azeemi Abdullah Thaidi; Muhammad Haziq Muqri Saifudin

doi:10.33102/mjsl.vol14no1.1274

Authors

Muhammad Shahrul Ifwat Ishak Islamic Social Finance Research Centre, Universiti Sultan Zainal Abidin (UniSZA), Kampus Gong Badak, 21300 Kuala Nerus, Terengganu, Malaysia https://orcid.org/0000-0002-9763-5154
Nur Rasyidah Kamaruzaman Postgraduate School, UCYP University, 26060 Kuantan, Malaysia https://orcid.org/0009-0009-8892-0277
Abdulmajeed M. R. Aderemi Sharia Labs, OL8 3LG Manchester, United Kingdom
Hussein 'Azeemi Abdullah Thaidi Institute of Fatwa and Halal (IFFAH), Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia
Muhammad Haziq Muqri Saifudin Research Institute for Islamic Products & Civilization (INSPIRE), Universiti Sultan Zainal Abidin (UniSZA), Kampus Gong Badak, 21300 Kuala Nerus, Terengganu, Malaysia

DOI:

https://doi.org/10.33102/mjsl.vol14no1.1274

Keywords:

Waqf, Waqf crowdfunding, Islamic crowdfunding, Islamic finance, crowdfunding

Abstract

This study examines the potential of crowdfunding as a mechanism for enhancing cash waqf collection in Malaysia. A qualitative exploratory approach was employed, involving semi-structured interviews with ten experts and practitioners in waqf management and crowdfunding. The interview data were analysed using thematic analysis to identify key patterns and insights. The study revealed that crowdfunding can enhance waqf collection by increasing inclusivity, promoting transparency, and raising awareness among funders. However, several challenges were identified, including data protection and cybersecurity issues, as well as limitations in internet accessibility. The study also highlights the importance of recognising State Islamic Religious Councils (SIRCs) as the sole authority in waqf. At the same time, their role should evolve towards regulation and supervision to facilitate broader participation. In addition, the findings suggest that waqf-based crowdfunding should extend beyond traditional asset development to support business activities, particularly through integration with equity-based crowdfunding. This study contributes to the limited empirical literature by providing practical insights into the integration of waqf and crowdfunding, offering a contemporary approach to strengthening waqf collection and supporting socio-economic development in Malaysia.

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