The Awareness and Conceptual Understanding of Islamic Crowdfunding: Case Study of Waqf Institution
DOI:
https://doi.org/10.24191/nk13722Keywords:
Islamic crowdfunding, Islamic social finance, Waqf institution, MalaysiaAbstract
Islamic crowdfunding has emerged as a potential technique for collecting resources and ensuring the long-term viability of waqf institutions. However, empirical information on the knowledge and conceptual understanding of Islamic crowdfunding among waqf institutions is limited. The purpose of this study is to explore the awareness and conceptual understanding of Islamic crowdfunding by waqf institutions in Malaysia. A qualitative research design with a multiple-case study method was used, with waqf institutions acting as the units of analysis. Data were gathered via semi-structured in-depth interviews and document review. Data were analysed with content analysis with inductive and deductive approaches. The findings show that all participating institutions are aware of Islamic crowdfunding and appreciate its potential to help waqf growth and fundraising operations. However, there are variances in the depth and orientation of their conceptual grasp. While some institutions see crowdfunding as a practical tool for increasing public involvement and resource mobilisation, others see it primarily through strategic and policy lenses. The study also demonstrates that knowledge does not always transfer into implementation, since institutional responsibilities, governance structures, organisational preparation, and operational priorities all impact how crowdfunding is perceived and utilised. These findings suggest that institutional compatibility plays a more significant role in adoption than awareness alone. These findings imply that adoption is more significantly influenced by institutional compatibility than by awareness alone. By offering empirical insights into the existing level of crowdfunding awareness inside Malaysian waqf organisations, this study adds to the body of literature on Islamic social finance. The results provide policymakers and waqf administrators with useful implications for bolstering digital fundraising campaigns and encouraging the long-term growth of waqf institutions via creative finance methods
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