A qualitative investigation into crowdfunding framework as a source of financing for waqf land development

Abstract

PurposeThis paper aims to inquire about the opinions and recommendations of various experts on the crowdfunding waqf model (CWM), particularly in terms of its suitability, applicability and prospect in the market.Design/methodology/approachThis paper used primary data which are collected from semi-structured interviews conducted with several experts from various backgrounds. For examining the data, this paper has used thematic analysis.FindingsThe experts support the suitability of CWM in providing financing resource to develop waqf lands. They highlight the importance of establishing, managing and operating CWM under the aegis of the State Islamic Religious Council in Malaysia and supervising by the Wakaf, Zakat or Hajj Department (JAWHAR). They further point out that the donors or crowdfunders, interesting project, promotion and regulation are key factors that influence the sustainability of CWM.Originality/valueThis paper adds to the literature on waqf land and crowdfunding, especially from the Malaysian context. This paper validates the CWM in terms of its suitability, applicability and prospect in the market by interviewing experts from various backgrounds.