Abstract
Crowdfunding is an internet supported way to run businesses or raise money either in the form of donations or various investments from multiple individuals. This new form of fundraising technique has emerged since the wake of the 2008 financial crisis and its popularity has accelerated due to the impact of COVID 19 pandemic. With various constraints in obtaining financing from financial institutions, entrepreneurs started to look for capital generated from the other sources. The resources are still limited, but the Muslim crowdfunding ecosystem is diversifying from the most basic reward based to social lending, with an eye to the fintech. Using a quantitative research methodology, this paper uses secondary data research method to gain a broader understanding on the linkage between crowdfunding, fintech and NGO-I. This article firstly explores the current development of fintech usage for crowdfunding platform. This is followed by an analysis of the crowdfunding methods used by Islamic Non-Governmental Organization (NGO-I). Finally, it presents the Shariah governance aspect of fintech crowdfunding. This article encapsulates the potential of fintech in catalysing Islamic crowdfunding among Islamic Non-Governmental Organization (NGO-I) in Malaysia and the need for a Shariah governance framework for Islamic fintech.
Highlights
Financial technology, known as fintech, is a type of online financial services that is rapidly growing because of the rapid growth and changes in technology
Fintech was first established in Malaysia in 2015, where it was pioneered by the country's three (3) largest banks, namely Maybank, RHB, and CIMB (Majalah Labur, 2017)
SHARIAH GOVERNANCE OF ISLAMIC FINTECH This article proposes that given the advantages of the usage of fintech crowdfunding platform by Non-Governmental Organization (NGO-I) and it’s increasing popularity as well as acceptance by the public, it is important that the Shariah governance of Islamic fintech is adhered to
Summary
Known as fintech, is a type of online financial services that is rapidly growing because of the rapid growth and changes in technology. NGOs to raise money for their causes and one of the increasingly popular method is by using crowdfunding platforms. This charitable crowdfunding is frequently used to fund certain projects, non-profit organizations (NGOs) and individuals.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
