Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia

Purpose – This paper attempts to offer a viable alternative model of source of financing to develop Waqf land, which is known as Crowdfunding-Waqf Model (CWM). Design/methodology/approach – The extant literature on the (i) financing constraints faced by Waqf institution in developing Waqf land, a...

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Main Authors:	Mohd Thas Thaker, Mohamed Asmy, Allah Pitchay, Anwar
Format:	Article
Language:	English
Published:	Emerald Group Publishing Ltd. 2018
Subjects:	BP173.75 Islam and economics H Social Sciences (General) HB126.4 Islamic Economics
Online Access:	http://irep.iium.edu.my/63703/ http://irep.iium.edu.my/63703/ http://irep.iium.edu.my/63703/1/63703_Developing%20waqaf%20land%20through%20crowdfunding.pdf

id	iium-63703
recordtype	eprints
spelling	iium-637032018-05-17T01:28:15Z http://irep.iium.edu.my/63703/ Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia Mohd Thas Thaker, Mohamed Asmy Allah Pitchay, Anwar BP173.75 Islam and economics H Social Sciences (General) HB126.4 Islamic Economics Purpose – This paper attempts to offer a viable alternative model of source of financing to develop Waqf land, which is known as Crowdfunding-Waqf Model (CWM). Design/methodology/approach – The extant literature on the (i) financing constraints faced by Waqf institution in developing Waqf land, and (ii) crowdfunding have been reviewed critically and used in the attempt of proposing an alternative model. Findings – The paper has developed Crowdfunding-Waqf Model (CWM) as a source of financing for Waqf institution in Malaysia. This model is expected to provide Waqf institution in Malaysia to meet their liquidity constraint in developing Waqf land. It is also involved an involvement of crowdfunding platform. Research limitations/implications – The paper is based on conceptual explorations of literature in the area of Waqf and crowdfunding. This is a conceptual paper, so it did not employ any empirical analysis. Practical implications – The findings of this paper will provide Waqf institution with an alternative source of financing to develop Waqf land. The present study also has implications for government and policy makers. By involving crowdfunding, it helps the government to reduce its expenses for the development of Waqf land in Malaysia. Originality/value – This paper offers an additional literature on Waqf and crowdfunding especially from the Malaysian context. The paper proposes a viable alternative model for Waqf institution as a source of financing by using crowdfunding, in order to develop Waqf land. This model incorporates donation-based crowdfunding model and reward-based crowdfunding model. This model is different with the existing way of raising Cash Waqf, which is conducted also via online basis by financial institutions and state government agencies. Later, the collected Cash Waqf fund 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 assist Waqf institution to develop Waqf land. Crowdfunding model is used to raise fund to develop Waqf land in Malaysia. The fund collected via crowdfunding model is based on donation and reward based, not based on the nature of Cash Waqf. Emerald Group Publishing Ltd. 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/63703/1/63703_Developing%20waqaf%20land%20through%20crowdfunding.pdf Mohd Thas Thaker, Mohamed Asmy and Allah Pitchay, Anwar (2018) Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia. Journal of Islamic Accounting and Business Research, 19 (3). pp. 448-456. ISSN 1759-0817 https://www.emeraldinsight.com/doi/full/10.1108/JIABR-05-2016-0062
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	BP173.75 Islam and economics H Social Sciences (General) HB126.4 Islamic Economics
spellingShingle	BP173.75 Islam and economics H Social Sciences (General) HB126.4 Islamic Economics Mohd Thas Thaker, Mohamed Asmy Allah Pitchay, Anwar Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia
description	Purpose – This paper attempts to offer a viable alternative model of source of financing to develop Waqf land, which is known as Crowdfunding-Waqf Model (CWM). Design/methodology/approach – The extant literature on the (i) financing constraints faced by Waqf institution in developing Waqf land, and (ii) crowdfunding have been reviewed critically and used in the attempt of proposing an alternative model. Findings – The paper has developed Crowdfunding-Waqf Model (CWM) as a source of financing for Waqf institution in Malaysia. This model is expected to provide Waqf institution in Malaysia to meet their liquidity constraint in developing Waqf land. It is also involved an involvement of crowdfunding platform. Research limitations/implications – The paper is based on conceptual explorations of literature in the area of Waqf and crowdfunding. This is a conceptual paper, so it did not employ any empirical analysis. Practical implications – The findings of this paper will provide Waqf institution with an alternative source of financing to develop Waqf land. The present study also has implications for government and policy makers. By involving crowdfunding, it helps the government to reduce its expenses for the development of Waqf land in Malaysia. Originality/value – This paper offers an additional literature on Waqf and crowdfunding especially from the Malaysian context. The paper proposes a viable alternative model for Waqf institution as a source of financing by using crowdfunding, in order to develop Waqf land. This model incorporates donation-based crowdfunding model and reward-based crowdfunding model. This model is different with the existing way of raising Cash Waqf, which is conducted also via online basis by financial institutions and state government agencies. Later, the collected Cash Waqf fund 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 assist Waqf institution to develop Waqf land. Crowdfunding model is used to raise fund to develop Waqf land in Malaysia. The fund collected via crowdfunding model is based on donation and reward based, not based on the nature of Cash Waqf.
format	Article
author	Mohd Thas Thaker, Mohamed Asmy Allah Pitchay, Anwar
author_facet	Mohd Thas Thaker, Mohamed Asmy Allah Pitchay, Anwar
author_sort	Mohd Thas Thaker, Mohamed Asmy
title	Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia
title_short	Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia
title_full	Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia
title_fullStr	Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia
title_full_unstemmed	Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia
title_sort	developing waqaf land through crowdfunding-waqaf model (cwm): the case of malaysia
publisher	Emerald Group Publishing Ltd.
publishDate	2018
url	http://irep.iium.edu.my/63703/ http://irep.iium.edu.my/63703/ http://irep.iium.edu.my/63703/1/63703_Developing%20waqaf%20land%20through%20crowdfunding.pdf
first_indexed	2023-09-18T21:30:20Z
last_indexed	2023-09-18T21:30:20Z
_version_	1777412468163739648

Developing waqaf land through crowdfunding-waqaf model (CWM): the case of Malaysia

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