An Analysis Of Fintech Crowdfunding Among NGO-I
DOI:
https://doi.org/10.33102/jfatwa.vol26no2.397Keywords:
crowdfunding, fintech, Islamic finance, NGO, social financeAbstract
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.
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