Shariah Governance Framework for Islamic Donation-Based Crowdfunding Platforms in Malaysia

10.1007/978-981-99-5142-0_18 

12 Pages Posted: 28 Apr 2025

See all articles by Nurul Aini Muhamed

Nurul Aini Muhamed

Universiti Sains Islam Malaysia (USIM)

Muhammad Iqmal Hisham Kamaruddin

Universiti Sains Islam Malaysia (USIM)

Wan Nur Fazni Wan Mohamad Nazarie

Universiti Sains Islam Malaysia

Aimi Fadzirul Kamarubahrin

Universiti Sains Islam Malaysia (USIM)

Rafisah Mat Radzi

affiliation not provided to SSRN

Date Written: September 01, 2023

Abstract

This study attempts to examine current Shariah governance practices and propose a Shariah governance framework for Islamic donation-based crowdfunding (DCF) platforms in Malaysia. A series of interviews with six Islamic DCF platforms in Malaysia was conducted. For reporting purposes, this study employed a single-case study approach. The interview was conducted and completed at the end of August 2022 via an online approach through Google Meet. The findings highlight Shariah governance practices for Islamic DCF platforms covering Shariah governance structure, roles of the parties involved and types of Shariah contracts used in the operation. Based on these findings, a Shariah governance framework for Islamic DCF is proposed covering Shariah contracts, roles of parties, establishment of the Shariah committee as well as Shariah governance functions. This study is among the pioneer studies that explore Shariah governance framework for Islamic DCF platforms in Malaysia. The study findings and recommendations are useful for Islamic DCF platforms as well as related parties like regulators, funders, potential project managers and the public in general to understand Shariah governance framework for Islamic DCF platforms in Malaysia.

Keywords: Shariah Governance, Islamic Donation-Based Crowdfunding

Suggested Citation

Muhamed, Nurul Aini and Kamaruddin, Muhammad Iqmal Hisham and Nazarie, Wan Nur Fazni Wan Mohamad and Kamarubahrin, Aimi Fadzirul and Mat Radzi, Rafisah, Shariah Governance Framework for Islamic Donation-Based Crowdfunding Platforms in Malaysia (September 01, 2023). 10.1007/978-981-99-5142-0_18 , Available at SSRN: https://ssrn.com/abstract=5193918 or http://dx.doi.org/10.2139/ssrn.5193918

Nurul Aini Muhamed

Universiti Sains Islam Malaysia (USIM) ( email )

Bandar Baru Nilai
Nilai, Negeri Sembilan 71800
Malaysia

Muhammad Iqmal Hisham Kamaruddin (Contact Author)

Universiti Sains Islam Malaysia (USIM) ( email )

Bandar Baru Nilai
Nilai, 71800
Malaysia

Wan Nur Fazni Wan Mohamad Nazarie

Universiti Sains Islam Malaysia ( email )

Aimi Fadzirul Kamarubahrin

Universiti Sains Islam Malaysia (USIM) ( email )

Bandar Baru Nilai
Nilai, Negeri Sembilan 71800
Malaysia

Rafisah Mat Radzi

affiliation not provided to SSRN

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