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Proposed waqf crowdfunding models for small farmers and the required parameters for their application

Azghanin, Hassan and Kassim, Salina and Adam Sa'ad, Auwal (2021) Proposed waqf crowdfunding models for small farmers and the required parameters for their application. Islamic Economic Studies. pp. 1-16. ISSN 1319-1616 E-ISSN 2411-3395

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Purpose – Small farmers are considered one of the most affected communities worldwide due to poverty. Hence, this paper aims to study how the proposed waqf crowdfunding models are intended to provide alternative sources of funds for the waqf institutions and farmers. Design/methodology/approach – The present study employed a qualitative method by analysing the relevant literature on crowdfunding, waqf cash, waqf and agriculture, together with the primary sources of the Hadith. Findings – This paper provides the conceptual framework of two waqf crowdfunding model (WCM) and the required parameters for their application. It is found that crowdfunding can bring immense benefits to the agriculture sector and farmers if it is integrated with waqf. This system will enable underprivileged farmers to meet their necessities and participate in their country’s economic development. Research limitations/implications – Future research may consider a waqf crowdfunding integrated model targeting other businesses. Originality/value – This study provides the required parameters for the application of the proposed models. Four areas were analysed and discussed: the regulatory compliance parameters, the shariah compliance parameters, the risk management parameters and, finally, waqf governance parameters. To the best of the author’s knowledge, this is the first proposed waqf and crowdfunding integrated model for agricultural financing

Item Type: Article (Journal)
Additional Information: 8761/91065
Uncontrolled Keywords: Waqf, Cash waqf, Crowdfunding, Agriculture, Small farmers, Parameters
Subjects: BPH Islamic Economics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: DR. Auwal Adam Sa'ad
Date Deposited: 27 Jul 2021 10:39
Last Modified: 27 Jul 2021 11:14
URI: http://irep.iium.edu.my/id/eprint/91065

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