Rahman, Maya Puspa and Mohd Thas Thaker, Mohamed Asmy and Duasa, Jarita
(2019)
Would muslim entrepreneurs use shariah-compliant equity-based crowdfunding model for financial sustainability? a case study on Malaysia.
In: 10th Foundation of Islamic Finance Conference 2019, Sunway University, Malaysia.
(Unpublished)
Abstract
The rise of equity-based crowdfunding is expected to offer a new gateway for Muslim entrepreneurs given its similarity with risk-sharing concept as per the Shariah principles. Malaysia is the first country in Southeast Asia to legislate and award equity-based crowdfunding licences in June 2015. Accordingly, this study aims to propose a Shariah-compliant equity-based crowdfunding (SCF) model and analyse the acceptance level of Muslim entrepreneurs to use it in raising new funds. Based on primary data collected on 411 Muslim entrepreneurs in Malaysia, this study analyse the data using Structural Equation Modelling by adopting Technology Acceptance Model. It is found that perceived usefulness and perceived ease of use have positive effect on behavioral intention to use the proposed SCF model. Similar significance and positive results are found between perceived usefulness and behavioral intention to use the proposed SCF model. Hence, it is concluded that the respondent’s perceptions on the usefulness and ease of use positively affect the behavioral intention of using the new model. Taking the lead in Shariah-compliant crowdfunding research, this paper aims to contribute to the blueprints for the market players and regulators with regard to offering of SCF particularly in Malaysia.
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