Title

Islamic social finance ecosystem and the role of crowdfunding

Submission Type

Paper Presentation

Abstract/Description

Purpose: Majority studies discuss the tools of Islamic social finance rather than an ecosystem in itself. Therefore, this study focuses on developing the spectrum of Islamic social finance and identifying the issues faced by the key players within the spectrum. Moreover, the study also aim at resolving the issues through proposing technological advancement in the form of crowdfunding.

Method: In order to achieve the objectives, a qualitative library research approach is used.

Findings: This study categorize the Islamic social finance spectrum into three categories namely, impact oriented institutions, revenue oriented institutions and profit oriented institutions. A number of issues have been identified on the basis of the categorization. The study emphasizes on the role of crowdfunding in overcoming the issues.

Originality/value: Majority of previous studies focused on Islamic social finance institutions where each study would discuss an institution, identify the problems and provide solution. This paper attempts to discuss social finance institutions as an ecosystem and then discusses the issues in each part of the ecosystem. Later, a solution is proposed through implementation of a crowdfunding platform.

Implications: This paper aims to open the door for academic debate to enhance Islamic Social finance theory and provide grounds for the practitioners and academicians for implementation of technological tools for bring the better social impact.

Session Chair

Dr. Aishath Muneeza, Associate Professor, INCEIF, Malaysia

Session Host

Mr. Muhammad Raza, Customer Support & General Services, Meezan Bank Limited

Start Date

30-5-2022 5:00 PM

End Date

30-5-2022 5:15 PM

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May 30th, 5:00 PM May 30th, 5:15 PM

Islamic social finance ecosystem and the role of crowdfunding

Purpose: Majority studies discuss the tools of Islamic social finance rather than an ecosystem in itself. Therefore, this study focuses on developing the spectrum of Islamic social finance and identifying the issues faced by the key players within the spectrum. Moreover, the study also aim at resolving the issues through proposing technological advancement in the form of crowdfunding.

Method: In order to achieve the objectives, a qualitative library research approach is used.

Findings: This study categorize the Islamic social finance spectrum into three categories namely, impact oriented institutions, revenue oriented institutions and profit oriented institutions. A number of issues have been identified on the basis of the categorization. The study emphasizes on the role of crowdfunding in overcoming the issues.

Originality/value: Majority of previous studies focused on Islamic social finance institutions where each study would discuss an institution, identify the problems and provide solution. This paper attempts to discuss social finance institutions as an ecosystem and then discusses the issues in each part of the ecosystem. Later, a solution is proposed through implementation of a crowdfunding platform.

Implications: This paper aims to open the door for academic debate to enhance Islamic Social finance theory and provide grounds for the practitioners and academicians for implementation of technological tools for bring the better social impact.