Browse by Author "Ahmad Tarmidzi Mohd Sofie"
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- PublicationThe potential of Islamic crowdfunding to finance small construction projects in MalaysiaAhmad Tarmidzi Mohd Sofie; Aishath Muneeza (International Research Centre of Islamic Economics and Finance (IRCIEF), Kolej Universiti Islam Antarabangsa Selangor (KUIS), 2023)
In an era marked by a multitude of global challenges, such as geopolitical tensions like the Russia-Ukraine conflict, regional lockdowns affecting key Chinese provinces, and the strict enforcement of monetary policies, all exacerbated by the ongoing COVID-19 pandemic, which has further intensified funding challenges for infrastructure projects, this study delves into the potential of Islamic crowdfunding as a means to finance small-scale construction projects in Malaysia. Utilizing qualitative research and content analysis, this investigation explores the applicability of crowdfunding within Malaysia's construction sector. Data collection involves a comprehensive review of pertinent literature and documents, with thematic analysis revealing crucial insights. The paper introduces a framework that harmonizes crowdfunding principles with Islamic ethical values, aiming to foster inclusive economic growth. This research advocates for collaboration among various stakeholders, including Islamic crowdfunding platforms, construction companies, investors, and regulatory authorities, to harness the potential of Islamic crowdfunding. By doing so, they can contribute to Malaysia's economic growth, social development, and the expansion of ethical finance within the construction industry.
- PublicationThe potential of Islamic crowdfunding to finance small construction projects in MalaysiaAhmad Tarmidzi Mohd Sofie; Aishath Muneeza (INCEIF, 2022)
One of the most critical challenge faced by the Malaysian construction industry after the COVID-19 pandemic is the lack of financing options to finance the stranded construction projects. It is perceived that for small construction projects facing financing issues, crowdfunding could be an alternative financing option that could be explored. As such, the objectives of this study are to: examine the challenges faced in financing the small projects in Malaysian construction industry after COVID-19 pandemic; explore the possibility of using crowdfunding as an alternative financing mode for small projects in the Malaysian construction industry; and find out the challenges in implementing crowdfunding to finance small projects in the Malaysian construction industry. To achieve these objectives, the study adopts qualitative research methodology where secondary sources such as reports and journal articles published on the topic have been reviews and due to limited studies available specifically on crowdfunding and construction industry in Malaysia, semi-structured interviews have been conducted with experts to get their perspective on the subject. The findings of this study reveal that there is potential in utilizing crowdfunding in the construction industry in Malaysia to finance small projects. However, in order to adopt crowdfunding in the industry, there is need to create awareness about in among the stakeholders and the government also could provide some incentives for those who would like to choose this alternative mechanism to fund their projects. Further, it is recommended Master Builders Association Malaysia to take the initiative in this regard and enter into a collaboration with any licensed crowdfunding operator in Malaysia to commence the utilization of crowdfunding for construction projects. It is anticipated that the outcome of this research will assist the stakeholders of Malaysian construction industry to realise the significance of adopting crowdfunding to finance small projects in the construction industry and will encourage them to explore this option.
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