Exploring the role of donation-based crowdfunding in Islamic social finance

Muhammad Karakulah; Aishath Muneeza

Exploring the role of donation-based crowdfunding in Islamic social finance

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Date

2024

Authors

Muhammad Karakulah

Aishath Muneeza

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Abstract

This research explores the evolving landscape of donation-based crowdfunding within the context of Islamic social finance, aiming to clarify its role as an instrument of philanthropy and community development. Leveraging a comparative analysis of three prominent platforms - SadaqaHouse, GlobalSadaqah, and LaunchGood - the study explores whether donation-based crowdfunding merely functions as a financing tool or can be classified as a component of Islamic social finance itself. This research utilizes a qualitative approach to investigate the evolving role of donation-based crowdfunding within the realm of Islamic social finance. Focusing on three prominent platforms - SadaqaHouse, GlobalSadaqah, and LaunchGood - the study aims to determine whether donation-based crowdfunding serves merely as a financing tool or can be considered an integral part of Islamic social finance. Through a detailed examination of each platform's operational aspects and campaign offerings, supplemented by thematic analysis and cross-platform comparisons, the research seeks to identify patterns and themes that shed light on the alignment of donation-based crowdfunding with Islamic finance principles. The findings reveal that donation-based crowdfunding platforms transcend the conventional role of financing tools, evolving into instruments of Islamic social finance with a profound impact on global philanthropy. Moreover, these platforms play a pivotal role in advancing social welfare and community empowerment globally, extending beyond financial contributions to tangible social change. The research underscores the originality of its approach in comprehensively evaluating donation-based crowdfunding within the Islamic finance ecosystem, shedding light on its transformative potential as a tool for philanthropy and socioeconomic development.

Keywords

Islamic social finance , Donation-based crowdfunding , Shariah principles , Social welfare

Citation

Karakulah, M., & Muneeza, A. (2024). Exploring the role of donation-based crowdfunding in Islamic social finance. International Journal of Islamic Economics and Finance Research, 7(1), 42-58.