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Logo

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What is crowdfunding? Crowdfunding is an internet supported way to run businesses or raise money either in the form of donations or various investments from multiple individuals.  What is Fintech? FinTech refers to technofinance or financial technology, i.e., the supply of services and financial products provided through the most modern technologies made available to ICT. How are the crowdfunding and fintech relates to Waqf project? The synergy of fintech for Waqf-based crowdfunding has the potential to increase funds by expanding the pool of endower and donors from whom funds can be raised beyond the traditional narrow method of fundraising and donations.

Synergising Fintech for Waqf Based Crowdfunding

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$17.2 billion Generated yearly through crowdfunding in North America 33.7%  Funds raised through crowdfunding grew in 2020 6,455,080  worldwide crowdfunding campaigns in 2020 Up to $300 billion The crowdfunding market is projected to grow by 2030 Successful rate of 126% Campaigns that updated followers regularly Those aged 24-35 More likely to participate in crowdfunding campaigns

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The Prophet Muhammad S.A.W said: “If thou  likest , make the property itself to remain inalienable, and give (the profit from) it in charity.’”

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This  innovation aims to propose a working model for waqf-based crowdfunding using fintech in Malaysia. The synergy of fintech for Waqf-based crowdfunding has the potential to increase funds by expanding the pool of endower and donors from whom funds can be raised beyond the traditional narrow method of fundraising and donations.

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Donation	   Waqf Activities                  Crowdfunding

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Fund Issuer/ Projects Individual Society/ Organization Social-business

2. Submit fund-raising campaign 4. Offer fund-raising campaign Shariah committee Shariah committee 1. Partner up with Platform to help issuer to raise fund 3. Platform create the project according to its campaign 5. Donor select the project that they want 6. Obtained raised fund 7. Donor can track their waqf impact in real-time through Dashboard 8. The raised fund benefits the beneficiaries in ex-ante evaluation and screening process in ex-post evaluation and monitoring process

Donor  Individual Society/ Organization Government agencies

Waqf-Based Crowdfunding Platform Crowdfunding platform Fees and Payment Gateway Dashboard

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Implementation of waqf-based crowdfunding projects

Be informed of the progress of the projects

Initiate waqf-based crowdfunding projects

Reasonable utilisation of fund-raised funds

Re- strategise  fund-raising campaign Return Raised Fund

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The proposed model may be used to facilitate a new or existing waqf-based crowdfunding by any parties that want to raised fund for their waqf activities.

The  Wakaf   Kompleks  Arshad  Ayub  involves the construction of the  Kompleks  Arshad  Ayub  Complex which aims to be developed and partially funded through waqf financing on a 3-hectare site in Section 3, Shah Alam beginning in 2020 with a target cost of RM140 million.

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Demonstration of Prospect Project for  Wakaf   Kompleks  Arshad  Ayub  (WKAA)

2. Submit fund-raising campaign 4. Offer fund-raising campaign 1. Partner up with Platform to help issuer to raise fund 3. Platform create the project according to its campaign 5. Donor select the project that they want 6. Obtained raised fund 7. Donor can track their waqf impact in real-time through Dashboard 8. The raised fund benefits the beneficiaries Proposed  ZAWAF Waqf-Based Crowdfunding Platform Crowdfunding platform Fees and Payment Gateway Dashboard

Fund Issuer/ Projects Wakaf   Kompleks  Arshad  Ayub

1. Submit fund-raising campaign 2. Offer fund-raising campaign 3. Obtained raised fund 4. The raised fund benefits the beneficiaries Existing  ZAWAF Fees and Payment Gateway through UiTM Pay or any channel

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Article published in  Global Journal al- Thaqafah Scopus-Indexed Journal February 2021

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Article published in  Journal of Fatwa Management and Research MyCite -Indexed Journal 2019

ISSN: 2232-1047
elSSN: 0127-8886
SPECIAL EDITION I 161 NO. 2
LSSN: 2232-1047 elssN: 0127-8886
RISK MANAGEMENT IN WAQF INSTITUTIONS: A PRELIMINARY
STUDY
Mohammad Mohd Zaki Bharii-ü and
Faiz Mohamed Y u SOf"
author) , Academy Islamic Universiti
Teknologi MARA, Alam, s.langor, Malaysia, Tel; Email;
itm.edu my
o' Islmic Te MARA. 4KM5u
Malaysia. Tel: •(%0125352393. Emil: ash
oi Studies,
Tekmlogi MARA 40"),
Alam. Malaysia, Tel: my
of Tekml€*i MARA 40"),
Alam. Malaysia, Tel; Email;
Modern management practice put greater emphasize on Ilte principles of accountability
and transparency. Along with the revival of Islamic ins\ifutions, there are call by the
Of institutions 'o adopt rtOde•rn management practice 10
improve their e"ciency in managing waqf asset. As part of good goærnance and lyst
practice; of umqf institutions, management of risk is fundamental to the properfimctioning
ofany institution ina'uding waqf to ensure the accountability of mufauhllli (waqf manager)
Of fhe• on risk practices O" Islamic
institution indicate that risk across many different financial,
program and capital expenditure decisions due to interactions with economic, politiGqI and
scu-ial environments. However, the dissimilarity of management practices ofuuqfassef could
be due to the absence of risk management function for zeaqfinstifu\ions. This paper aims af
the major themes 'hat constitute the basis Of the discussion accountability in
institutions, In doing this, the theoretical underpinnings and existmg research
relating to waqf investment and its risk management practice are examined.
Accountabili , Audit, Investment, Risk, W
IWI-RODUCTION
Over the last decade, Islamic institution like zakat (tithe) and waqf
(endowment) has grown substantively in term Of ovwration and management
practice. In the last few years, the revitalization Of waqf institution has Ewen on
agenda of Muslim communities around the world. Plenty of international waqf

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Copyright Voluntary Notification Title of Work: ZAWIF INTEGRATED FUNDING MODEL FOR HIGHER EDUCATION INSTITUTIONS

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Copyright Voluntary Notification Title of Work: SYNERGISING FINTECH FOR WAQF-BASED CROWDFUNDING IN MALAYSIA

PERSONA I
REGSTEQEO SEA
AppW Status :
e, seceeraRIAT
use
MOHAMMAD MAHYUDDIN BIN KHALID(2s819S) On RESEARCHER II I
PENGAJIAN
0194100520
K ONTEMPORARI
MOHAMMAD KHALID
Identity cud
NEW Appu1CAT10N

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Estimates of the value of Waqf assets in the world (according to World Bank Report 2019)

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Fundraising method that lets individuals raise money for waqf projects

Waqf-based fundraising activities for the benefits of society and organisation

Waqf-based crowdfunding platforms as an alternative financing solution for any social business venture

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Waqf-based crowdfunding based on fintech model aims to serve as a holistic model for investment and endowment for the Islamic institutions and Muslim community that is expected to have a major impact on the agenda of progress, particularly in the development of waqf and Islamic social funding.

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The acknowledgement goes to University Teknologi Mara, Malaysia and the  Fundamental Research Grant Scheme (FRGS ) of  Synergising  Fintech For Waqf-Based Crowdfunding In Malaysia  (600-IRMI/FRGS 5/3 (450/2019).  Many thanks go to the members of the team for the excellent support and those involved in this study.

JABATAN PENDIDIKAN TINGGI
KEMENTERIAN PENGAJIAN TINGGI
GARIS PANDUAN
SKIM GERAN PENYELIDIKAN
FUNDAMENTAL
(FRGS)
PINDAAN TAHUN 2021
PENDIDIKAN
ARAS NO 2. WNARA 2
JALAN S

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Should you have any questions emkay@uitm.edu.my +6019 410 0520

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