Redevelopment of idle Waqf property through financial technology: Case of Malaysia

Abstract

Awqaf properties are facing several challenges when it comes to fundraising and transparency and that we aim to resolve in this research. The main purpose of this study is to explore the potential of Crowdfunding and Blockchain technology in overcoming fundraising and transparency issues. This study adopts a qualitative method using semi-structured interviews with experts and academicians in Fintech and Islamic finance, moreover, a survey was conducted collecting responses from 101 participants. This study focuses on practical challenges and explores the extent to which Crowdfunding and blockchain can solve these mentioned practical challenges. We found that there is a great potential and opportunity applying crowdfunding and blockchain concept in Waqf especially when it comes to fundraising, developing Awqaf lands and enhancing transparency. Nevertheless, there are some significant legal and operational challenges encountering the implementation of Crowdfunding and Blockchain into the Waqf system.