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The likelihood of using crowdfunding-Waqf model in Malaysia

Meri Indri Hapsari (Faculty of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia and Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia and Lembaga Pengelola Dana Pendidikan (LPDP), Jakarta, Indonesia)
Mohamed Asmy Bin Mohd Thas Thaker (Faculty of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia)
Mustafa Omar Mohammed (Faculty of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia)
Jarita Duasa (Faculty of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia)

International Journal of Ethics and Systems

ISSN: 2514-9369

Article publication date: 2 March 2022

Issue publication date: 13 October 2022

648

Abstract

Purpose

This paper investigates the probability that people (prospective donors) would be willing to use the crowdfunding-Waqf model (CWM), depending on certain variables and characteristics. This study aims to develop an alternative financial model to address Malaysia’s Waqf land financing problem.

Design/methodology/approach

A survey study was conducted to assess the probability that people would be willing to use the CWM. This study used descriptive analysis and the logistic regression model as analytical tools. Descriptive analysis was conducted using frequencies, which means the number of respondents for each variable or item, such as demographic variables. The logistic regression model was used to obtain the probability that individuals would be willing to use the CWM, based on certain variables.

Findings

This study found that perceived usefulness, perceived ease of use, gender and Waqf knowledge positively affected the likelihood that people would willingly use the CWM for developing Waqf land. In contrast, other factors such as age group, marital status, income level, internet usage, perceived risk of crowdfunding and Waqf perception did not affect this likelihood. Further investigation indicated that being of middle-income level and possessing crowdfunding knowledge positively affected the likelihood that people were willing to use the CWM. The highest probability of the willingness to use the CWM was identified among middle-income males who knew about Waqf and perceived the CWM as useful and easy to use.

Research limitations/implications

The results of this study and other key findings are expected to be implemented by Waqf institutions in Malaysia to develop policies related to Waqf land in general or to the CWM in particular. The findings are also expected to benefit individuals, organisations and countries, and they could also be adapted and validated in other nations.

Originality/value

This study focused on developing a better chance of finding people with specific characteristics and factors that lead them to intentionally use the CWM. The probability of willingness to use the CWM based on certain variables has not yet been evaluated. Recognising how higher probabilities can be identified using every factor and characteristic will enable future CWM users to be better mapped, which is expected to increase the effectiveness of developing the CWM.

Keywords

Acknowledgements

We acknowledge the contributions of all parties who have supported and assisted in providing data, information, and others for the purpose of this study.

Citation

Hapsari, M.I., Mohd Thas Thaker, M.A.B., Mohammed, M.O. and Duasa, J. (2022), "The likelihood of using crowdfunding-Waqf model in Malaysia", International Journal of Ethics and Systems, Vol. 38 No. 4, pp. 682-701. https://doi.org/10.1108/IJOES-07-2021-0150

Publisher

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Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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