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Transitioning from Cash Waqf to Waqf-Equity Crowdfunding (ECF): Evaluating the Necessity and Commercial Viability of a New Financing Model

Author

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  • Siti Mariam Atan

    (Department of Law University Technology MARA Johor Branch, Segamat Campus, Johor, 85000, Malaysia)

  • Wan Amir Azlan

    (Department of Law University Technology MARA Johor Branch, Segamat Campus, Johor, 85000, Malaysia)

  • Rahmawati Mohd Yusoff

    (Department of Law University Technology MARA Johor Branch, Segamat Campus, Johor, 85000, Malaysia)

  • Alizah Ali

    (Department of Law University Technology MARA Johor Branch, Segamat Campus, Johor, 85000, Malaysia Author-NameZulhazmi Yusof
    Department of Law University Technology MARA Johor Branch, Segamat Campus, Johor, 85000, Malaysia)

Abstract

This paper introduces the Waqf-Equity Crowdfunding (ECF) paradigm as a Shariah-compliant substitute for Cash Waqf, which is moving from traditional endowments to digital crowdfunding. Although Cash Waqf has long backed economic and humanitarian projects, issues with accessibility and governance call for fintech-driven solutions. Waqf-ECF combines equity crowdfunding and Islamic endowments, giving startups and SMEs access to long-term capital through Islamic financing contracts and profit-loss sharing. Seven financial, academic, and business professionals evaluate its viability, moral implications, and legal difficulties using a qualitative methodology. The results show how Waqf-ECF may improve capital efficiency and financial inclusion while resolving issues with risk management and Shariah compliance. To ensure the model’s viability within the Islamic charitable ecosystem, the report ends with recommendations to improve governance, investor protection, and regulatory frameworks.

Suggested Citation

  • Siti Mariam Atan & Wan Amir Azlan & Rahmawati Mohd Yusoff & Alizah Ali, 2025. "Transitioning from Cash Waqf to Waqf-Equity Crowdfunding (ECF): Evaluating the Necessity and Commercial Viability of a New Financing Model," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(7), pages 5166-5171, July.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-7:p:5166-5171
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