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Use of Crowdfunding for Developing Social Enterprises: An Islamic Approach

Author

Listed:
  • Nazamul Hoque
  • Mohammad Hasmat Ali
  • Sirajul Arefeen
  • Md. Masrurul Mowla
  • Abdullahil Mamun

Abstract

Crowd-funding is an open call to mass people through the internet for fund in the form of financial donation, lending, or in any other forms such as in exchange for a future product, service, or reward. The concept is relatively new but growing at a very high rate around the world. Companies are using it mostly for efficiency ground. This study is based on the argument that conventional crowd-funding models cannot be applicable exactly in the Islamic societies due to philosophical ground. In this paper, we have discussed crowd-funding models from Islamic perspectives for funding projects of social enterprise/social business in the Muslim societies with a view to ensure social equity and justice by removing many social problems like unemployment and poverty.

Suggested Citation

  • Nazamul Hoque & Mohammad Hasmat Ali & Sirajul Arefeen & Md. Masrurul Mowla & Abdullahil Mamun, 2018. "Use of Crowdfunding for Developing Social Enterprises: An Islamic Approach," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(6), pages 156-156, April.
    • Handle: RePEc:ibn:ijbmjn:v:13:y:2018:i:6:p:156
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    References listed on IDEAS

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    1. Lane, Frederic C., 1944. "Family Partnerships and Joint Ventures in the Venetian Republic1," The Journal of Economic History, Cambridge University Press, vol. 4(2), pages 178-196, November.
    2. Jonathan Morduch, 1999. "The Microfinance Promise," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1569-1614, December.
    3. Othmar M. Lehner, 2013. "Crowdfunding social ventures: a model and research agenda," Venture Capital, Taylor & Francis Journals, vol. 15(4), pages 289-311, October.
    4. Rubinton, Brian J, 2011. "Crowdfunding: disintermediated investment banking," MPRA Paper 31649, University Library of Munich, Germany.
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    Cited by:

    1. Yoshiaki Nose & Chie Hosomi, 2023. "What makes equity crowdfunding successful in Japan? Testing the signaling and lack of financial literacy hypotheses," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 19(4), pages 146-183.

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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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