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Islamic Fund & Wealth Management: A way forward

Razali Haron
By Razali Haron
4 years ago
Islamic Fund & Wealth Management: A way forward

Islam, Islamic banking, Waqf, Zakat

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  1. & A way forward This publication is very timely, as it not only broadly contributes to IIiBF’s university flagship initiative on Islamic social finance, but it also specifically provides updated information on fund and wealth management with regard to current policies and practices. Empirical findings, case studies discussions, seminal as well as recent related literature are gathered in this book to cater for everyone inside or outside the fund and wealth management industry. With Sharīʿah as the governing principles, the fund and wealth management industry has remarkably flourished throughout the years. Parallel with the consistent and coherent growth, this book offers insights and in depth investigations covering different aspects that may influence the continuous prosperity of this industry and caters for all players in the field. Areas such as unit trusts, asset management, Takaful as well as pension funds together with several innovative products and wealth distribution mechanisms are put forth and discussed like Waqf, an endowment fund that combines investment performance with social distribution opportunities for the benefit of the society or ummah as well as technological fund-raising mechanisms such as crowd funding, aim at mitigating problems pertaining to access to financing for those entrepreneurs in need of capital. All the key components of Islamic fund and wealth management are discussed in this book, thus it is a must read for those involved in this area, especially those responsible for developing policies and practices, in order to carefully engineer more competitive and innovative products and mechanisms based on the findings and outcomes of these studies. Anyone who regards fund and wealth management as crucial knowledge for a more sustainable wealth-managed future should also read this book, including those who also seek productive retirement and pension funds, which follow Sharīʿah principles. DR. ADAM ABDULLAH is currently an Associate Professor and Deputy Dean (Research & Publications) at the International Islamic University Malaysia’s Institute of Islamic Banking and Finance (IIiBF). He specializes in Islamic economics, Islamic finance & investment, including industry experience in Islamic private equity and asset management. IIUM Institute of Islamic Banking and Finance (IIiBF) International Islamic University Malaysia, Jalan Gombak, 53100 Selangor Darul Ehsan. Tel : +603 6196 4185 Fax : +603 6196 4856 Website : www.iium.edu.my/iiibf RAZALI HARON ADAM ABDULLAH DR. RAZALI HARON is currently an Associate Professor at the International Islamic University Malaysia’s Institute of Islamic Banking and Finance (IIiBF). He specializes in corporate finance and investment. He has extensive experience in the corporate sector covering brokerage dealing, fund management, unit trust and capital market. ISLAMIC FUND & WEALTH MANAGEMENT A WAY FORWARD ISLAMIC FUND W E A LT H MANAGEMENT ISLAMIC FUND W E A LT H MANAGEMENT & A way forward RAZALI HARON | ADAM ABDULLAH
  3. ISLAMIC FUND W E A LT H MANAGEMENT & A way forward RAZALI HARON | ADAM ABDULLAH IIUM Institute of Islamic Banking and Finance
  8. Chapter 3 Towards Developing Islamic Equity CrowdfundingWaqf Model (IECWM) to Harness the Potential of Waqf Land in Malaysia Mohamed Asmy Mohd Thas Thaker and Hassanudin Mohd Thas Thaker Abstract Over the centuries including during the era of Islamic civilization, Waqf land has played a significant role towards enhancing the social and economic status of the Muslim societies. However, in the contemporary times, Waqf land is facing the problem of underdevelopment particularly in the context of Malaysia. Currently, there are around 11,091.82 hectares of Waqf land in Malaysia that is worth about RM4 billion or equivalent to US$0.9 billion (Ali et al., 2015). Though, State Islamic Religious Councils (SIRCs) have a huge number of potential Waqf land, most of the lands are however still lying idle and remained undeveloped, mainly due to liquidity constraints or shortage of financial resources by SIRCs. Liquidity constraints have been considered as a main factor that hindered the execution of the various development plans of Waqf land in Malaysia. This thus calls for more innovative financing mechanism that can help to harness the potential of Waqf land. With this initiative, the research is developing a sustainable source of financing by integrating elements of crowdfunding and Waqf. The proposed model is known as Islamic Equity Crowdfunding-Waqf Model (IECWM). The proposed model will assist Waqf institution in identifying sustainable financing source to develop Waqf land in Malaysia. Through this, Malaysia will play a leading role among the OIC member states with the noble idea of Islamic crowdfunding and Waqf land development. 1.0Introduction During the Islamic history and civilization, Waqf institution have played its significant role in providing the social goods such as education and health, public goods (roads, bridge and national security), commercial business, utilities (water and sanitation), religious services (building and
  9. Islamic Fund And Wealth Management : A Way Forward maintenance of mosque and graveyards), helping the poor, orphans and the needy, creating employment, supporting agricultural and industrial sector without imposing any cost on the government (Sadiq, 2002). It has brought a significant movement to the Muslims in various dimensions of social and economics. The Waqf institution which is also known as a non-profit institution had played a very significant role through its varied and wide contributions to the economic and social life during the early period of Islam. The practice of Waqf is not new to the Malaysian history. The Waqf practice in Malaysia can be traced to the 14th century after the embracement of Islam by the Malacca Sultanate (Aun, 1975). There are a number of Waqf lands that are existence since the Malaya period, which is before the independence of Malaysia. The administration of Waqf in Malaysia was managed by group of people like Imams, Penghulu (individual Mutawalli) and then gradually the responsibility was placed under one organisation which is the State Islamic Religious Councils (SIRCs) at each state level. The functions of SIRCs in Malaysia seem to have improved with various steps have been taken by the government, such as introducing national Waqf entities like Jabatan Wakaf, Zakat dan Haji (JAWHAR) and Yayasan Wakaf Malaysia (YWM) and SIRCs’ subsidiaries such as Perbadanan Wakaf in some of the states (e.g. Selangor, Negeri Sembilan and Johor). The current report of the Portal i-Wakaf and study by Ali et al. (2015) estimated that the total size of Waqf lands as recorded by the State Islamic Religious Councils (SIRCs) to be around 11,091.82 hectares that is worth about RM4 billion or equivalent to US$0.9 billion. Though, SIRCs have a huge number of potential Waqf land, most of the lands are however still lying idle. According to the study by Maznah et al. (2014), out of 11,091.82 hectares of Waqf land, 92.8 percent of the Waqf land is undeveloped. According to the former director of Jabatan Wakaf, Zakah dan Haji (JAWHAR), Datuk Dr. Sohaimi Mohd Salleh mentioned that Waqf land currently remained undeveloped, mainly due to shortage of financial resources (Sabit, 2009). So far, the Malaysian government becomes the main source of funding to the SIRCs for developing Waqf land through many projects and development. In the 9th Malaysian Plan (RMK-9), the Malaysian government has allocated RM256.89 million. Only 16 projects can be 38
  10. Towards Developing Islamic Equity Crowdfunding-Waqf Model (IECWM) to Harness the Potential of Waqf Land in Malaysia developed with this funding which is only 0.16% of the overall Waqf land throughout the country. However, under the 10th Malaysian Plan (RMK-10), the government’s allocation has been reduced to RM72.76 million due to economic reasons and limited to 10 selected projects. Furthermore, SIRCs needed at least RM80 billion to develop the entire Waqf lands in Malaysia (Ngah, 2012). Consequently, SIRCs have to find other alternatives to finance the development of Waqf land. It can, therefore, be rightly asserted that the development of Waqf land requires other innovative financing mechanism and sources of funding in addition to the government funding. As such, a new mechanism that will allow for a sustainable source of financing is needed in harnessing the potential of Waqf land in Malaysia. If these Waqf land could be developed, its benefits would have significant contribution to the economic development of Muslim society in Malaysia as claimed by Rashid (2012). Rashid highlighted that the investment in developing idle Waqf land in Malaysia is expected to provide the annual rate of return of 20% to 25%. This means the initial investment outlay will be getting back in 4 to 5 years. Thus, the present study aims to harness the potential of Waqf land in Malaysia by developing a viable and attractive model which is known as Islamic Equity Crowdfunding-Waqf Model (IECWM) as a source of financing, and demonstrate the possibility to integrate modern financing mechanism particularly Islamic crowdfunding with traditional Islamic institution of Waqf. The Islamic Equity Crowdfunding-Waqf Model (IECWM) is anticipated as the most suitable model that can effectively address or minimize the liquidity constraints faced by Waqf institutions in Malaysia. Instead of disseminating results to a broader community upon completion of the research, Islamic Equity Crowdfunding-Waqf Model (IECWM) garners public support through joint venture or profit sharing basis (Mudharabah mode of financing) before any project is initiated by the Waqf institution particularly SIRCs. Public outreach is at the forefront of crowdfunding proposals, and cultivating early connections with a wide audience often determines the success of individual funding drives. Crowdfunding takes advantage of crowd-based decision-making and innovation, and applies it to the funding of projects. Since the mode of raising initial capital through crowdfunding has proven to be successful in country like Australia, United States, Netherland, the United Kingdom, France, India and Brazil. 39
  11. Islamic Fund And Wealth Management : A Way Forward 2.0 Literature Review 2.1 Liquidity Constraints of Waqf Assets Liquidity issue is among the major constraint that impedes the Waqf institution to develop Waqf lands. Statistic of Waqf land proves that Waqf institution has numbers of assets which are in form of fixed assets and still remaining idle and, could not serve the objective of the donors. Literature shows that there are various past studies have been conducted which focus on liquidity issue. According to the earlier study by Ngah (2012) on Waqf challenges in Malaysia, he found that there was lack of finance/capital for developing Waqf land. Indeed, the income generated from Waqf properties is too low due to few factors which are: (i) the rental of the Waqf property is lower than the market value; (ii) the rental payments for Waqf properties are long overdue; and (iii) lack of manpower for collecting rentals. As implication, he mentioned that the expenditure of SIRCs exceeds the revenue generated. Similarly, in another study by Habshi and Othman (1998) noted that Muslim countries like Malaysia are struggling to utilise the existing Waqf lands due to internal constraints. According to their findings, financial is among the constraints considered the main factors that hindered the growth of Waqf land in Malaysia. Their findings also consistent with the recent study conducted by Picthay et al. (2015) who find that lack of liquidity faces by Waqf institution is among the main reason why Waqf assets could not benefit the people. Meanwhile, Ahmad and Muhamed (2011) noted that present practise of Waqf among the Muslim people is not encouraging due to financial shortage. They claimed that the contemporary founders of Waqf declared un-productive or commercially viable land compared to history practiced. The consequences of this, most of the lands are idle due to financial shortage that faced by SIRC. Chowdury et al. (2012) noted other problems in the systems are such as Waqf revenue are insufficient to bear the operational cost, Waqf properties has no self-generating income and unproductive, delay in the earning of the compensation in the acquisition of Waqf properties, procrastination is the istibdal and irregularity in receiving the benefit of the Waqf properties by the beneficiaries. Hasan and Abdullah (2008) have conducted a study on the investment of Waqf land as an instrument of Muslim economic in 40
  12. Towards Developing Islamic Equity Crowdfunding-Waqf Model (IECWM) to Harness the Potential of Waqf Land in Malaysia Malaysia. This study has highlighted the issues of financial resources that limit the growth of Waqf lands in Malaysia. On the financial provider aspect, basically SIRCs in Malaysia are depending on government fund allocation. Malaysian national broadcast, Bernama (2012) reported that in 9th Malaysian Plan (RMK-9), Malaysian government has allocated RM256.89 and in 10th Malaysian Plan (RMK-10), government has reduced the allocation of budget to RM72.76 million due to some economic reasons. The total allocation of budget in RMK-9 and RMK10 only contributed to develop 0.16 per cent of total land and according SIRCs need at least RM80 billion to develop the entire Waqf lands in Malaysia (Ngah, 2012). Thus, the existing Director of JAWHAR, Datuk Haji Anan Bin C. Mohd has claimed that the main challenges of developing Waqf land in Malaysia are: (i) lack of fund allocated by the government; and (ii) high cost of maintenance of Waqf assets. Pitchay et al. (2015) finds that majority of the Waqf land in Malaysia is still in idle due to the liquidity problem face by the Waqf institution. They argued that the sole fund provider by the government become the major problem and could not able to develop the entire Waqf land in a sustainable way. Based on the total budget of RMK-9 and RMK-10, SIRCs has managed to develop only 0.16 per cent of the total land. The Minister of Prime Minister's Department (related to Islamic Affairs) Y.B. Mejar Jeneral Dato’ Seri Jamil Khir bin Hj. Baharom said that SIRCs needed at least RM80 billion to develop the entire Waqf lands in Malaysia (Pitchay et al., 2015). Similarly, Sabit (2009) finds that the Waqf institution needs to be independent and self-reliant in order to overcome the liquidity problems. He argued that because most of the Waqf land could not achieve the objective due to the liquidity constraints that faced by Waqf institution, which impedes the development of Waqf land. Abul Hassan and Muhammad Abdus Shahid (2010) find that vast Waqf properties and lands in Malaysia are ill-managed due to the liquidity constraint face by the Waqf institution. Abdullah Jalil and Mohd Ramli (2008), find that the increasing cost of construction and limited source of funds become the limitation for Waqf institution to develop the Waqf lands. Based on the previous and current findings, Waqf institutions in Malaysia faced liquidity constraints. The government funding only is not sufficient to support the development of Waqf assets in Malaysia. Hence, to harness the potential of Waqf land in Malaysia, Waqf institutions have to generate new method of generating fund to overcome the liquidity problems faced by Waqf institutions. 41
  13. Islamic Fund And Wealth Management : A Way Forward 2.2Crowdfunding In a few years, crowdfunding has become a widespread and effective alternative for raising capital to support investment opportunity and source of venture capital. The crowdfunding market has grown tremendously in recent years. An industry report (Massolution, 2012) indicates that around $5.1 billion total transactions occurred globally in 2013 (rising from $2.6 billion in 2012), while a recent World Bank Report (2013) expects that the crowdfunding market to skyrocket and reach about $93 billion in 2025 in developing countries alone. Such a growing market has garnered the attention of policy makers, which have legalized crowdfunding in many countries such as the United States, United Kingdom, Finland, Australia, France, India, Brazil and Italy (World Bank, 2013; Massolution, 2012). Crowdfunding or crowd financing is “the collective effort of individuals who engage in network and pool their money, usually via the Internet, to support efforts initiated by other people or organizations” (Ordanini et al., 2011). Crowdfunding comes to practise with the help of web-based platform (i.e. RocketHub, Kickstarter, and IndieGoGo) and explosive growth of social media, with Facebook and Twitter at the forefront, as well as the affordable online payment transfer services such as Paypal and MoneyGram. The scope of crowdfunding projects is very diverse such as for business start-up, development projects, development and catastrophe aid, scientific research, entertainment such as videogames, movies and music, political campaigns, utilities and many other targets. Massolution (2012) defines four categories of crowdfunding platforms (CFPs) namely equity-based, lending-based, donation-based, and reward-based crowdfunding. In equity-based crowdfunding, funders receive compensation in the form of fundraiser’s equity-based or revenue, or profit-share arrangements. Whereas in lending-based crowdfunding, funders receive fixed periodic income and expect repayment of the original principal investment. In donation-based crowdfunding, funders donate to causes that they want to support, with no expected compensation. Finally, in reward-based crowdfunding, the primary objective of funders is to gain a non-financial reward. Thus, equity-based and lending-based crowdfunding considered as crowdfunding for financial return, while donation-based and reward-based crowdfunding are used for campaigns that appeal to funders’ personal beliefs and passions. However, the present research focuses on the donation-based and reward-based crowdfunding 42
  14. Towards Developing Islamic Equity Crowdfunding-Waqf Model (IECWM) to Harness the Potential of Waqf Land in Malaysia due to its popularity, flexibility and compatibility with the objective of Waqf institutions in Malaysia. Since crowdfunding have been used widely in other countries to funds various philanthropic projects and charity purpose through small contribution from many sources, its application towards developing Waqf projects through Waqf assets may have significant contribution to socioeconomic development, in particular. Hence, this study will therefore help in creating more awareness about crowdfunding among potential crowd funders that are willing to contribute small amount towards Waqf assets development. This could therefore open an opportunity for another means of raising sustainable funds for financing Waqf assets. 3.0 Crowdfunding Development in Malaysia Malaysia is also not excluded in recognizing the importance of crowdfunding as shown by the concerted efforts by the government and some private agencies to introduce it to the local funding ecosystem. According to Asian Institute of Finance (2014), there are three main web platforms on crowdfunding in Malaysia namely pitchIN, MyStatr and MDeC. However, these crowdfunding platforms are reward based and donation based crowdfunding. So far, as August 2015, only 19 out of 103 projects are successfully raised funding through these crowdfunding platforms (Asian Institute of Finance, n.d.). Indeed, all the successful projects are focusing on community projects, film and video, arts and music. The market volume for crowdfunding platform in Malaysia was over $5 million between years 2013-2015. This is covering approximately 6% of total market activity across South East Asia. The total volume was dominated by donation based crowdfunding, which accounted for 92.4% of total Malaysian market, which raised a total of $4.68m. Reward based crowdfunding accrued a total of 6%, which amounted to over $325,000 over the period. In addition to existing crowdfunding platforms in Malaysia, recently, in June 2015, Malaysian Securities Commission has approving six equity based crowdfunding platforms for operation by the end of December 2015. Malaysia was one of the first countries in Southeast Asia to give regulatory approval for equity crowdfunding. Among the approved equity based crowdfunding platforms in Malaysia are Alix Global, Ata Plus, Crowdonomic, Eureeca, pitchIN and CrowdPlus.asia. Equity based crowdfunding began to emerge in with minimum value of $58,000, equating to 1.1% of total market activity. 43
  15. Islamic Fund And Wealth Management : A Way Forward 4.0Proposed Islamic Equity Crowdfunding-Waqf Model (IECWM) Our proposed model which is known as Islamic Equity Crowdfunding-Waqf Model (IECWM) involves venture between two main different parties which are Waqf Institution and Crowd funders or investors. Waqf Institution can be consisting of SIRCs or JAWHAR. Meanwhile, crowd funders or investors are consisting of the public or a large audience (the so-called “crowd”), where individual provides a fund. This model is using equity based crowdfunding model, by incorporating Mudharabah mode of financing. Waqf Institution and Crowd funders or donors play a role as Mudarib (project developer) and Rab Al-Mal (capital provider), respectively. The proposed model could be illustrated by Figure 1. Figure 1: Islamic Equity Crowdfunding-Waqf Model (IECWM) The following are the detailed explanation of Islamic Equity Crowdfunding-Waqf Model (IECWM): 1) Waqf Institution such as SIRCs or JAWHAR plans to develop and harness Waqf land by developing various projects such as housing, hotels, shopping/business premises, schools, and hospital/clinic. Waqf Institution needs to raise the funding from crowd funders or investors to implement the projects. It can 44
  16. Towards Developing Islamic Equity Crowdfunding-Waqf Model (IECWM) to Harness the Potential of Waqf Land in Malaysia be done through joint venture or Mudharabah concept. Waqf Institution identifies their potential Waqf land and does all the screening process on the projects to get financing from crowd funders. 2) Waqf Institution uploads and submits the potential of particular projects’ proposal to the platform which is known as Web Based Platform and Social Networks. Waqf Institution can establish and manage its own Web Based Platform and Social Network instead of outsourcing from external parties. The projects have to be funded within a predefined timeframe. 3)Crowd funders or investors choose projects that they want to support and joint venture in. Crowd funders or investors browse the web to search requests and finally choose the projects they are willing to provide the fund or capital. 4)Crowd funders or investors transfer/send funds through payment gateways. Waqf Institution can have its own payment gateways through collaboration with existing financial institutions. 5)Once the target amount of fund from crowd funders is reached, the system will update the status of projects and keep track of received fund until it is ready to be distributed. If the fund is not reached to its target, the fund will be returned to the crowd funders or investors. 6)If the fund is successfully raised, the system distributes the fund to Waqf Institution and notifies them to get ready managing and supervising the projects they proposed earlier. 7) Waqf Institution manages and supervises their identified projects. Waqf Institution must track the progress regularly and updates the progress into the system until the particular projects completed and started to commence. This will ensure transparency between them and the crowd funders. The system communicates with Waqf Institution as for control and audit purposes through a simple communication media such as short message services (SMS). 8)Later, within the specified time framework of project, Waqf institution needs to provide return to the crowd funders or 45
  17. Islamic Fund And Wealth Management : A Way Forward investors if the project successfully generate profit. Otherwise, if there is loss, crowd funders or investors need to bear the loss of capital. 5.0 Conclusion and Recommendation The developed Islamic Equity Crowdfunding-Waqf Model (IECWM) is anticipated to bring benefits to the society and economy as a whole. It makes towards a comprehensive scheme of socioeconomic development, namely, in terms of the economic, spiritual and social welfare of the Muslim community. This model helps in developing productive and potential Waqf land that will further enhance the wealth of the Muslims and ultimately, improve the socioeconomic condition of the society. Waqf institutions can involve actively in the establishment of educational institutions, business/shop lot premises, hotels, housing, hospitals and clinics, and other religious establishments. Meanwhile, IECWM could also help in reducing the burden of the government. In other words, this suggests that IECWM may help the government to reduce budget deficit. Usually, the government has to allocate extensive amount of financing to Waqf institutions for the Waqf land development. The model could equally help in reducing government budget deficit. Thus, by adopting the IECWM, the government does not need to be bothered about the expenses for the development of Waqf land. Future research needs to refine ICWME-I model through focus group studies. The model should be validated through surveys to gauge the intentions of the stakeholder. Theories such as Technology Acceptance Model (TAM) (Davis, 1989) and TPB (Ajzen, 1985) can be very useful in this regard. References Abdullah Jalil, and Ashraf Mohd Ramli. (2008). Waqf Instrument for Construction: An Analysis of Structure. The Journal of Muamalat and Islamic Finance Research, 17. Abul Hassan, and Muhammad Abdus Shahid. (2010). Management and Development of the Awqaf Assets. In Proceedings from the Seventh International Conference–The Tawhidi Epistemology: Zakat and Waqf Economy, (pp. 309-328). Bangi. Ahmad, S., & Muhamed, N. D. (2011). Wakaf Institutions and National Economic Development: A Case on Wakaf Land Development in Malaysia. Prosiding Perkem VI, Jilid 1, 139-147. 46
  18. Towards Developing Islamic Equity Crowdfunding-Waqf Model (IECWM) to Harness the Potential of Waqf Land in Malaysia Ajzen, I. (1985). From Intentions to Actions: A Theory of Planned Behavior. In Action Control (pp. 11-39). Springer Berlin Heidelberg. Ali N. M., Rahman M., Ahmad R., and Mahdzan N. S. A. (2015). Necessity of Effective and Efficient Business Model for Development of Waqf Lands in Malaysia. Paper presented at Muktamar Waqf Iqlimi II 2015, Universiti Sains Islam Malaysia (USIM), Malaysia. Asian Institute of Finance. (n.d.). Crowdfunding: the Significance and Implications to the Financial Landscape in Malaysia. Unpublished. Aun, W. M. (1975). An Introduction to the Malaysian Legal System. Kuala Lumpur: Heinemann Educational Book (ASIA) Ltd. Bernama. (December 2012). Retrieved from Bharian/articles/ RM256_4jutabangunkan17projekwakafDiMalaysia_JamilKhir/Article/ index_html. Chowdury, M. S., Chowdury, I. A., Muhammad, M. Z., & Yasoa, M. R. (2012). Problem of Waqf Administration and Proposals for Improvement: A Study in Malaysia. Journal of Internet Banking and Commerce, 2-6. Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13. Habshi, A., & Othman, S. (1998). Case Study: Malaysia. In International Seminar on Awqaf and Economic Development. Kuala Lumpur. Hasan, Z., & Abdullah, M. N. (2008). The Investment of Waqf Land as an Instrument of Muslims' Economic Development in Malaysia. In Dubai International Conference on Endowments' Investment. Dubai: Awqaf and Minors Affairs Foundation. Massolution. (2012). Crowdfunding Industry Report: Market Trends, Composition and Crowdfunding Platforms. Retrieved from http://www.crowdsourcing. org/document/ crowdfundingindustryreportabridgedversionmarkettrends composition andcrowdfundingplatforms/14277 Maznah Zakaria M., Hassan, M. S. & Abdul Latiff, R. (2014). Pelaporan Wakaf di Malaysia: Mengenalpasti Keperluan Maklumat Pemegang Kepentingan. Paper presented at the Persidangan Kebangsaan Ekonomi Malaysia ke-9 (PERKEM ke-9), Terengganu. Ngah, N. (2012). Retrieved from http://www.jawhar.gov.my/index.php/ms/ akhbar/123-artikelbh25102012. Ordanini, A., Miceli, L., Pizzetti, M., & Parasuraman, A. (2011). Crowd Funding: Transforming Customers into Investors through Innovative Service Platforms. Journal of Service Management, 22(4), 443-470. Pitchay, A. A., Kameel, A., Meera, M., & Saleem, M. Y. (2015). Factors Influencing the Behavioral Intentions of Muslim Employees to Contribute To Cash-Waqf through Salary Deductions. Journal of King Abdulaziz University: Islamic Economics, 28(1), 63–98 47
  19. Islamic Fund And Wealth Management : A Way Forward Rashid, S. K. (2012). Waqf in Malaysia: Legal and Administrative Perspective. IIUM Law Journal, 16 (2). Sabit, M. T. (2009). Alternative Developmnet Financing Instruments for Waqf Properties. Journal of Real Estate, Volume 4, No. 2. Sadiq M. A. (2002). Waqf, Perpetual Charity and Poverty Alleviation. International Journal of Social Economics, Vol. 29, Iss: 1/2, 135 – 151. World Bank. (2013). Crowdfunding’s Potential for the Developing World. Washington D.C.: World Bank. 48