Purpose

This paper aims to explore the potential application of mudharabah (silent partnership) as an investment instrument through an Islamic crowdfunding platform.

Design/methodology/approach

This is a qualitative study in which semi-structured interviews were carried out with several experts regarding the application of mudharabah in Islamic crowdfunding. To achieve the purpose of this study, the data is analysed based on thematic analysis.

Findings

The findings reveal that even though Islamic crowdfunding could be an efficient platform through financial technology (Fintech), mudharabah is not an entirely ideal instrument, particularly for equity-based Islamic crowdfunding because of its high risk. These include fraudulent projects, insufficient regulations to protect investors’ money and the structure of mudharabah itself in which it is in the form of profit-sharing contract. However, the risk can be mitigated by using Fintech as a way to closely monitor the project, enhancing regulatory aspects to protect investment funds, enhancing mudharabah practice and creating awareness among all involving parties in terms of mudharabah philosophy.

Research limitations/implications

This study is limited because it focuses on the current practice of Islamic crowdfunding in Malaysia, given that it is still a new industry. Currently, there is only one Islamic registered equity crowdfunding platform. Also, as the number of interviewees in this study is limited because of purposive sampling, the findings may be considered the result of an exploratory study.

Practical implications

An equity Islamic crowdfunding platform based on mudharabah can be proposed, particularly to support micro enterprises in which they involve small capital. Also, this model can be considered for less risky ventures such as investment in food industries or technology sectors.

Social implications

Mudharabah Islamic crowdfunding model could potentially support local businesses, especially for start-ups. By channelling money among society, it is not only creating a wealth circulation among society, which is one of the Sharīʿah objectives in finance, but it also promotes mutual cooperation and kindness among society members.

Originality/value

While Islamic crowdfunding is not a new topic in research, it lacks empirical studies, particularly qualitative analysis. As this study engages with experts in Sharīʿah and crowdfunding regarding the potential application of mudharabah, it highlights a fresh discussion both in theory and practice.

中文翻译：

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马来西亚基于股权的伊斯兰众筹：mudharabah 的潜在应用

目的

本文旨在通过伊斯兰众筹平台探索mudharabah（无声合伙）作为投资工具的潜在应用。

设计/方法/方法

这是一项定性研究，其中与几位专家就mudharabah在伊斯兰众筹中的应用进行了半结构化访谈。为达到本研究的目的，在专题分析的基础上对数据进行分析。

发现

研究结果表明，尽管伊斯兰众筹可以通过金融技术（Fintech）成为一个有效的平台，但mudharabah并不是一个完全理想的工具，特别是对于以股权为基础的伊斯兰众筹，因为它的风险很高。其中包括欺诈性项目、保护投资者资金的监管不足以及以利润分享合同形式存在的mudharabah本身的结构。然而，风险可以通过使用Fintech，以此来密切监控项目，加强监管方面，以保护投资基金，增强减轻mudharabah实践来讲创建所有涉及各方的认识mudharabah理念。

研究限制/影响

这项研究是有限的，因为它侧重于马来西亚伊斯兰众筹的当前实践，因为它仍然是一个新行业。目前，只有一个伊斯兰注册股权众筹平台。此外，由于本研究中的受访者人数有限，因为有目的的抽样，调查结果可能被视为探索性研究的结果。

实际影响

可以提出一个基于mudharabah的股权伊斯兰众筹平台，特别是支持涉及小资本的微型企业。此外，这种模式也可用于风险较低的企业，例如食品行业或技术行业的投资。

社会影响

Mudharabah伊斯兰众筹模式可能会支持当地企业，尤其是初创企业。通过在社会之间引导资金，它不仅在社会之间创造财富流通，这是伊斯兰教法的金融目标之一，而且还促进了社会成员之间的相互合作和友善。

原创性/价值

虽然伊斯兰众筹并不是一个新的研究课题，但它缺乏实证研究，尤其是定性分析。由于这项研究与 Sharīʿah 和众筹专家就 mudharabah 的潜在应用进行了交流，因此它突出了理论和实践上的新讨论。