المستخلص: |
Purpose - The study aims to provide insight into some critical aspects that need to be evaluated for successful Islamic lending-based crowd-funding platforms. It also aims to provide a deep understanding of the use of Islamic financial transactions pertaining to Islamic lending- based crowd-funding. Methodology - This paper uses a qualitative method which is more appropriate with the objective of the study as it does not require any statistical analyses. The paper is based on document analysis and a comparison approach between of two Islamic lending-based platforms "Kapital Boost in Singapore and Beehive in Dubai" from the Shari’ah perspective. These two are considered the most active platforms of Islamic lending-based model. Findings - Basically there are three contractual relationships in the underlying contracts of Islamic lending-based platform "sale, Tawarruq and agency-based”. Some Shari’ah issues rise: the relationship of the platform with the parties, responsibility of Shari'ah compliance during lending period and other Shari'ah issues related to the underlying contracts. Originality/value - The study highlights several issues in Islamic lending-based platforms in terms of operational, regulatory and Shari’ah issues. The paper also contributes significantly in providing the literatures of Islamic lending-based crowd-funding as an emerging issue from the social finance aspect.
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