Abstract:

Malaysia had been named as a leader in the field of Islamic Finance and Banking whereby Malaysia had produced 26% of Sharia-compliant financial asset in the world by the end of 2017. In delivering financial services to the people, under the Islamic finance system, the system had been evolved into making use of modern technologies and innovations in the financial system in order to enhance the existing traditional financial system. However, when it involved the world of technologies in the financial system, the Islamic financial technology or also known as Islamic Fintech is still progressing in a slow pace and lacking of its developments. Also, as a whole, the picture of Islamic Fintech is still quite vague of its effectiveness and its full acceptance by the people in the financial system, not only in Malaysia, but also globally. At its simplest meaning, crowdfunding is a platform and a form of funding whereby capital or money were raised through the public at large to finance a business, project or a venture used to obtain financial assistance for many ventures and projects, be it for profit entrepreneur ventures or even non-profitable projects for the communities. Not only it acts as a platform to manage the wealth and funds obtain systematically by having targeted funds to be obtain, but also, it acts as a platform for engagement between projects initiators and public in general. In Malaysia, since Malaysia is the leading country and destination in term of Islamic Finance, crowdfunding operations had mostly been attracted to the country to be kick off in Malaysia.