This paper introduces the Waqf-Equity Crowdfunding (ECF) paradigm as a Shariah-compliant substitute for Cash Waqf, which is moving from traditional endowments to digital crowdfunding. Although Cash Waqf has long backed economic and humanitarian projects, issues with accessibility and governance call for fintech-driven solutions. Waqf-ECF combines equity crowdfunding and Islamic endowments, giving startups and SMEs access to long-term capital through Islamic financing contracts and profit-loss sharing. Seven financial, academic, and business professionals evaluate its viability, moral implications, and legal difficulties using a qualitative methodology. The results show how Waqf-ECF may improve capital efficiency and financial inclusion while resolving issues with risk management and Shariah compliance. To ensure the model’s viability within the Islamic charitable ecosystem, the report ends with recommendations to improve governance, investor protection, and regulatory frameworks.
Atan et al. (Wed,) studied this question.