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The potential of Islamic crowdfunding to finance small construction projects in Malaysia

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Date
2022
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Abstract
One of the most critical challenge faced by the Malaysian construction industry after the COVID-19 pandemic is the lack of financing options to finance the stranded construction projects. It is perceived that for small construction projects facing financing issues, crowdfunding could be an alternative financing option that could be explored. As such, the objectives of this study are to: examine the challenges faced in financing the small projects in Malaysian construction industry after COVID-19 pandemic; explore the possibility of using crowdfunding as an alternative financing mode for small projects in the Malaysian construction industry; and find out the challenges in implementing crowdfunding to finance small projects in the Malaysian construction industry. To achieve these objectives, the study adopts qualitative research methodology where secondary sources such as reports and journal articles published on the topic have been reviews and due to limited studies available specifically on crowdfunding and construction industry in Malaysia, semi-structured interviews have been conducted with experts to get their perspective on the subject. The findings of this study reveal that there is potential in utilizing crowdfunding in the construction industry in Malaysia to finance small projects. However, in order to adopt crowdfunding in the industry, there is need to create awareness about in among the stakeholders and the government also could provide some incentives for those who would like to choose this alternative mechanism to fund their projects. Further, it is recommended Master Builders Association Malaysia to take the initiative in this regard and enter into a collaboration with any licensed crowdfunding operator in Malaysia to commence the utilization of crowdfunding for construction projects. It is anticipated that the outcome of this research will assist the stakeholders of Malaysian construction industry to realise the significance of adopting crowdfunding to finance small projects in the construction industry and will encourage them to explore this option.
Keywords
Lack of financing , Islamic crowdfunding , Construction industry , Small construction projects , Malaysia , Project paper (MBA)
Citation
Mohd Sofie, A. T. (2022). The potential of Islamic crowdfunding to finance small construction projects in Malaysia (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3752
Publisher
INCEIF

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