Maaliyah
Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance

Crowdfunding and Cash Waqf Linked Deposit: A Tech Integrated Model for Sustainable Development

Muhammad Iman Kurniawan (Darunnajah University)
Rifaldi Nurul Akbar (Darunnajah University)
Aria Nur Akmal (STIPI Maghfirah Bina Umat, Bogor, Jawa Barat, Indonesia)



Article Info

Publish Date
25 Dec 2025

Abstract

This study analyzes the integration of Crowdfunding and Cash Waqf-Linked Deposits (CWLD) as a technology-based Islamic financial model supporting the Sustainable Development Goals (SDGs). Employing a Systematic Literature Review (SLR) with the PRISMA approach, it synthesizes findings from eight primary articles published over the past five years. The analysis indicates that this integration effectively addresses limitations of conventional cash waqf, such as low public literacy, minimal institutional innovation, and regulatory constraints. Crowdfunding expands the donor base, particularly among younger generations and the Muslim diaspora, via transparent, accountable, and participatory digital platforms. Concurrently, CWLD ensures sustainable benefits by adhering to capital preservation principles and channeling returns to social, educational, health, and economic empowerment sectors. Digital technologies, especially blockchain, smart contracts, and tokenization, serve as key catalysts for enhancing transparency, accountability, and fund management efficiency. This hybrid model not only meets financial needs but also fosters public trust, strengthens global Muslim solidarity, and promotes Islamic financial inclusion. Significant challenges remain, including cross-jurisdictional regulatory limits, cybersecurity risks, and low Islamic finance literacy. Therefore, successful implementation depends heavily on institutional innovation, adaptive regulations, and continuous education. This integration represents a structural transformation in the Islamic philanthropy ecosystem, aligning with Maqasid al-Shariah and the requirements of inclusive development in the digital era.

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Journal Info

Abbrev

Maaliyah

Publisher

Subject

Religion Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

Description

Islamic Banking, Sharia Economic Law, Islamic Business Law, Contemporary Islamic Economic Law, Analysis of Islamic Bank Financial Reports, Financial Industry Banking and Non-Banking, Another section related to contemporary issues in Islamic economic law and Islamic ...