UDINUS presents a comprehensive and systematic literature review on Islamic crowdfunding to examine its potential to encourage the development of Islamic fintech globally, including in countries where Muslims are not the majority. The activity reviewed selected literature to identify research gaps and significant issues, provide guidance for future researchers, and support a better understanding of Islamic crowdfunding.
The review was based on 704 articles retrieved from the Scopus database using the keyword “Islamic crowdfunding.” The reviewed publications covered the period from 2013 to 2022. To minimise bias, the analysis was guided by five research questions concerning annual publication and citation rates, influential studies identified through citation counts for each keyword, subject areas addressed in the literature, frequently used keywords in Scopus documents, and discussion of Islamic values in articles concerning Islamic crowdfunding.
The findings show that Islamic crowdfunding has developed as an interdisciplinary area of scholarship and has emerged as an increasingly significant alternative for supporting society and the economy. The literature identifies contributions to poverty alleviation and to the development of particular sectors through crowdfunding for small and medium enterprises and social projects designed to address diverse Muslim community needs. At the same time, the review identifies risks involving investment losses and possible non-compliance with Sharia principles. It also highlights the scarcity of Sharia fintech and the need to strengthen understanding of compliance with Islamic religious rules, particularly Fiqh law.
The review concludes that specific Fiqh regulatory guidelines are urgently needed to ensure that Sharia-compliant crowdfunding follows Islamic principles. It also identifies government support through legislation, particularly in countries with Muslim-majority populations, as important for increasing public participation and trust. In relation to the stated goals, the activity addresses poverty alleviation, economic and sectoral development, diverse community needs, participation, trust, and regulatory guidance. UDINUS frames this activity as a literature-based contribution to understanding Islamic crowdfunding and identifying directions for future research and governance.