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Exploring Crowdfunding Potential for Supporting Community- Based Tourism in Malaysia

Khairuddin, Nur Khairina and Ishak, Muhammad Shahrul Ifwat (2022) Exploring Crowdfunding Potential for Supporting Community- Based Tourism in Malaysia. International Journal of Islamic Business (IJIB), 7 (2). pp. 1-12. ISSN 0127- 662X

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This paper discovers the potential of the Islamic crowdfunding model for supporting community-based tourism in developing states Malaysia in particular. Community-based tourism has provided a great opportunity for rural areas to empower the socio-economy of local people to earn main or additional income, and crowdfunding is seen as a potential fund for supporting community-based tourism. This study applies a library research method as its data are collected through literature related to community-based tourism and crowdfunding topics. The special model of Islamic crowdfunding proposed by this study can potentially support community-based tourism if it is applied to a real platform. As a result, it can reduce the burden of the government in providing funds for tourism. While crowdfunding creates an alternative opportunity for community and tourism-based projects, it promotes job opportunities and economic growth within society including business and services. However, this approach could be challenging to apply because of awareness among people. Nevertheless, a suitable Islamic crowdfunding model with a proper campaign can be a practical solution for funding community-based tourism projects. As this study is conceptual, the outcomes may not be limited. However, it still provides a substantial contribution in terms of offering a practical model of Islamic crowdfunding in Malaysia.

Item Type: Article
Uncontrolled Keywords: Crowdfunding, Islamic Finance, Infaq, Community-based tourism
Subjects: H Social Sciences > HF Commerce
Divisions: Islamic Business School
Depositing User: Mrs Nurin Jazlina Hamid
Date Deposited: 02 Mar 2023 11:42
Last Modified: 02 Mar 2023 11:42

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