EMPOWERING EDUCATION THROUGH ISLAMIC CROWDFUNDING: A SYSTEMATIC LITERATURE REVIEW AND FUTURE RESEARCH AGENDA
DOI:
https://doi.org/10.35631/IJEPC.1164086Keywords:
Islamic Crowdfunding, Educational Financing, Islamic Social Finance, Waqf Fin Tech, Systematic Literature Review (SLR)Abstract
Educational institutions and students increasingly require alternative financing mechanisms to address funding constraints and support educational development. Islamic crowdfunding represents a potentially relevant alternative by combining digital crowdfunding mechanisms with Shariah-compliant financial instruments and Islamic social finance principles. However, the literature connecting Islamic crowdfunding specifically with education remains fragmented across financial, technological, and educational domains. This study therefore aims to systematically map, evaluate, and synthesize existing research on Islamic crowdfunding in the education sector and identify directions for future research. The systematic review of literature was carried out in accordance with the PRISMA 2020 guidelines. In particular, the Scopus database and the Web of Science (WoS) Core Collection were searched. Overall, 70 publications were found, including 46 publications in Scopus and 24 publications in the Web of Science. Following duplicate removal, screening, full-text assessment, and eligibility evaluation, six studies were retained for the final synthesis. The extracted evidence was analyzed thematically and organized into three overarching themes. First, Operational Models and Shariah-Compliant Financial Instruments. Second, Technological Mechanisms and Platform Ecosystems. Third, Governance, Regulatory Challenges, and Shariah Oversight. The findings indicate that Islamic crowdfunding can support different educational financing needs through mechanisms such as cash waqf crowdfunding and Islamic crowdfunding models for student entrepreneurship, while digital technologies provide the infrastructure for mobilizing and managing funds. However, the limited amount of research and the inclination toward conceptual and model-research still leaves a significant shortage of empirical evidences in the fields of platform implementation, stakeholder trust, Shariah governance, regulation and long-term effectiveness. This review offers an organized synthesis of the evidence and a future research agenda of referring toward a sustainable and transparent Shariah compliance Islamic crowdfunding ecosystem for education.
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