Volume 19 Issue 3, December 2024
ARTICLE INFO
Article History:
Received: 30 October 2024
Accepted: 29 December 2024
Published: 31 December 2024
Exploring the Role of Cash Waqf Crowdfunding in Economic Development: A Qualitative Study of Northern Nigeria
Jibril Auwal Muhammad and Md. Habibur Rahman♣
Malaysia
This qualitative study examines the role of cash waqf crowdfunding in economic development in Northern Nigeria. Semi-structured interviews were conducted with six Nigerian scholars and experts, including Shari'ah scholars, social finance officials, and crowdfunding regulators, to explore the challenges, benefits, and impacts of cash waqf crowdfunding. Thematic analysis revealed four primary themes: challenges in implementation, benefits to community development, empowerment of marginalized groups, and promotion of ethical investing. While cash waqf crowdfunding shows promise as a sustainable funding model for community development and poverty alleviation, its effective implementation is constrained by a lack of awareness, trust deficits, and insufficient regulatory frameworks. The findings underscore the potential of cash waqf crowdfunding to empower marginalized groups, particularly women and youth, and foster community ownership of development projects. This study contributes to the literature on Islamic finance by providing actionable insights for policymakers and practitioners aiming to harness the potential of cash waqf crowdfunding in similar socio-economic contexts.
Keywords: Cash Waqf Crowdfunding, Economic Development, Northern Nigeria, Qualitative Study, Semi-structured Interviews