Table 1 Summary of governance practices in Islamic DCFs
From: Financial management practices in Islamic donation-based crowdfunding (DCF) platforms in Malaysia
Practices | Islamic DCF A | Islamic DCF B | Islamic DCF C | Islamic DCF D | Islamic DCF E | Islamic DCF F |
|---|---|---|---|---|---|---|
Legal establishment | Year 2015 Private limited company Registered under CCM Bound by the Companies Act 2016 | Year 2015 Private limited company Registered under CCM Bound by the Companies Act 2016 | Year 2020 Private limited company Registered under CCM Bound by the Companies Act 2016 | Year 2020 Fully owned by a public Islamic university Bound by the Universities and Universities Colleges Act 1971 | Year 2020 Social club Registered under ROS Bound by the Societies Act 1966 | Year 2021 Fully owned by a foundation Registered under BHEUU Bound by the Foundation Act 1952 |
Purpose/objective | Promote the practice of contributing among the community whether for themselves, organizations, or for anyone who needs help | Started crowdfund student scholarships for higher education Currently focus is on medical, education and humanitarian needs and emergencies | Help NPOs to receive donations transparently, easily and systematically without any elements of breach of trust and exploitation | Facilitate the channelling of donations especially for the university welfare and education projects/programs | Help book writers raise funds systematically, creatively and transparently in an effort to publish their works | Help NPOs and communities to raise funds, or to publicize the campaign to the public |
Project/program categorization | Six (6): marriage, charity, education, natural disaster, Islamic institutions and health | Three (3): health, education and humanitarian needs and emergencies | Twelve (12): worship houses, charity organizations, tahfiz educational, health, child, natural disaster, animal, disability people, repair, education, business assistance and social activities | Three (3): waqf, infaq and endowment | One (1): book publication | Four (4): education, welfare, health and Islamic preaching (da’wah) |
Governance function | Monitored by the BOD | Monitored by the BOD | Monitored by the BOD Few BOD members with shariah background | Monitored by the specific committee for zakat, waqf and endowment | Operated by the Club Committee No monitoring function | Two officers from the foundation are assigned to manage the platform Monitored by the Trustee Board Have shariah advisor who oversees shariah matters |