Co esponding au ho : Shahi ol A bi Ismail
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Enable s and Cons ain s in he G ow h o Islamic C owd unding and Pee - o-Pee
Financing: Insigh s om Malaysian FinTech P o ide s
Shahi ol A bi Ismail 1, *, Rohami Sha ie 1, Pupung Pu namasa i 2, I ena Pa ami a P amono 2 and Ria
Ha ya iningsih 2
1 Tunku Pu e i In an Sa inaz School o Accoun ancy (TISSA-UUM), Uni e si i U a a Malaysia, Sin ok, Kedah, Malaysia.
2 Depa men o Accoun ing, Economic and Business Facul y, Uni e si as Islam Bandung, Indonesia.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 982-988
Publica ion his o y: Recei ed on 07 July 2025; e ised on 11 Augus ; accep ed on 14 Augus 2025
A icle DOI: h ps://doi.o g/10.30574/wja .2025.27.2.2966
Abs ac
This s udy examines he enable s and cons ain s in luencing he g ow h o Islamic c owd unding and pee - o-pee
(P2P) inancing om he pe spec i e o Malaysian FinTech p o ide s. Islamic c owd unding and P2P pla o ms ha e
eme ged as inno a i e inancing mechanisms ha align wi h Sha iah p inciples, o e ing al e na i e capi al- aising
a enues o small and medium-sized en e p ises (SMEs) and indi idual en ep eneu s. D awing on quali a i e da a
om in-dep h in e iews wi h selec ed Islamic FinTech i ms, he esea ch iden i ies key d i e s o adop ion, including
echnological eadiness, niche ma ke oppo uni ies, Sha iah-complian inno a ion, and suppo i e egula o y
ini ia i es such as he Secu i ies Commission Malaysia’s egula o y sandbox. The indings also e eal se e al
ope a ional and s uc u al challenges, including egula o y complexi y, limi ed ma ke awa eness, liquidi y
managemen issues, and high compliance cos s. The s udy con ibu es o he li e a u e by p o iding a supply-side
unde s anding o he Islamic al e na i e inancing ecosys em, highligh ing how FinTech p o ide s na iga e he dual
demands o echnological inno a ion and Sha iah compliance. P ac ical implica ions include he need o mo e a ge ed
go e nmen suppo , imp o ed public awa eness campaigns, and s a egic collabo a ions be ween FinTech i ms,
Islamic banks, and egula o y bodies. By ocusing on he pe spec i es o pla o m ope a o s a he han end use s, his
esea ch o e s nuanced insigh s in o he ope a ional eali ies o Islamic c owd unding and P2P inancing, hus
in o ming policymake s, egula o s, and indus y s akeholde s on s a egies o enhance he scalabili y and
sus ainabili y o his sec o . The indings unde sco e ha sus ainable g ow h equi es balancing egula o y o e sigh
wi h inno a ion incen i es o posi ion Malaysia as a global leade in Islamic FinTech.
Keywo ds: Islamic FinTech; C owd unding; Pee - o-Pee Financing; Sha iah Compliance; FinTech Adop ion Ba ie s;
Malaysia
1. In oduc ion
The apid e olu ion o inancial echnology (FinTech) has ans o med he landscape o inancial in e media ion,
c ea ing inno a i e models ha ex end beyond adi ional banking channels (1). Among hese inno a ions, Islamic
c owd unding and pee - o-pee (P2P) inancing ha e eme ged as iable al e na i es o mobilising capi al while
adhe ing o Sha iah p inciples (2). These pla o ms acili a e unding wi hou in e es -based mechanisms, ins ead
elying on con ac s such as Muda abah and Musha akah, which p omo e isk-sha ing be ween in es o s and
en ep eneu s (3).
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Malaysia has posi ioned i sel as a global leade in Islamic inance by de eloping a egula o y en i onmen ha suppo s
FinTech inno a ion, including he in oduc ion o guidelines o equi y-based c owd unding and P2P inancing by he
Secu i ies Commission Malaysia (4). This suppo i e amewo k has encou aged he g ow h o licensed Islamic
pla o ms ha ca e o di e se ma ke segmen s, om mic oen e p ises o es ablished SMEs (5). Ne e heless, despi e
he a ou able policy en i onmen , Islamic FinTech p o ide s ace mul iple ope a ional challenges, including
main aining Sha iah compliance, managing c edi isks, and sus aining p o i abili y in a compe i i e ma ke (6).
Exis ing li e a u e on Islamic c owd unding and P2P inancing is p edominan ly demand-d i en, ocusing on adop ion
ac o s, consume us , and pe cep ions o Sha iah compliance (7,8). Howe e , supply-side pe spec i es, pa icula ly
hose om FinTech i ms, emain unde explo ed, e en hough hese i ms play a pi o al ole in ensu ing pla o m
sus ainabili y, expanding ou each, and sa egua ding in es o con idence (9). Unde s anding he ope a ional s a egies,
egula o y na iga ion, and echnological inno a ions o hese i ms is c i ical o enhancing he esilience and scalabili y
o he Islamic al e na i e inancing ecosys em.
This s udy add esses his gap by examining he expe iences o Islamic FinTech i ms in Malaysia, ocusing on hei
ope a ional eali ies, s a egic app oaches, and pe cep ions o he egula o y landscape. By highligh ing supply-side
dynamics, he indings con ibu e o a mo e holis ic unde s anding o he ac o s shaping he success and challenges o
Islamic c owd unding and P2P inancing p o ide s.
2. Li e a u e Re iew
This The in eg a ion o FinTech inno a ions in o he Islamic inance sec o has c ea ed ans o ma i e oppo uni ies o
enhancing inancial inclusion, e iciency, and accessibili y (10). Islamic c owd unding and pee - o-pee (P2P) inancing,
in pa icula , ha e ga ne ed signi ican schola ly and indus y a en ion due o hei po en ial o mobilise esou ces
while emaining complian wi h Sha iah p inciples (2). These pla o ms ope a e using p o i -sha ing (Muda abah) and
join - en u e (Musha akah) con ac s, a oiding in e es -based lending while p omo ing equi able isk-sha ing be ween
unde s and en ep eneu s (3).
2.1. Global and Regional G ow h o Islamic FinTech
The global Islamic FinTech ma ke is expe iencing apid g ow h, wi h ma ke alue p ojec ions indica ing an expansion
om USD 79 billion in 2021 o USD 179 billion by 2026, d i en by inc eased in e ne pene a ion, mobile banking
adop ion, and suppo i e egula o y amewo ks (11). Sou heas Asia, pa icula ly Malaysia and Indonesia, has eme ged
as a hub o Islamic c owd unding due o a obus Islamic inance ecosys em, ac i e egula o y engagemen , and a
g owing SME sec o (5). Malaysia’s Secu i ies Commission (SC) has played a pi o al ole in enabling his g ow h h ough
he es ablishmen o egula o y guidelines o equi y c owd unding and P2P inancing since 2015, os e ing a
compe i i e en i onmen o licensed pla o ms (4).
2.2. Supply-Side Pe spec i es in Islamic C owd unding/P2P Financing
While demand-side adop ion ac o s, such as us , digi al li e acy, and pe cei ed Sha iah compliance, a e well-
documen ed (6,9), supply-side esea ch emains unde de eloped. FinTech i ms mus balance compliance wi h
ope a ional e iciency, in es o p o ec ion, and echnological inno a ion o main ain ma ke compe i i eness (12). The
success o hese pla o ms depends on hei abili y o a ac bo h unde s and SMEs while ensu ing sus ainable e u ns
and adhe ence o e hical s anda ds (1). Mo eo e , compe i ion om con en ional c owd unding pla o ms in ensi ies
he need o dis inc i e alue p oposi ions (13).
2.3. Challenges Faced by Islamic FinTech Fi ms
Key challenges o Islamic c owd unding/P2P p o ide s include na iga ing egula o y equi emen s, implemen ing
e ec i e c edi isk managemen sys ems, and ensu ing Sha iah go e nance in eg i y (14). Some s udies highligh ha
he ela i ely small ma ke sha e o Islamic FinTech compa ed o i s con en ional coun e pa is pa ly due o limi ed
public awa eness and a sho age o Islamic inance li e acy (15). In addi ion, main aining ope a ional sus ainabili y can
be di icul o pla o ms a ge ing unde se ed ma ke s, whe e de aul a es may be highe and unding cycles longe
(16). Technological ba ie s, such as cybe secu i y h ea s and scalabili y limi a ions, u he complica e ope a ions
(17).
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2.4. Oppo uni ies o G ow h and Inno a ion
Despi e hese challenges, oppo uni ies o g ow h emain subs an ial. Collabo a ion wi h Islamic banks, in eg a ion o
blockchain o anspa ency, and he de elopmen o hyb id inancing models a e seen as p omising s a egies o
scaling Islamic c owd unding ope a ions (18). Addi ionally, go e nmen -backed ini ia i es o suppo SMEs and
enhance digi al inancial li e acy can di ec ly bene i Islamic FinTech p o ide s (19). S udies also emphasise ha
inco po a ing en i onmen al, social, and go e nance (ESG) p inciples in o c owd unding pla o ms can align wi h bo h
Sha iah objec i es and global sus ainabili y ends, hus appealing o e hically conscious in es o s (20).
3. Me hodology
3.1. Resea ch Design
This This s udy adop ed a quali a i e esea ch design o explo e he pe spec i es o Islamic FinTech i ms o e ing
c owd unding and pee - o-pee (P2P) inancing se ices in Malaysia. A quali a i e app oach was chosen because i
enables an in-dep h unde s anding o o ganisa ional s a egies, challenges, and ope a ional dynamics wi hin hei
speci ic egula o y, echnological, and socio-economic con ex s (19). Semi-s uc u ed in e iews we e employed as he
p ima y da a collec ion me hod, p o iding lexibili y o p obe eme ging hemes while main aining alignmen wi h he
s udy objec i es (20).
3.2. Popula ion and Sampling
The a ge popula ion consis ed o execu i es and senio manage s om licensed Islamic c owd unding and P2P
inancing pla o ms egis e ed unde he Secu i ies Commission Malaysia. Pu posi e sampling was employed o selec
pa icipan s wi h di ec in ol emen in pla o m ope a ions, Sha iah compliance, and s a egic decision-making (2). A
o al o eigh FinTech i ms pa icipa ed in he s udy, ensu ing ep esen a ion ac oss di e en business models, ma ke
segmen s, and yea s o ope a ion. This sample size is conside ed adequa e o quali a i e esea ch aimed a hema ic
sa u a ion a he han s a is ical gene alisa ion (22).
3.3. Da a Collec ion
Da a we e collec ed h ough online and ace- o- ace in e iews conduc ed be ween Janua y and Ma ch 2025. Each
in e iew las ed be ween 45 and 75 minu es and was audio- eco ded wi h pa icipan consen . The in e iew p o ocol
co e ed ou hema ic a eas: business model and alue p oposi ion, ope a ional challenges, egula o y compliance, and
u u e g ow h oppo uni ies. Open-ended ques ions allowed pa icipan s o elabo a e on hei expe iences, while
ollow-up p omp s encou aged deepe insigh s (23).
3.4. Da a Analysis
All in e iews we e ansc ibed e ba im and analysed using hema ic analysis, ollowing B aun and Cla ke’s six-phase
amewo k (24). NVi o 14 so wa e was used o code and manage da a sys ema ically. The analysis in ol ed ini ial open
coding, ca ego isa ion in o b oade hemes, and i e a i e e inemen o ensu e alignmen wi h he esea ch objec i es.
Da a iangula ion was achie ed by compa ing indings ac oss di e en i ms and c oss- e e encing wi h indus y
epo s and egula o y documen s (25).
3.5. T us wo hiness and E hical Conside a ions
To ensu e c edibili y, membe checking was pe o med by sha ing summa ised indings wi h pa icipan s o
e i ica ion (26). T ans e abili y was add essed h ough de ailed con ex ual desc ip ions, while dependabili y was
ensu ed ia an audi ail documen ing all esea ch decisions (27). E hical app o al was ob ained om he ele an
ins i u ional e iew boa d p io o da a collec ion, and all pa icipan s p o ided in o med consen . Pseudonyms we e
used o p o ec pa icipan anonymi y, and da a we e s o ed secu ely in enc yp ed digi al iles (28).
4. Findings
The analysis o quali a i e da a om in-dep h in e iews wi h Islamic FinTech i ms in Malaysia e ealed a se o c i ical
d i e s and ba ie s in luencing he adop ion and g ow h o Islamic c owd unding and pee - o-pee (P2P) inancing.
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4.1. D i e s
One o he mos equen ly ci ed enable s is echnological eadiness. Many FinTech p o ide s ha e in es ed in ad anced,
secu e, and use - iendly pla o ms capable o managing la ge ansac ion olumes and deli e ing seamless cus ome
expe iences. These pla o ms o en inco po a e ea u es such as au oma ed isk assessmen , in eg a ed paymen
ga eways, and eal- ime epo ing, which enhance ope a ional e iciency and build use us (29, 30).
Ano he signi ican d i e is Sha iah-complian inno a ion, whe e i ms ha e de eloped no el inancing models ha
align wi h Islamic p inciples while mee ing di e se inancial needs. Examples include equi y-based c owd unding o
s a ups, asse -backed inancing o SMEs, and waq -linked in es men p oduc s. These inno a ions add ess bo h
economic and eligious conside a ions, appealing o ai h-conscious in es o s who seek inancial e u ns alongside
spi i ual ul illmen (31, 32).
Niche ma ke po en ial u he s eng hens he adop ion landscape. Islamic c owd unding and P2P pla o ms a e
uniquely posi ioned o se e mic oen e p ises, u al en ep eneu s, and unde banked popula ions who may lack access
o con en ional c edi acili ies. By le e aging digi al channels, hese pla o ms o e come geog aphic and bu eauc a ic
ba ie s, o e ing mo e inclusi e inancing solu ions (33).
In addi ion, suppo i e egula o y ini ia i es—such as he Secu i ies Commission Malaysia’s egula o y sandbox—ha e
acili a ed expe imen a ion and inno a ion by allowing i ms o es p oduc s in a con olled en i onmen wi h educed
compliance isks. This has encou aged ma ke en y, os e ed in es o con idence, and accele a ed p oduc e inemen
p io o ull-scale launch (17).
4.2. Ba ie s p Adop ion
Despi e hese enable s, he s udy ound pe sis en cons ain s. Regula o y complexi y emains a majo challenge, as
i ms mus na iga e mul iple laye s o compliance in ol ing Sha iah ce i ica ion, inancial egula ions, and
echnological s anda ds. This complexi y is compounded by he e ol ing na u e o digi al inance laws, which can lead
o unce ain y and delays in p oduc ollou s (34).
Ano he ba ie is limi ed ma ke awa eness. Al hough Islamic inance has gained b oade ecogni ion, many po en ial
use s—pa icula ly SMEs and u al communi ies— emain un amilia wi h he ope a ional mechanisms and bene i s o
Islamic c owd unding and P2P inancing. This lack o awa eness limi s pla o m adop ion and in es o pa icipa ion
(35).
Liquidi y managemen issues also p esen ope a ional hu dles. Main aining consis en unding in lows, especially o
long- e m p ojec s, is challenging o pla o ms ha ely on e ail in es o s whose pa icipa ion may luc ua e wi h
ma ke condi ions (36). Fu he mo e, high compliance cos s—including legal ees, Sha iah audi s, cybe secu i y
measu es, and IT in as uc u e upg ades—pose inancial s ain, pa icula ly o s a ups and smalle FinTech i ms
(37).
Collec i ely, hese indings illus a e a dual dynamic: while echnological capabili y, p oduc inno a ion, and niche
ma ke posi ioning c ea e a s ong ounda ion o g ow h, s uc u al and ope a ional cons ain s mus be add essed o
Islamic FinTech o ully ealize i s po en ial in enhancing inancial inclusion and economic de elopmen in Malaysia.
5. Discussion
The indings o his s udy align wi h global ends in he de elopmen o Islamic FinTech, pa icula ly in he
c owd unding and P2P inancing segmen s. The iden i ica ion o echnological eadiness and Sha iah compliance
inno a ion as p ima y d i e s mi o s expe iences in ma ke s such as Indonesia, he Uni ed A ab Emi a es, and he
Uni ed Kingdom, whe e obus digi al in as uc u e and Sha iah-complian p oduc di e en ia ion ha e signi ican ly
boos ed adop ion a es (38, 39). In hese coun ies, pla o m scalabili y and us in Sha iah go e nance we e ound o
be c i ical in gaining in es o con idence, simila o he Malaysian con ex (40).
Howe e , he Malaysian ma ke exhibi s a dis inc i e niche ma ke po en ial, pa icula ly in u al and SME sec o s,
which is less p ominen in mo e ma u e Islamic FinTech ecosys ems such as he UAE, whe e ins i u ional and la ge-
scale co po a e inancing domina e (41). This sugges s ha Malaysian FinTech i ms can le e age hei posi ion o se e
unde banked segmen s in alignmen wi h na ional inancial inclusion objec i es (17).
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F om a business model pe spec i e, he pe sis ence o egula o y complexi y and high ope a ional cos s indica es ha
i ms may need o adop hyb id s a egies, combining P2P lending wi h s a egic pa ne ships in ol ing banks,
go e nmen agencies, and de elopmen inance ins i u ions (42). Such pa ne ships can no only ease egula o y
bu dens h ough sha ed compliance esou ces bu also enhance ma ke each ia co-b anded ini ia i es (43).
Fu he mo e, he lack o ma ke awa eness highligh s he need o a ge ed inancial li e acy campaigns. Global
expe iences om Indonesia’s pee - o-pee lending ma ke show ha collabo a i e awa eness p og ams in ol ing
egula o s, indus y associa ions, and academic ins i u ions ha e p o en e ec i e in accele a ing adop ion (44). Fo
Malaysian i ms, inco po a ing simila ini ia i es could add ess bo h demand-side knowledge gaps and supply-side
us ba ie s.
In sum, he Malaysian Islamic FinTech landscape is a a pi o al s age whe e echnological eadiness and niche
posi ioning o e signi ican g ow h po en ial, p o ided i ms can adap hei business models o mi iga e egula o y
and ope a ional challenges while in es ing in ma ke educa ion.
6. Conclusion and Recommenda ions
The indings o his s udy unde sco e he c i ical ole o echnological eadiness, Sha iah compliance inno a ion, and
niche ma ke posi ioning in d i ing he g ow h o Islamic c owd unding and P2P inancing in Malaysia. A he same ime,
pe sis en challenges such as egula o y complexi y, limi ed ma ke awa eness, and high ope a ional cos s p esen
signi ican ba ie s ha equi e s a egic mi iga ion. The Malaysian Islamic FinTech sec o emains in an e ol ing s age,
wi h conside able po en ial o expand inancial inclusion and se e unde banked SMEs i bo h indus y and
policymake s add ess hese s uc u al cons ain s.
F om a policy pe spec i e, egula o s could enhance cla i y and consis ency in guidelines o educe compliance
unce ain y. S eamlined licensing p ocedu es, ie ed egula o y amewo ks, and egula o y sandboxes ha e p o en
e ec i e in o he ju isdic ions, such as Bah ain and he UK, in balancing inno a ion wi h consume p o ec ion.
Fu he mo e, coo dina ed na ional awa eness campaigns—join ly execu ed by egula o s, indus y associa ions, and
academia—could inc ease public us and li e acy, he eby accele a ing adop ion.
F om an indus y pe spec i e, Islamic FinTech i ms should conside adop ing hyb id business models ha in eg a e
s a egic pa ne ships wi h con en ional banks, mic o inance ins i u ions, and go e nmen agencies. Such
collabo a ions can sp ead ope a ional cos s, imp o e compliance capaci y, and expand cus ome each. Addi ionally,
le e aging eme ging echnologies such as AI-d i en c edi sco ing and blockchain-based ansac ion anspa ency
could s eng hen ope a ional e iciency and us wo hiness.
Fo u u e esea ch, longi udinal s udies a e needed o ack he pe o mance and sus ainabili y o Islamic FinTech
pla o ms o e ime, pa icula ly in assessing hei social impac on inancial inclusion. Compa a i e c oss-coun y
analyses could also p o ide deepe insigh s in o bes p ac ices and policy inno a ions adap able o he Malaysian
con ex .
Compliance wi h e hical s anda ds
Acknowledgmen s
The au ho s would like o hank o Uni e si i U a a Malaysia and Uni e si as Islam Bandung o he suppo in his
esea ch.
Disclosu e o con lic o in e es
No con lic o in e es o be disclosed.
S a emen o e hical app o al
The p esen esea ch wo k does no con ain any s udies pe o med on animals/humans subjec s by any o he au ho s.
S a emen o in o med consen
In o med consen was ob ained om all indi idual pa icipan s included in he s udy.
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987
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