UNLOCKING CROWDFUNDING’S POTENTIAL: SHARI’AH, SDG, AND FUTURE PROSPECT CONSIDERATIONS

Abstract

This dissertation examines the evolution, applications, and economic implications of crowdfunding as an alternative financing mechanism in the context of sustainable de- velopment. Through a multi-faceted analysis spanning bibliometrics, financial systems comparison, sustainable development impact assessment, and economic resilience test- ing, this research provides a comprehensive evaluation of crowdfunding’s position in the global financial landscape. The bibliometric analysis reveals shifting patterns in crowdfunding literature, with increasing interest in sustainability applications despite temporary disruptions from the COVID-19 pandemic. Investigation of Islamic crowd- funding models demonstrates their potential to simultaneously serve public welfare and generate attractive returns for investors, particularly through innovative contractual structures employed by platforms like Ethis. Empirical analysis of crowdfunding’s impact on Sustainable Development Goals (SDGs) reveals heterogeneous effects across different country income groups, with the strongest economic growth benefits observed in low-income countries, though often accompanied by distributional challenges. Finally, through the development of a novel crowdfunding index (CINX) and application of interconnectedness methodology, this research demonstrates that crowdfunding functions more as a complementary mechanism rather than a substitute to conventional finance, ex- hibiting similar vulnerability patterns to economic shocks. This dissertation contributes to the understanding of alternative finance by highlighting crowdfunding’s potential role in sustainable development while acknowledging its limitations and the need for tailored policy frameworks across different developmental contexts.

Date of Award	2025
Original language	American English
Awarding Institution	HBKU College of Islamic Studies