Islamic Crowdfunding as a Financing Alternative for Malaysian Entrepreneurs and its Perceived Acceptance
Pendanaan Awam Islam Sebagai Alternatif Pembiayaan Usahawan Malaysia Dan Penerimaannya

Faculty of Business, Economics and Social Development
Universiti Malaysia Terengganu
21300 Kuala Terengganu, Terengganu, MALAYSIA.

p120257@siswa.ukm.edu.my

Institute of Islam Hadhari
Universiti Kebangsaan Malaysia
43600 UKM Bangi, Selangor, MALAYSIA.

Faculty of Economics and Management
Universiti Kebangsaan Malaysia
43600 UKM Bangi, Selangor, MALAYSIA.

eychah@ukm.edu.my

Institute of Islam Hadhari
Universiti Kebangsaan Malaysia
43600 UKM Bangi, Selangor, MALAYSIA.

Faculty of Islamic Studies
Universiti Kebangsaan
43600 UKM Bangi, Selangor, MALAYSIA.

salmy1001@ukm.edu.my

Abstract

Small and medium-sized enterprises (SMEs) play a pivotal role in Malaysia’s economic landscape; however, they struggle to obtain financing for their operational sustainability and expansion. A range of financial alternatives have become available to such enterprises, including Islamic crowdfunding. This research delves into the factors that can enhance the ability of SMEs to engage in Islamic crowdfunding by employing an expanded UTAUT model. The analysis of 486 SMEs using SmartPLS 4 reveals that social influence, perceived trust and trialability can significantly impact the intention of SMEs to adopt Islamic crowdfunding platforms. As a moderator, technology readiness can strengthen the relationship between perceived trust and behavioural intention to use Islamic crowdfunding platforms but weaken the relationship between trialability and behavioural intention. The multigroup analysis results show that the young respondents are more affected by perceived trust than the older respondents. However, performance expectancy, effort expectancy and facilitating conditions do not exhibit such a relationship. This study sheds light on the determinants of Islamic crowdfunding platform adoption among SMEs and thus enriches the UTAUT model and provides insights for policymakers into how to expand SMEs.

 

 

 

Keywords

behavioural intention; Entrepreneurs; Islamic crowdfunding; UTAUT

Citation

Engku Hassan Ashari, E.H.M., Abdul-Rahman, A., & Yaakob, S. E. (2026). Islamic Crowdfunding as a Financing Alternative for Malaysian Entrepreneurs and its Perceived Acceptance. Jurnal Pengurusan, 77, -.

@article{ashari2026islamic,
  title={Islamic Crowdfunding as a Financing Alternative for Malaysian Entrepreneurs and its Perceived Acceptance},
  author={Engku Hassan Ashari, Engku Huda Mursyidah and Abdul-Rahman, Aisyah and Yaakob, Salmy Edawati},
  journal={Jurnal Pengurusan},
  volume={77},
  number={},
  pages={–},
  year={2026},
  doi={},
  publisher={Penerbit UKM},
}

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77 (2026) –

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