Designing a platform the Crowdfunding Process By the way of Murabeh in Iran

Subject Areas : Journal of Investment Knowledge

Ali Maleki ¹ , Shadi shahverdiyani ² , Ali Zare ³ , Hashem nikoomaram ⁴

1 - Financial Management Group, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran
2 - Business Management group, Faculty of Management and Economics, Quds City , Islamic Azad University, Tehran, Iran.
3 - Department of private law, faculty of theology and political science, science and research branch, Islamic Azad University, Tehran, Iran
4 - Financial Management Group, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran

Received: 2020-02-02 Accepted : 2020-02-22 Published : 2022-12-22

Keywords: "Crowdfunding Process", "financial Platform", "Murabaha",

Abstract :

The purpose of the present study is designing a crowdfunding platform by the way Murabaha. Development the scope and operation of the Murabaha (commodities, services), and most importantly its Islamic and clear legal nature over other contracts, were chosen for modeling. The statistical population of this study is the financial data of credit / facility file of all clients (506 cases) of one of the banks of the country for the year 2018-2019. Because the Murabaha Compiled by the Central Bank And also because of its use in providing facilities, its indicators have been confirmed. Accordingly, the proposed platform was introduced for the first time with three main areas: borrower, bank and lender.To test the model, the queue simulation test was used. The research findings showed, The proposed model reduces the average waiting time from 590 seconds to 30 seconds. Reduces the average number of queues from 38 people to one person per day, increasing system productivity by over 30% And it is a strong reason for the proposed system to work better than existing banking systems.

References:

• عبیداله، محمد مهندسی مالی اسلامی(1387)، تهران : انتشارات دانشگاه امام صادق (ع) و بانک مرکزی


• کفشگر، حسین، (1392)آسیب شناسی بکارگیری عقد مرابحه در روش تأمین مالی اسلامی، فصلنامه بانکداری شماره چهارم و پنجم


• ملاکریمی، فرشته، (1390)بررسی فقهی عقود مرابحه، خرید دین و استصناع، تازه‌های اقتصاد، دوره نهم، ش133


• موسویان، عباس، (1390) امکان سنجی کاربرد مرابحه در بانکداری بدون ربا فصلنامه روند پژوهش‌های اقتصادی، سال نوزدهم، شماره ٥٩


• نظافتیان، عبدالعلی، (1390)عقد مرابحه و کاربرد آن در نظام بانکی، مجله حقوق بانکی، ناشر  بانک مرکزی، شماره 85،

 

• Abdul Rahim, A.R. (2010) ‘Islamic microfi nance: an ethical alternative to poverty alleviation’, anomics, 26, No. 4, pp.284]295


• Agrawal, Ajay; Catalini, Christian; Goldfarb, Avi (2015). "Are Syndicates the Killer App of Equity Crowdfunding?". Rochester, NY: Social Science Research Network. doi:2139/ssrn.2569988. SSRN2569988


• Agrawal, Catalini & Goldfarb (2013). Some simple economics of crowdfunding. Josh Lerner & Scott Stern (eds.). Innovation Policy and the Economy. NBER Vol 14.


• Aschenbeck-Florange & Nagel (2014). Crowdfunding is growing up - Welcome to the World of Regulation. Osborne Clarke. Available at: http://www.osborneclarke.com


• Bakir, Mohammad Majd (2014). "Islamic Finance | What is the Difference Between Bay' al-Tawarruq and Bay' al-Inah?". investment-and-finance.net. .P 137


• Beck, Thorsten and Carletti, Elena and Goldstein, Itay, Financial Regulation in Europe: Foundations and Challenges (2016). CEPR Discussion Paper No. DP11147.


• Belleflamme, P., Omrani, N., Peitz, M., 2016. The Economics of Crowdfunding Platforms. CESIfo DICE Report, Volume 14.


• Boot, A. W.A., 2017. The Future of Banking: From Scale & Scope Economies to Fintech, European economy. Banks, regulation, and the real sector


• Buchak, G., G. Matvos, T. Piskorski, A. Seru, 2017. Fintech, regulatory arbitrage, and the rise of shadow banks, NBER Working Paper No. 23288


• Gupta, M. B. & Khanna, R. B., (2006), Quantitative Techniques for Decision Making, 2nd Edition, New Delhi: Prentice Hall of India.


• Irum Saba, Rehana Kouser, Imran Sharif Chaudhry (2019) FinTech and Islamic Finance-Challenges and Opportunities Volume 5: No. 4 2019  Publishing.globalcsrc.org/read


• Ivo & J. Resing. Queueing Theory, (2001), Eindhoven University of Technology, Netherlands.


• Kleinrock, Queueing Systems, (1975), Vol. I: Theory. Wiley, New York


• R. Khan and J. M. Baarmah (2017) ‘Building a case for crowdfunding platforms in Saudi Arabia’, Middle East Journal of Entrepreneurship, Leadership and Sustainable Development, Vol. 1, No. 1, pp.43]60.


• Manchanda, K. and Muralidharan, P. (2014) ‘Crowdfunding: a new paradigm in startup fi nancing’, Global Conference on Business and Finance Proceedings, Vol. 9, No. 1, pp.365]373.


• McSpadden, K. (2016, April 7). Islamic Fintech Alliance Islamic launched in KL. Kuala Lumpur, Malaysia.


• Murabaha Financing VS Lending on Interest| Qazi Irfan 2008 | Social Science Research Network


• Paolo Pietro Biancone (2017) Crowdfunding and Fintech: business model sharia compliant


• Paul Belleflamme (2015) The Economics of Crowdfunding Platforms Voie du Roman Pays 34, L1.03.01 B-1348 Louvain-la-Neuve, Belgium


• Piotr Pazowski (2014) ECONOMIC PROSPECTS AND CONDITIONS OF CROWDFUNDING Manage and Knowledge Conference 2014 Portoz Slovenia


• Usmani, Taqi. 2015 An Introduction to Islamic Finance. Creative Commons Attribution-No Derivative Works 3.0. p. 65


• Vatimetou Mokhtar Maouloud, Salina Kassim, Ejaz Aslam, Haneffa Muchlis Gazali, Anwar Hasan(2019) EXPLAINING ISSUES RELATING TO ISLAMIC MICROFINANCE SUSTAINABILITY: AFRICAN PERSPECTIVE Maouloud et al. (2019). Explaining Issues Relating to Islamic Microfinance Sustainability: African Perspective. International Journal of Business Society, 3(12), 34-40


• Yamaguchi (2014).Brazilian SEC nottolimit equity crowdfunding .Lexology,25 April. Available at: Vol. 9, No. 1, pp.365]373.