Designing the banking debt-based crowdfunding platform in Islamic banking framework (usury-free banking)

Authors

1 M.A. student of Imam Sadiq University

2 PhD student of of Imam Sadiq University

Abstract

In theories of economic development, innovation and technology are introduced as the engines of economic growth. Maintenance of innovation and technology, in one hand, requires research, development, protection of intellectual property, the provision of safe markets, the provision of services, and so on. On the other hand, institutional, structural and legal bases are also the requirements of innovative activities. Crowdfunding is one of the financing solutions that can provide the institutional, structural and legal context. In the given model, microfinance is used by the sub-platform to equip and allocate economic plans based on matching risk and returns. In explaining the necessity of presenting the proposed model, it can be said that banks in the conventional banking system have incurred a lot of risks due to the transfer of risk and aggregation of bank accounts, thus requiring the use of complementary institutional structures to reduce the above deficits.
Accordingly, the leading research seeks to provide a functional model of crowdfunding based on Islamic contracts, has been conducted via comparative and then analytical-descriptive methods. The purpose of this study was to create a mechanism for distributing risk, distinguishing between bank accounts and expressing them transparently, linking credit with the real sector of the economy, using micro-capacity and using popular participation, creating a model of continuous monitoring, increasing the risk-taking culture to support the economics of knowledge workers, the possibility of using profitable and nonprofit contracts based on the operational model and playing the role of intermediary banking, developing facilitator's role and using the capacity of technology in the banking system. The proposed model is based on debt and has the ability to adapt to the banking system and is designed to achieve these objectives. And is expected to be used to advance the objectives of the unbanked banking system - In spite of the ownership-based financing model, which is more in line with the capital market, Finally, it would be hoped that the proposed model could be effective in improving the structure of the banking system.

Keywords

References

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