Alternative financing and non-bank funding are no more strangers to Islamic finance since the concept of Islamic crowdfunding gained ground in the sector.
One of the best examples is Singapore-based Shariah-compliant crowdfunding platform Kapital Boost. It is the first Islamic peer-to-business crowdfunding platform in Asia, launched in July 2015, and has so far funded eight small and medium enterprises (SMEs) across Singapore and Indonesia and immediately won the Social Enterprise Startup of the Year award during the inaugural Asean Rice Bowl Startup event held in Kuala Lumpur this November.