This study aims to explore the development of Islamic and conventional crowdfunding in the ASEAN region, to fill a critical gap where the current literature on ASEAN crowdfunding is not aggregated into a single funding model or theoretical lens, thereby limiting cross-system and policy-relevant insights. This study outlines the prominent themes, dominant keywords, theoretical frameworks and the future research directions.
A systematic literature review was conducted according to the PRISMA guidelines and included 98 academic sources that were recorded in Scopus and Web of Science (2016–2023). This study applies a combination of quantitative bibliometric mapping and qualitative content analysis to uncover conceptual trends and theoretical linkages.
Islamic crowdfunding studies are concentrated in Malaysia and Indonesia, while conventional crowdfunding emphasizes innovation, technological integration and financial performance. The limited representation of other ASEAN countries constrains the generalizability of existing theoretical insights. The results of this study further show that dominant legal analytical frameworks tend to emphasize compliance, with limited attention to ethical–operational trade-offs and scalability. Importantly, the analysis identifies the emergence of hybrid crowdfunding models that integrate ethical legitimacy with operational flexibility, suggesting a shift toward theoretical convergence in ASEAN crowdfunding research.
Future studies should broaden their geographical scope in ASEAN and use a quantitative or mixed-method design to increase comparative strength and empirical robustness.
This study presents one of the first comprehensive reviews integrating both Islamic and conventional crowdfunding in the ASEAN context. By introducing a hybrid theoretical approach that integrates ethics, scalability, governance and innovation, this study reframes how future empirical research can simulate the process of crowdfunding adoption and performance, while informing policymakers on the design of inclusive, resilient and context-sensitive crowdfunding ecosystems in emerging markets.
