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IJIF
14,1 Cash waqf from the millennials’
perspective: a case of Indonesia
Khaled Nour Aldeen
Department of Islamic Economics, Faculty of Economics and Business,
20 Airlangga University, Surabaya, Indonesia and
Damascus University, Damascus, Syrian Arab Republic
Received 25 October 2020
Revised 16 January 2021 Inayah Swasti Ratih
3 August 2021
12 August 2021 Badri Mahsduqi College of Islamic Economics and Business Management,
26 August 2021 Probolinggo, Indonesia, and
Accepted 27 August 2021
Risa Sari Pertiwi
Department of Islamic Economics, Faculty of Economics and Business,
Airlangga University, Surabaya, Indonesia

Abstract
Purpose – The purpose of this study is to explore the awareness and willingness level of millennials in
Indonesia towards cash waqf (cash endowment). Cash waqf has gained huge attention in Indonesia because of its
flexibility, especially after the Majlis Ulama Indonesia (MUI) officially announcing in 2002 that cash waqf
practices in the country are Shar
ıʿah-compliant. Millennials comprise 33.75% of the total Indonesian population.
Therefore, it is vital to analyze cash waqf from an Indonesian perspective. This study provides vital information
for all institutions that are concerned with the enhancement of cash waqf contributions in Indonesia.
Design/methodology/approach – Self-structured questionnaires were distributed in Java Island to collect
the data. The data were examined by employing suitable statistical tools. Besides, post-interview fact-finding
was conducted with cash waqf experts from different related institutions in Indonesia to reach a more in-depth
understanding about cash waqf issues.
Findings – The results depict a high level of awareness about cash waqf among millennials in Indonesia. The
results further reveal a lower willingness level to contribute to cash waqf of the sample population as compared
to their level of awareness about cash waqf. Moreover, cash waqf promotions must focus on delivering a deeper
understanding about the concept and how it differs from other types of Islamic philanthropy. The results
suggest that waqf trustees in the country must be more transparent. Moreover, the Indonesian Waqf Board
should implement stricter rules to monitor waqf trustees.
Research limitations/implications – This research restricts the sample population to Indonesian Muslims
who were born between 1980 and 2000.
Practical implications – As a Muslim-majority country, one would expect Indonesia to make much progress
in cash waqf. By providing an explanatory understanding of willingness and awareness of cash waqf among
Indonesians, this research can be helpful in designing proper educative marketing campaigns for future endowers
to cash waqf activities to ensure cash waqf institutions provide efficient services. It is advisable to emphasize the
transparency of waqf organizations. This will add to the n
azirs’ (waqf trustee) reputation, thereby boosting
waqf’s national shares by ensuring a proper allocation of cash _ waqf. The regulator should be more strict in
monitoring n
azir practices. For instance, it could include a periodic assessment of waqf entities.
_
Originality/value – This study is original in nature; there is no previous study that addresses the millennial’s
perspective toward cash waqf in Indonesia. Hence, this study presents precious information for policy makers,
practitioners and researchers.
Keywords Awareness, Cash waqf, Indonesia, Millennials, Willingness
Paper type Research paper

© Khaled Nour Aldeen, Inayah Swasti Ratih and Risa Sari Pertiwi. Published in ISRA International
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Introduction Cash waqf
There has been a significant growth of Islamic social finance in the contemporary world,
particularly in the past few decades. In the Islamic context, waqf (Islamic endowment) is
simply interpreted as holding an asset and limiting its consumption to frequently extract its
usufruct for the benefit of beneficiaries (Zauro et al., 2020). Typically, waqf practices center on
buildings and/or lands. However, many donors cannot afford to donate an asset in its entirety
to participate in waqf activities. Hence, cash waqf (cash endowment) is an important option
for donors who do not have a fixed asset but rather have movable assets, i.e. cash, for 21
donating. All the strata of a society can perform sustainable charitable activities through
cash waqf – regardless of the amount of money – as long as they are keen on doing it
voluntarily for the sake of gaining Allah’s (SWT) pleasure (Aldeen et al., 2020).
Cash waqf is a powerful, permanent and pervasive instrument since it is a voluntary
activity characterized by perpetuity (Haryanto, 2013). Since cash waqf allows all Muslim
segments to contribute to waqf practices, its potential is quite high if it is properly promoted
and managed. Waqf has attracted the attention of contemporary researchers around the
globe. It is perceived as an important socio-economic vehicle that adheres to Islamic
principles. Moreover, it is recognized as one of the sustainable funding mechanisms to serve
communities (Mustofa et al., 2020).
The term “millennials” refers to the generation that was born in the 1980s and 1990s (Jang
et al., 2011). Millennials are great assets for nations; they are future leaders and can potentially
advance economic development. It has been said that millennials are the most educated
generation (Ogamba, 2019). Therefore, tremendous attention has been given to the millennial
generation because of the impact they may have on the economy (Ogamba, 2019).
Consequently, the millennials’ economic empowerment has become an unavoidable integral
part of the strategies of sustainable development (Ogamba, 2019). The millennial generation
in Indonesia comprises a huge population of 88 million (Andika, 2020). Besides, Indonesia has
been ranked as the most generous country in the world (CAF World Giving Index, 2021).
Furthermore, as individuals, millennials are well known for their behavior of being lavish
with money (Saeed and Azmi, 2019). Therefore, it is crucial to seek a deeper understanding of
cash waqf from the millennials’ perspective so that waqf institutions can put in place proper
procedures to enhance the millennials’ participation in waqf activities that promote economic
development.
The earliest waqf experience in Indonesia started when Islam was introduced in the
country back in the middle of the 13th century (Ihsan and Ibrahim, 2011). Indonesia has
recognized the importance of waqf revival to uplift society’s living standards. The Indonesian
government has made major reforms for the revitalization of waqf institutions through the
enactment of the Waqf Act No. 41/2004, which covers all forms of waqf (Prihatini et al., 2005).
This act has given new hope for the improvement of Indonesian waqf management; it
regulates several relevant essential matters such as the responsibilities of waqf trustees and
types of waqf, and it has established the Indonesian Waqf Board (BWI) (Prihatini et al., 2005).
However, this act has been criticized as not being comprehensive enough because there are
many waqf mosques, lands and universities that are still not managed properly (Ihsan and
Ibrahim, 2011).
On May 11, 2002, cash waqf was officially declared permissible by the Majlis Ulama
Indonesia (MUI), who specified that the principal value of endowments must not be used up or
reduced. The MUI also attributed the responsibility of maintaining the sustainability of waqf
assets to waqf managers (Badan Waqf Indonesia, 2020). Prior to the aforesaid announcement,
waqf practices in Indonesia were mainly in the form of lands dedicated for religious purposes,
e.g., Islamic boarding schools, mosques and graveyards. However, it is said that those
properties were not used in the most favorable way (Ihsan and Ibrahim, 2011). For example,
only 3% of the waqf lands in Yogyakarta were used to promote socio-economic development,
IJIF while the rest were employed for the above-mentioned religious purposes. Indeed, the socio-
14,1 economic impact of waqf was neglected, while waqf assets could have been managed more
efficiently to extend their benefits to the needy (Suhadi, 2002).
In terms of figures, a total of 190 n
azir (waqf manager) institutions have been established
_
as at the end of 2018 (Badan Waqf Indonesia, 2020). In the same year, the total amount of cash
waqf reached Rp255bn (US$17.5m), while the estimated value of waqf lands was Rp2,050tn
(US$141.3bn) (Badan Waqf Indonesia, 2020).
22 Given the potential of waqf development in Indonesia and the significant number of
millennials in the country, the main objective of this research is to critically evaluate the
awareness and willingness level among Indonesian millennials in relation to cash waqf.
Moreover, this study aims to evaluate their perception of cash waqf promotions and their
trust in n
azir institutions in the country.
_
This research is important because it will shed light on the possibility of engaging the
millennial generation in waqf activities to maximize cash waqf participation in the
community. It will also benefit potential waqf trustees by providing insights into current
practices and the current situation of cash waqf in Indonesia. Moreover, it seeks to contribute
to the Islamic social finance literature on Indonesia, particularly from the millennials’
perspective.
The sequence of this article is as follows: the brief introduction is followed by a literature
review relating to cash waqf; the next section presents the methodology employed in this
research, followed by the findings of this study; the final section concludes the study.

Literature review
Cash waqf in Indonesia
The latest application of cash waqf in Indonesia is the cash waqf-linked suk

uk (CWLS). It was
launched by the Indonesian government on March 10, 2020 (Ministry of _ Finance Indonesia,
2020). It represents a perfect integration between Islamic social finance and commercial
finance and is a new financial instrument for financing the Islamic economic sector in
Indonesia. The returns of CWLS coupons are expected to be spent on social programs that
have a social and economic impact on the community, such as building retina centers in waqf-
based hospitals. One of the applications of CWLS is the construction of the Achmad Wardi
Eye Hospital in Serang, Banten, which is managed by the Indonesian Waqf Board and
Dompet Dhuafa and is the first retina center that targets the poor in the country (Bank
Indonesia, 2020). Waqf funds in CWLS can be temporary or permanent, offering more
flexibility in the raising of funds from waq
ıfs (donors) (Bank Indonesia, 2020).
The issuance of CWLS is a manifestation of the government’s commitment to support the
National Cash Waqf Movement, assisting in the development of social investment and the
promotion of productive waqf in Indonesia (Ministry of Finance Indonesia, 2020). In 2021, the
Indonesian government issued CWLS Series SWR002. The total subscription for the series
was Rp24,141bn (US$1.67m), an increase of 61.89% over the previous year. Retail CWLS
SWR002 managed to attract 217 millennial investors with a total order of Rp3.53bn
(US$0.24m), which represents an increase of more than 100% over the previous year
(Ministry of Finance Indonesia, 2021). Even though the issuance took place during the Covid-
19 pandemic, Retail CWLS SWR002 succeeded in attracting the interest of the millennial
generation investors. This shows the millennials’ support for the Indonesian government’s
program in developing Islamic social finance, especially cash waqf.
Pitchay et al. (2018) state that although there are various types of cash waqf models,
innovative cash waqf models are still needed. The model offered by Pitchay et al. (2018) uses
the concept of cooperatives and cash waqf to encourage the development of commercial
projects on idle waqf lands. The study by Shaikh (2017), on the other hand, proposes the
application of waqf as a mode for social and development finance. It suggests the Cash waqf
establishment of a waqf-based training center to provide more opportunities to new
entrepreneurs. The suggestion from the study of Shaikh (2017) is in line with the
implementation of cash waqf in Indonesia by the Al-Azhar Foundation, which provides
empowerment program facilities to poor young people through its training center. This
program could become a model for Shar
ıʿah entrepreneurship training for the Ministry of
Manpower of the Republic of Indonesia to consider. With regard to the implementation of
cash waqf for microfinance in Indonesia, Ascarya et al. (2016) explained that cash waqf can 23
strengthen the role of Baitul Maal wat Tamwil (BMT) as a holistic financial inclusion agent
for the development of micro-businesses. Three BMTs currently play the role of n
azir and
raise cash waqf contributions to support micro-enterprises in the country. Tohirin_ (2010)
addresses the lack of funding of formal banking institutions to small and medium enterprises
(SMEs) by proposing a partnership between SMEs and cash waqf institutions. Another study
by Sukmana et al. (2020) proposes channeling cash waqf funds to finance fishermen groups
through a cooperative in Surabaya, Indonesia.

Muslim millennials’ preferences in the dimension of Islamic economics

Islamic economics provides products and services to fulfill Muslim consumer transaction
needs. Muslim millennials are potential consumers who can support the development of
Islamic financial institutions. The significant millennials population in Indonesia makes them
a vital engine that could contribute positively to the Indonesian economy (IDN Research
Institute, 2020). Their large size gives them huge purchasing power. Therefore, they are an
attractive target for the development of the Islamic economy (Smith, 2012).
Setiawati et al. (2019), Vanany et al. (2019) and Riwajanti et al. (2020) found that there is
reasonable knowledge among Indonesian students about hal
al (Islamically permissible)
beverages and food. However, there is a lack of knowledge when _ it comes to financial services
(Riwajanti et al., 2020). Interestingly, Nugraheni and Widyani (2020) found that having a good
Islamic economics background does not influence the intention of the Indonesian student to
patronize Islamic banks; rather, religiosity and parental recommendations do.
Pardiansyah and Rahmat (2018) stressed the impact of social media on millennials’
tendency to adopt hal
al products. Ali et al. (2020) concluded that the intention of Chinese
students to buy hal
a_l food is highly influenced by the high quality level of hal
al products, thus
_
increasing satisfaction and building loyalty with companies supplying hal
_ al products. In the
case of Bangladesh, Tuhin et al. (2020) revealed that millennial consumers’ _ attitudes toward
hal
al purchases depend on personal norms and consumer religiosity, especially with regard to
h_ al
al cosmetics.
_
Previous studies
Many researchers have focused on the importance of cash waqf. Historical pieces of evidence
also revealed the potentials of cash waqf. Throughout Islamic history, waqf provided several
essential services to the public at no expense to the state; it contributed to a significant cut in
government expenses. Moreover, it assisted in the process of eliminating rib
a (interest)
(Cizakca, 1998).
To the best of the authors’ knowledge, there is no previous study that has examined the
awareness of cash waqf and willingness to contribute among youth in the context of
Indonesia. This is particularly important, given that Indonesia is one of the largest Muslim-
majority countries and possesses tremendous potential in terms of Islamic philanthropy.
Related studies have examined the issue of cash waqf and its various aspects in the context of
Malaysia (Aziz et al., 2013; Aziz and Yusof, 2014; Adeyemi et al., 2016; Hasan et al., 2019;
Maamor and Mutalib, 2020; Ab Shatar et al., 2021) as well as Indonesia (Ihsan and Ibrahim,
IJIF 2011; Furqon, 2011; Indahsari et al., 2014; Siswantoro et al., 2018; Iqbal et al., 2019; Berakon
14,1 et al., 2021).
In the Algerian context, Echchabi et al. (2015) explored the awareness level of waqf among
students. Their results showed a good awareness level among the sampled students.
Moreover, they found that young students were less aware of cash waqf (i.e. the awareness
level was age-dependent). On the other hand, Aziz et al. (2013) found university students’
awareness level about waqf banks to be relatively high. They attributed their results to the
24 fact that students usually tend to seek a source of funds to sponsor their studies.
The involvement of young people in philanthropic activities requires huge efforts from all
related parties; the availability of a guiding party for them is crucial because they are the
main resource of a philanthropic community (Adeyemi et al., 2016; Hasan et al., 2019; Iqbal
et al., 2019). Yusof et al. (2013) and Adeyemi et al. (2016) confirmed that a high awareness level
reflects positively on the willingness toward cash waqf donations among donors. On the
other hand, Islam and Rahman (2017) found a higher willingness level despite the low
awareness when they tested the willingness and awareness toward Islamic banking among
Indians. They attributed their result to the fact that Islamic banking is a global concept, and
Indians are willing to take part in it. The low awareness level, however, related to the sample
population’s low awareness of the operations of Islamic banking. Berakon et al. (2021) found
that the digital Shar
ıʿah banking system plays a crucial role in boosting the willingness of
Indonesian youths to endow cash waqf.
Indahsari et al. (2014) tried to determine the factors that influence zakat, inf
aq, sadaqah
and waqf (ZISWA) payers. They found that external factors mainly influence the_ payers,
namely, belief and trust in the ʿ
amil (a person or an institution that collects, distributes and
manages ZISWA). In a study by Furqon (2011), the author attributed the lack of awareness on
waqf to the n
azir’s lack of transparency. Transparency means that data related to a certain
waqf manager_are made publicly available, which reflects positively on public awareness. A
further study by Ab Shatar et al. (2021) also stresses the level of trust in the n
azir. Their
findings depict that trust positively influences the cash waqf contribution in Malaysian_
Islamic banks.
Badan Waqf Indonesia (BWI) was not formed to take over the waqf assets that have been
managed by the existing n
azirs; rather, the objective of BWI is to nurture n
azirs so that waqf
assets are better managed and _ more productive, so that they can provide greater
_ benefits to
the community in the form of social services, economic empowerment and public
infrastructure development. When waqf managers are well distributed in the country, the
awareness gap is expected to be reduced among the public. The credibility of the n
azir has
_
been a critical issue of concern to many contemporary scholars. The n
azir’s credibility plays a
_
vital role in the collection of cash waqf; contributors are willing to donate cash waqf when
they perceive the n
azir to be honest (Yusof et al., 2013; Aziz and Yusof, 2014; Indahsari et al.,
2014). In Indonesia, _the more accountable the organization is, the more donations they can
receive (Siswantoro et al., 2018).
N
azirs also ought to show transparency in accomplishing the objectives of waqf according
to the _wishes of the waq
ıf. They have to guarantee that waqf will serve for the betterment of
the ummah (Muslim nation) (Ihsan and Ibrahim, 2011). Stahlke and Loughlin (2003) opined
that publishing a public fund’s financial statements can raise public trust.
According to Jati (2017), there is a significant and positive relationship between customers’
buying interest and marketing strategies. Hence, good promotion will be reflected in public
awareness and subsequently in their willingness to engage with a product or service. In the
case of Indonesia, by employing the partial least squares (PLS) regression method, Iqbal et al.
(2019) and Hudzaifah (2019) observed that promotion activities have an insignificant impact
on the decision of waqf contributors. They attributed their results to the effort needed to
obtain information about cash waqf due to the lack of the shared information on the media.
However, Qurrata et al. (2020) found that promotion has a significant impact on cash waqf Cash waqf
donations; they attributed their results to the n
azir’s use of media to increase cash waqf
involvement. Moreover, this is supported by Aziz_ and Yusof (2014), who found that mass
media have a huge impact on the society.
Attention to cash waqf has increased in the past two decades, especially after the
declaration of cash waqf as a permissible practice in both Malaysia and Indonesia in the early
2000s. The subject has been given extra attention by researchers, practitioners and
policymakers. This research argues that a deeper understanding of cash waqf practices is a 25
must, particularly among millennials. Many scholars attempted to investigate the awareness
and willingness level toward cash waqf from different perspectives (Echchabi et al., 2015;
Hasan et al., 2019; Iqbal et al., 2019). However, to the best of the authors’ knowledge, there is no
previous study that has addressed the subject matter from the millennials’ perspective.
Hence, this study aims to increase the understanding of n
azirs as well as BWI on cash waqf
from the millennials’ perspective. This study will help all the_ associated entities to reconsider
their communication strategies based on the research’s results.

Methodology
This research adopted a mixed-method approach to achieve its research goals. It employed
both a questionnaire and interview survey to attain a comprehensive understanding from the
millennials’ perspective as well as from other official institutions concerned with waqf
practices in Indonesia. It assumes that interviewing those entities will assist in justifying the
results obtained from the questionnaire surveys.

Questionnaire survey
To achieve the research’s goals, the questionnaire was formulated under five main sections.
The first section concerns the respondents’ profile, while the remaining four sections are
about awareness, promotion, trust in n
azirs and willingness.
In the last four sections, respondents_ were asked to demonstrate their responses on a
Likert scale ranging from “1 5 strongly disagree” to “5 5 strongly agree.” Experts in Islamic
social finance and customer behavior were consulted to seek constructive amendments on the
content of the questionnaire before the questionnaires were distributed.
The questionnaires in this study were distributed online. The survey was carried out
between November 2019 and February 2020. The respondents were not asked to share any
personal data. In the questionnaire, it was declared that all the data will be treated
confidentially to a large extent.
Before collecting the data, 30 questionnaires were distributed on a pilot basis to ensure its
validity. A slight amendment was done on the demographic structuring after the pilot test.
Indonesia has four small islands and five big islands, with a total of 34 provinces. The final
version of the questionnaire was distributed in Java Island, which is considered the main
island of the country. Moreover, Java accommodates the two biggest cities in Indonesia,
namely, Jakarta in the west and Surabaya in the east. Of all the islands, Java Island has 56%
more millennials than other regions (BPS-Statistics Indonesia, 2018). In addition, the
population in Java Island has a more advanced environment because of adequate facilities as
compared to other regions; this is seen from the results of a survey conducted by Indonesia
Internet Service Association (APJII), which shows that 65% of the total internet users in
Indonesia come from Java Island (Budiati et al., 2018). In addition, cash waqf in Java Island
enjoys great potential, according to BPS-Statistics Indonesia (2018), given that the population
of Java Island has an income of 72% of the total working population in Indonesia.
For the selection of respondents to the questionnaire, certain criteria were taken into
account. Only Indonesian Muslims who are between 20 and 40 years of age were the subject of
IJIF the survey. Out of 534 questionnaires distributed, a total of 484 were returned; only 385 of
14,1 them (79.54%) were complete and could, thus, be included in the study.
Cronbach’s alpha was employed to examine the reliability of the questionnaire’s statements
(Edgett and Parkinson, 1994; Islam and Rahman, 2017; Islam and Ahmad, 2020). Cronbach’s
alpha is an inner consistency metric that explains how a set of items are related as a group
(Cronbach and Shavelson, 2004). It is used as an indicator to explain the reliability of a scale to
confirm whether a scale is unidimensional. Technically, it is a coefficient of consistency. It is
26 considered to be the most suitable method to determine the reliability of multi-item scales
(Edgett and Parkinson, 1994). The conceptual formula can be presented as follows:
Nc
α¼
v þ ðN  1Þc

where α: Cronbach’s alpha; N: number of items; c: inter-items covariance; v: average variance.

The value of 0.70 or above is deemed acceptable to consider a scale as reliable (Highhouse
et al., 2003). Bartlett’s test of sphericity was employed to examine the appropriateness of the
data. Besides, Kaiser–Meyer–Olkin (KMO) was used to measure the strength of the
relationship among the variables (Edgett and Parkinson, 1994).

Interview survey
To confirm the findings of the questionnaire survey and get a more in-depth understanding
on issues related to cash waqf, this study also conducted semi-structured interviews with
cash waqf experts in various related institutions, namely, with n
azirs, the Indonesian Waqf
Board (BWI), Dumpet Dhuafa (an organization that provides many _ programs whose main
objective is to enhance social justice in Indonesia) and the Indonesian Waqf Education
Foundation (YEWI). The interview questions were developed after analyzing the
questionnaire respondents’ results.
This study relied on purposive sampling to select the interviewees. It is a sampling
strategy to select the interviewees in advance based on the research question. To achieve the
purpose of this study, experts from different institutions in the country were selected as listed
in Table 1. The experts’ selection criteria were based on work experience and specialization.
Morse (1994) recommended six participants for thematic analysis. Six interviewees were
also employed by Thaker (2018). The latter claimed that a small number of participants
enables a researcher to reach an in-depth understanding of the matter studied. This study
considered the saturation concept – when no new insights were given by the respondents – to
finalize the number of respondents (Thaker, 2018; Aldeen et al., 2019). As shown in Table 1,

Interviewee no. Interview

(code) Institution Position duration

1(A) Puspas Airlangga University (n
aẓir managed by Chief executive 56 min

Airlangga university) officer
2(B) BMT Mudah (one Indonesian BMT that works as Chief executive 40 min
n
aẓir) officer
3(C) BWI Public relation 44 min
4(D) BWI Deputy manager 38 min
5(E) Dumpet Duafa Deputy manager 26 min
6(F) YEWI Chief executive 35 min
Table 1. officer
Interviewees’ profile Source(s): Authors’ own
six respondents comprised the sample of the interviewees. The Zoom Meeting platform was Cash waqf
used to interview the participants. All meetings were recorded, allowing the authors to review
them as necessary.
Thematic analysis was used to report the data. It allows researchers to summarize the key
elements of the data gathered, illustrating the differences and similarities in the data;
moreover, its analysis is appropriate for policy development (Braun and Clarke, 2006).
27
Data analysis and findings
Respondents’ profile
Table 2 illustrates the socio-demographic information of the respondents. The target area
was Java Island. This research covers east, west and central Java. All the respondents are
between 20 and 35 years old; only 13.51% of the respondents are below 25 years. The majority
of the respondents hold a bachelor degree. Only 23.38% did not obtain a university degree.
More than half of the respondents’ salaries are between Rp1.5m and Rp3.5m.

Explanatory factor analysis

Table 3 presents the statistical outcomes. Cronbach’s alpha for all the sections is more than
0.7. Hence, the scale is significantly reliable (Highhouse et al., 2003). The KMO measure of
sampling adequacy statistics is significant at 0.905; the significance level is > 0.6 according to
Neill (2008).
Bartlett’s test of sphericity is employed to confirm the appropriateness of the data
(Stewart, 1981). The result of Bartlett’s test is large at 6,314.708 and it is significant at 0.001.
Therefore, the data are appropriate for factor analysis (Edgett and Parkinson, 1994). The data
reveal that the selected variables under each factor are not identical (Edgett and Parkinson,
1994; Islam and Rahman, 2017; Islam and Ahmad, 2020). According to the screen plot which

Distribution of respondents Characteristics Frequency Percent (%)

Domicile East Java 138 35.84

Central Java 96 24.93
West Java 151 39.22
Age group (years) 21–25 52 13.51
26–30 182 47.27
31–35 120 31.17
Gender Male 213 55.32
Female 172 44.68
Marital status Single 167 43.37
Married 218 56.62
Educational qualification Less than graduation 90 23.38
Bachelor graduates 254 65.97
Masters and above 41 10,65
Occupation Government sector 53 13.76
Private sector 190 49.35
Entrepreneur 96 24.93
Other 46 11.94
Monthly income Rp 500,000–Rp 1,500,000 77 20.00
Rp 1,500,001–Rp 2,500,000 108 28.05
Rp 2,500,001–Rp 3,500,000 140 36.36
More than Rp 3,500,000 60 15.58 Table 2.
Source(s): Authors’ own Respondents’ profile
IJIF Eigen Cronbach’s
14,1 Statement value alpha Communalities

Awareness 8.637 0.840

I am aware that cash waqf is one of the forms of charity 0.535
dedicated to helping others
I am aware that cash waqf means giving an amount of money 0.720
28 for the benefit of other people
I am aware that cash waqf will never be used up 0.754
I am aware of waqf entities to whom I should donate my 0.584
money
I am aware of how to donate cash waqf 0.502
I am able to explain the benefits of cash waqf to others 0.535
Promotion 2.572 0.897
Information about cash waqf published by waqf institutions 0.722
is easy to access both online and offline
Advertisements from waqf institutions on cash waqf are able 0.682
to reach all groups
Advertisements from waqf institutions on cash waqf, both 0.757
mass media and social media, are very interesting
Information from waqf institutions on cash waqf is easy to be 0.688
understood
The message in cash waqf advertisements can be trusted 0.743
Trust in n
aẓir 2.277 0.956
I believe in waqf institutions in managing cash waqf 0.860
I believe in the expertise of waqf institutions in managing 0.861
cash waqf safely
I believe that the cash waqf management institution is able to 0.928
provide benefits to the community
I believe that the information provided by cash waqf 0.771
management institutions is correct
The cash waqf management institution will always distribute 0.830
the benefits of cash waqf to those who are entitled to receive it
I believe that the cash waqf management institution is able to 0.664
maintain cash waqf and its benefits continuously
Willingness 1.548 0.857
I have the desire to donate cash waqf voluntarily. In the 0.664
future, I am interested in donating cash waqf to certain waqf
institutions
Cash waqf is my choice for charity 0.712
I want to invite other people to donate cash waqf 0.721
I have a desire to donate cash waqf in the future 0.775

Table 3. KMO 5 0.905; Bartlett’s test 5 6314.708

Factor analysis results Source(s): Authors’ own

manifests Eigen values, the first four factors are higher than the cutoff point (> 1). Next, the
line in the screen plot goes nearly horizontal (< 1). Therefore, the minimum eigenvalue for
each selected factor is immediately higher than 1. Hence, the four factors deserve to be
retained in this study to explain four selected factors, namely, awareness, willingness,
promotion and trust in the n
azir.
_
Findings
Table 4 presents the respondents’ responses in terms of awareness of cash waqf and
willingness to contribute to cash waqf. It indicates that 82.34% of the respondents are aware
 Strongly Disagree Cannot Agree Strongly
Cash waqf
Statement disagree (%) (%) say (%) (%) agree (%)

Awareness
I am aware that cash waqf is one of the 0.00 1.04 6.75 9.87 82.34
forms of charity dedicated to helping
others
I am aware that cash waqf means giving 0.52 1.56 19.74 9.35 68.83 29
an amount of money for the benefit of
other people
I am aware that cash waqf will never be 0.00 1.30 4.42 26.23 68.05
used up
I am aware of waqf entities to whom I 0.52 0.78 8.83 18.70 71.17
should donate my money
I am aware of how to donate cash waqf 2.60 5.19 18.44 28.57 45.19
I am able to explain the benefits of cash 3.38 7.53 28.57 30.39 30.13
waqf to others
Willingness
I have the desire to donate cash waqf 1.56 5.19 12.99 33.51 46.75
voluntarily. In the future, I am interested
in donating cash waqf to certain waqf
institutions
Cash waqf is my choice for charity 1.04 6.23 22.34 36.62 33.77
Table 4.
I want to invite other people to donate 1.56 5.71 25.45 36.36 30.91
Responses about
cash waqf awareness of cash
I have a desire to donate cash waqf in the 0.26 4.16 12.73 32.99 49.87 waqf and willingness
future to contribute to
Source(s): Authors’ own cash waqf

that cash waqf is a form of charity. However, a lesser percentage is observed when the
authors asked about the asset attached to cash waqf (i.e. money). This might be because most
respondents have heard of cash waqf, but they are less aware that cash waqf is donated in the
form of money. This is supported by the findings of Riwajanti et al. (2020) who confirmed that
millennials enjoy a good level of awareness of hal
al products, but they are less aware when it
comes to financial matters. _
Almost 70% of the respondents strongly agree that cash waqf is a sustainable form of
investment, and that it will not be used up. More than 70% of the respondents are also aware
of the entities cash waqf should be donated to. However, comparatively, a lower percentage of
the respondents are aware of how to donate cash waqf money (45.19% strongly agree). The
awareness indicators in general show that Indonesian millennials are aware of the
importance of cash waqf as an instrument to uplift social prosperity. However, the results
depict that despite the high level of awareness, as equally found by Echchabi et al. (2015) in
the case of Algeria, respondents are less interested in donating to cash waqf institutions. Only
46.75% strongly agree to donate cash waqf in the future. These results go against the studies
of Yusof et al. (2013) and Adeyemi et al. (2016), who found a high level of willingness among
the Indian population despite the low awareness level. These results might be associated with
n
azir practices, as Indahsari et al. (2014) confirmed. On the other hand, Islam and Rahman
_
(2017) found a low level of awareness associated to a higher level of willingness among
Muslims in India. They claimed that the lack of awareness among Indian Muslims motivated
them to partake in Islamic financial products.
Millennials might choose another charity channel such as sadaqah to donate money; this
could explain the low percentage when respondents were asked _ whether they will choose
IJIF cash waqf as a mode of charity (only 33.77% strongly agreed). The low percentage attained
14,1 (30.91% strongly agreed) when the respondents were asked about their willingness to invite
others is logical since almost the same percentage was not able to explain cash waqf to others.
On the other hand, BWI should aim to promote and support the digital Shar
ıʿah banking
system because of its positive high impact on the interest of youths to participate in cash waqf
transactions (Berakon et al., 2021).
The above-mentioned results were also supported by the following observations of expert
30 interviewees (B) and (F), respectively:
The awareness level about waqf is high, but this does not necessarily reflect a high willingness level.
Introducing people superficially to waqf is not enough. We need to elaborate more about its tremendous
impact regardless of the amount. We are required to explain more about the flexibility of cash waqf. Up
to now, some people still think that this donation should be huge, whereas it is not a must.
The millennials have a superficial understanding of cash waqf practices. They are not fully aware of
its huge impact. Future advertising campaigns should focus on cash waqf impact that will enhance
the willingness not only among millennials but also encourage all Indonesians to donate.
Millennials are more aware about hal
al products, as Setiawati et al. (2019), Vanany et al. (2019)
_
and Riwajanti et al. (2020) confirmed. Nevertheless, this study depicts a lower level of
awareness among millennials when it comes to cash waqf.
Table 5 exhibits the respondents’ responses about the promotion of cash waqf and the
level of trust in the n

azir. The results depict low level of satisfaction when it comes to cash
waqf promotion. Only _ 31.95% strongly agree that the information about cash waqf
submitted by waqf institutions is easily accessed both online and offline, and 24.42% agree
that the information shared by the n
azir can reach all segments of the society.
_
There is also a low level of respondents’ satisfaction on understanding of the
advertisements’ contents. Only 14.29% strongly agree that advertisements from waqf
institutions on cash waqf, both mass media and social media, are very interesting. This can be
attributed to the language that is used in the advertisements. Waqf institutions might be
assuming that the general public has basic knowledge about Islamic finance and Islamic
social finance.
With regard to the credibility of the presented contents in the media, about 20% of the
respondents disagree that the information delivered through media channels could be
trusted. This might be attributed to two factors: first, trust in the n
azir; second, the public’s
comprehension of waqf information. _
This study appears to be consistent with Iqbal et al. (2019) and Hudzaifah (2019), who
found that advertisements concerning waqf in Indonesia are still few. Moreover, cash waqf
institutions should ensure that the advertisement contents are interesting and attractive.
Cash waqf institutions must also consider the impact of social media on the millennials’
attitude toward cash waqf as social media has a tremendous impact on them (Pardiansyah
and Rahmat, 2018).
The above-mentioned results were supported by the following observations of expert
interviewees (C) and (F), respectively:
Cash waqf promotion is still at its low level compared to zakat and sadaqah. It is quite challenging to
_
attract public attention to a relatively new approach of Islamic philanthropy in the country.
Waqf promotion is still at its low level. Thus, we have encountered many people who are interested in
zakat instead of waqf. However, waqf is more flexible, which might be attributed to the fact that
zakat is a compulsory activity.
To recapitulate, four main elements must be considered in future waqf promotion campaigns,
namely:
 Strongly Disagree Cannot Agree Strongly
Cash waqf
Statement disagree (%) (%) say (%) (%) agree (%)

Promotion
Information about cash waqf published 2.60 13.51 30.39 21.56 31.95
by waqf institutions is easy to access
both online and offline
Advertisements from waqf institutions 2.60 13.51 37.92 21.56 24.42 31
on cash waqf are able to reach all groups
Advertisements from waqf institutions 5.97 21.04 34.55 24.16 14.29
on cash waqf, both mass media and social
media, are very interesting
Information from waqf institutions on 5.19 23.90 29.09 19.74 22.08
cash waqf is easy to be understood
The message in cash waqf 4.68 20.26 31.17 23.38 20.52
advertisements can be trusted
Trust in n
aẓir
I believe in waqf institutions in managing 0.78 5.19 23.64 31.69 38.70
cash waqf
I believe in the expertise of waqf 0.78 5.45 29.61 30.91 32.73
institutions in managing cash waqf
safely
I believe that the cash waqf management 0.52 5.19 23.64 31.95 38.70
institution is able to provide benefits to
the community
I believe that the information provided by 0.78 7.53 28.31 29.61 33.77
cash waqf management institutions is
correct
The cash waqf management institution 0.78 4.94 21.56 30.13 42.60
will always distribute the benefits of cash
waqf to those who are entitled to receive
it
I believe that the cash waqf management 1.04 7.01 21.56 28.05 42.34 Table 5.
institution is able to maintain cash waqf Responses about cash
and its benefits continuously waqf promotion and
Source(s): Authors’ own trust in n
aẓir

(1) Interesting content in cash waqf advertisements;

(2) Easily understood information by all segments of the society;
(3) Wide accessibility of information about cash waqf; and
(4) Sharing of trustworthy information on cash waqf.
When it comes to trust in the n
azir, a very low percentage of disagreement is attained.
However, at least 20% could not say_ anything about their level of trust in the n
azir. Cash waqf
institutions should exhibit their achievements in serving the community. This _is expected to
increase the credibility of the n
azir (Ab Shatar et al., 2021).
_ play a greater role in ensuring the n
azir’s efficiency. This
It is believed that the BWI should
will help in increasing Indonesians’ trust in these institutions (Siswantoro_ et al., 2018).
Providing clearer reports for increased understanding of the public about the n
azir’s
influence will contribute positively to the n
azir’s credibility as supported by Stahlke _and
Loughlin (2003). This is exactly what has been _ mentioned by interviewees (A) and (D)
respectively:
IJIF It is not that difficult to be certified as a legal n
azir by the BWI. But the challenging part is to win
_
public trust. Roughly, half of waqf trustees in Indonesia are not performing the role of n
azirs. We do
14,1 believe that transparency is the most important role of the n
azir because cash waqf represents _ the
waq
ıf’s money and it is his right to know where his money has _ been channeled.

Forcing strict sanctions on the n
azir might not be fair because some of them manage cash waqf for
_ fund managers. However, they are allowed to deduct 10% from
free; hence, they are not professional
the cash waqf proceeds as profit . . .. Most of them are looking for reward from Allah rather than
32 financial rewards. We presume that greater flexibility will encourage new n
azirs to register
with BWI. _

Discussion and conclusion

The main goal of this research is to critically examine the awareness and willingness level
among millennials in Indonesia. Moreover, the study investigates their perception of cash
waqf promotions and their trust in the n
azir. It has employed a mixed-method approach to
_ survey consisting of 385 respondents from the
achieve its objectives. First, a questionnaire
east, west and central Java Island was used. In addition, a post-questionnaire interview with
related institutions was conducted to elaborate and confirm the results obtained from the
questionnaires. A summary of the four aspects examined in this study is provided in Figure 1.
The results depict a high awareness level about cash waqf among millennials in Indonesia.
However, a lower willingness level was found. Furthermore, the results show that millennials
still suspect n
azirs’ practices and are not completely satisfied with the current advertising
campaigns. This _ has been confirmed by the interviews as well. The findings from the
interviews highlight the main challenges faced by BWI. From the viewpoints of the experts,
BWI should have very strict rules on n
azirs’ practices. These will not only enhance trust of
n
azirs among millennials but also gain the_ general public’s trust as well. Thus, the authorities
_
should assign at least one expert from BWI to each waqf institution to ensure the credibility
and the efficiency of each n
azir. This suggestion is made in light of the fact that not all n

azirs
are working efficiently or are_ truly aware about how to manage waqf. This is supported_ by
what interviewee (B) said in this respect:
. . . However, BWI allowed n
azirs to collect up to 10 per cent from cash waqf usufruct . . .. Most n

azirs
_
are not targeting this profit. They rather wish to serve the society by engaging in voluntary work. _

Awareness Promotion
In general, the millennials exhibit a high awareness The millennials showed a low satisfaction level when
level about cash waqf and its importance as an it comes to cash waqf promotion. Interesting content,
instrument to uplift social prosperity digestible information for all segments of the society,
reachability and data availability should be considered
in cash waqf promotion

Cash waqf from the

millennials' perspective
in Indonesia

Willingness Trust in Nāẓirs

The low percentage attained when the respondents It seems advisable that cash waqf institutions should
were asked about their willingness to invite others to exhibit their achievements in serving the community.
contribute to cash waqf is logical since almost the This is expected to increase the nāẓirs' credibility
Figure 1. same percentage was unable to explain cash waqf to
Summary of the four others. Millennials might choose another charity
aspects considered channel to donate money
under this study
Source(s): Authors’ own
 Besides, not all volunteers are eligible to manage waqf. They neither have the expertise nor the Cash waqf
necessary qualifications.
The role of BWI must be maximized so that willingness, awareness and promotion can
increase. It will also increase the acceptance of cash waqf by the community, which is more
accessible to all levels of the society. This suggestion is evident from the statement of
interviewee (E):
The expansion of philanthropic deeds should be enhanced by developing programs that focus on 33
civic-minded millennials’ engagement . . .. BWI is trying to enhance its collaboration with all entities
that enjoy a great influence on the public such as schools, universities and mosques in order to uplift
the potential of cash waqf in Indonesia.
An important goal at the country level should be the development of a community
endowment fund that can be used to meet various needs of the society and to overcome
various problems that occur in Indonesia in the economic, educational, health, social and
religious fields. BWI should put in place very strict transparency rules in this regard and
eliminate those n
azirs that are not performing efficiently because their non-performance is
_ the trust in n
azirs’ credibility.
negatively affecting
_

Limitations and suggestions for future research

This research only considers millennial Muslims in Indonesia. Future research is highly
encouraged to investigate non-Muslims’ perspective on cash waqf as even non-Muslims can
benefit from cash waqf. Roughly 13% of the Indonesian population is non-Muslim; this is a
huge number when it comes to the fourth most populous country in the world. It is advisable
as well to conduct a comparative study between millennials in Indonesia and other countries
to learn from each other’s experience to uplift the potential of cash waqf.

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About the authors Cash waqf
Khaled Nour Aldeen holds a Master’s Degree in Science of Islamic Economics from the University of
Airlangga and a Bachelor’s degree in Banking and Insurance from Damascus University, Syria. His
areas of interest include Islamic banking and waqf. Khaled Nour Aldeen is the corresponding author and
can be contacted at: [email protected]
Inayah Swasti Ratih holds a Master’s Degree in Science of Islamic Economics from the University of
Airlangga. Currently, she is a Lecturer at Badri Mahsduqi College of Islamic Economics and Business
Management, Probolinggo, Indonesia. Her area of interest focuses on Islamic social finance. 37
Risa Sari Pertiwi holds a Master’s Degree in Science of Islamic Economics from the University of
Airlangga and a Bachelor’s degree in Islamic Economics and Finance from Universitas Pendidikan
Indonesia. Currently, she is an Assistant Researcher at Sharia Economics and Finance Department,
Bank Indonesia. Her areas of interest focus on Islamic banking, Islamic social finance and Islamic
microfinance.

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