What Drives Generation Z to Adopt Cash Waqf Linked Deposits in Indonesia?
DOI:
https://doi.org/10.22373/share.32008Abstract
Cash Waqf Linked Deposit (CWLD) is an emerging Islamic financial instrument in Indonesia with an estimated annual potential of IDR 180 trillion. It is currently promoted through institutional collaboration among the Financial Services Authority (OJK), the Ministry of Religious Affairs, the Indonesian Waqf Board (BWI), and Islamic banks. Given that Generation Z accounts for 25.87% of Indonesia’s population, understanding their participation is critical to ensuring the sustainability of CWLD development. This study aims to examine the determinants influencing Generation Z’s decision to contribute to CWLD. Employing a quantitative approach, the study analyzes the effects of religiosity, Islamic altruism, sharia financial literacy, and individual interest on CWLD participation. Primary data were collected from 100 Generation Z respondents using a Likert-scale questionnaire and analyzed through Structural Equation Modeling (SEM) with the SmartPLS tool. The findings indicate that religiosity, sharia financial literacy, and interest in CWLD significantly influence Generation Z’s decision to engage in CWLD, while Islamic altruism demonstrates a positive but statistically insignificant effect. These results suggest that beyond moral motivation, cognitive understanding and product attractiveness play a decisive role in encouraging youth participation in Islamic social finance instruments. The study provides policy-relevant insights for regulators, waqf institutions, and Islamic financial intermediaries to design targeted literacy programs and product innovations aimed at optimizing CWLD mobilization for broader socio-economic welfare of the Ummah.
Abstrak
Faktor Pendorong Adopsi Cash Waqf Linked Deposit oleh Generasi Z di Indonesia. Cash Waqf Linked Deposit (CWLD) merupakan instrumen keuangan sosial syariah yang memiliki potensi penghimpunan dana hingga Rp180 triliun per tahun dan saat ini dikembangkan melalui sinergi antara Otoritas Jasa Keuangan (OJK), Kementerian Agama, Badan Wakaf Indonesia (BWI), dan perbankan syariah. Dengan proporsi Generasi Z yang mencapai 25,87% dari total penduduk Indonesia, kelompok ini menjadi segmen strategis dalam keberlanjutan pengembangan CWLD. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi keputusan Generasi Z dalam berdonasi melalui instrumen CWLD. Pendekatan kuantitatif digunakan dengan menguji pengaruh religiusitas, altruisme Islam, literasi keuangan syariah, dan minat terhadap partisipasi CWLD. Data primer diperoleh dari 100 responden Generasi Z melalui kuesioner berskala Likert dan dianalisis menggunakan Structural Equation Modeling (SEM) berbasis SmartPLS. Hasil penelitian menunjukkan bahwa religiusitas, literasi keuangan syariah, dan minat terhadap CWLD berpengaruh signifikan terhadap keputusan Generasi Z untuk berpartisipasi, sementara altruisme Islam berpengaruh positif namun tidak signifikan secara statistik. Temuan ini mengindikasikan bahwa partisipasi generasi muda dalam wakaf produktif tidak hanya didorong oleh nilai moral, tetapi juga oleh pemahaman finansial dan daya tarik instrumen. Penelitian ini diharapkan dapat menjadi dasar perumusan kebijakan dan strategi penguatan literasi serta inovasi produk CWLD guna mengoptimalkan peran wakaf bagi kesejahteraan umat.
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