Intention of Java Island Millenial Muslim Generations toward Retail Cash Waqf Linked Sukuk (CWLS)

Abstract

Cash waqf has a huge potential and future impact for Indonesia, thus various efforts have been made by the government to increase the acquisition of cash waqf, including issuance of Cash Waqf Linked Sukuk (CWLS) and National Cash Waqf Movement. There were also programs conducted by the goverment to increase the participation of the younger generation, especially Muslim Millennial to purchase CWLS. However, collection rate of cash waqf is still low. In optimizing participation of Muslim Millennial, it is important to know factors that influence an individual’s (Muslim Millenial) intention to perform cash waqf through CWLS. The relationship between these various factors can be explained through Theory of Planned Behaviour (TPB), with three variables namely Attitude, Subjective Norm, and Perceived Behavioural Control which then modified by adding factors related to the behaviour of the Muslim Millennial, namely Religiosity and Trust in Waqf Institutions (LKS-PWU). The research population is the Muslim Millennial of Java Island with a total sample of 185 people. The sampling technique was purposive sampling. Data was collected using a questionnaire and analyzed using SEM method with AMOS program. Results showed that Perceived Behavioural Control and Trust in LKS-PWU had a positive and significant effect on intention in cash waqf through CWLS; Attitude, Subjective Norm, and Religiosity have no significant effect on intention in cash waqf through CWLS.