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Abstract

Purpose – This study aims to examine the factors influencing Indonesians’ investment intentions toward cash waqf-linked sukuk (CWLS).
Methodology – This study adopted a quantitative research design using structural equation modeling (SEM). Data were collected from Indonesian respondents who met the predetermined eligibility criteria, resulting in 106 valid response. The proposed model examines the determinants of investment intention toward cash waqf-linked sukuk (CWLS), with religiosity incorporated as a moderating variable.
Findings – The results indicate that trust and religiosity have significant positive effects on investment intention toward CWLS. Trust also mediates the relationship between accountability and investment intention, as well as between information media and investment intention. In contrast, compatibility, social influence, intrinsic motivation, information media, and transparency do not significantly influence investment intentions. Furthermore, religiosity did not significantly moderate the relationship between exogenous variables and investment intention.
Implications – The findings suggest that nazirs should strengthen accountability by improving the reporting and disclosure of CWLS fund utilization. The Ministry of Finance should expand financial literacy initiatives to increase public awareness and participation in the CWLS. In addition, relevant stakeholders should develop an integrated digital platform to improve transparency, facilitate public access, and encourage broader participation in the CWLS.
Originality – This study extends the application of Social Cognitive Theory (SCT) by integrating compatibility, social influence, intrinsic motivation, perceived digitalization implementation, accountability, transparency, and trust into a comprehensive framework to explain investment intention toward CWLS. This study further contributes to the literature by examining the moderating role of religiosity within this integrated model.

Keywords

Cash waqf-linked sukuk Investment Intention Trust religiosity Social cognitive theory

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Copyright (c) 2026 Erny Arianty, Syanni Yustiani, Iin Indrawati, Muhammad Iqbal Balatif

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How to Cite
Arianty, E., Yustiani, S., Indrawati, I., & Balative, M. I. (2026). What drives people to invest in cash waqf linked sukuk with trust mediation?. Jurnal Ekonomi & Keuangan Islam, 12(2), 357–378. https://doi.org/10.20885/JEKI.vol12.iss2.art9
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