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Abstract
Introduction
The Cash Waqf Linked Sukuk (CWLS) represents an innovative instrument that combines Islamic philanthropy and investment principles to support social development. Despite its potential, Generation Z's participation in CWLS remains limited, presenting a challenge for its broader adoption.
Objectives
This study examines the influence of financial literacy and financial capability on Generation Z's interest in CWLS investments. It seeks to identify the key barriers and enablers shaping investment behavior in the context of Islamic social finance.
Method
Using a quantitative approach, data were collected from 100 Generation Z respondents in Yogyakarta through structured questionnaires. Multiple regression analysis was employed to assess the relationship between financial literacy, financial capability, and investment interest in CWLS.
Results
The findings indicate that financial literacy and financial capability have significant positive effects on investment interest in CWLS. Respondents with higher financial literacy demonstrated greater awareness of CWLS benefits, while stronger financial capability enabled practical decision-making. However, issues of trust in waqf management and limited awareness of CWLS were identified as barriers to participation.
Implications
The results underscore the importance of targeted financial education, transparency in waqf management, and innovative outreach strategies to enhance CWLS adoption. These insights are critical for policymakers, educators, and financial institutions in promoting Islamic social finance.
Originality/Novelty
This study contributes to the growing body of knowledge on Islamic social finance by exploring the unique dynamics of Generation Z's engagement with CWLS. It highlights actionable strategies to address barriers and foster greater participation in waqf-based investments.
Article Details
Copyright (c) 2024 Ulfi Sheila Pinasti, Siti Achiria
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References
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References
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Alhammadi, S. (2023). Expanding financial inclusion in Indonesia through Takaful: Opportunities, challenges and sustainability. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-05-2023-0256
AlNemer, H. (2022). Strengthening governance of waqf in the kingdom of Saudi Arabia: Status, obstacles, and institutional transformation. Archives of Business Research, 10(5), 78–91. https://doi.org/10.14738/abr.105.11974
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Andriani, N., Jamil, P. C., & Yulyanti, S. (2023). Financial literacy and investment decisions in Islamic financial products. Jurnal Apresiasi Ekonomi, 11(2), 322–328. https://doi.org/10.31846/jae.v11i2.635
Awaluddin, M., Molina, Nurlia, & Wahyuni. (2023). Determining factors for young investors to invest in the capital market. International Journal of Professional Business Review, 8(5), e01964. https://doi.org/10.26668/businessreview/2023.v8i5.1964
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Dewantari, F., & Sinarwati, N. K. (2022). Bias psikologi pada perilaku keuangan Generasi Milenial dalam berinvestasi di pasar modal [Psychological biases in Millennials’ financial behavior in investing in capital markets]. Sains: Jurnal Manajemen Dan Bisnis, 15(1), 105–122. https://doi.org/10.35448/jmb.v15i1.17404
Duffett, R. G. (2017). Influence of social media marketing communications on young consumers’ attitudes. Young Consumers, 18(1), 19–39. https://doi.org/10.1108/YC-07-2016-00622
Elamin, M. O., I. (2023). Advancing ethical and sustainable economy: Islamic finance solutions for environmental, social, & economic challenges in the digital age. International Journal of Membrane Science and Technology, 10(5), 408–429. https://doi.org/10.15379/ijmst.v10i5.2515
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Fan, L., Chatterjee, S., & Kim, J. (2022). An integrated framework of young adults’ subjective well-being: The roles of personality traits, financial responsibility, perceived financial capability, and race. Journal of Family and Economic Issues, 43(1), 66–85. https://doi.org/10.1007/s10834-021-09764-6
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