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How to attract wealthy Muslims to contribute to cash waqf (Islamic endowment) held by the Islamic banks? Case in Indonesia

Rindawati Maulina (School of Business and Management, Institut Teknologi Bandung, Bandung, Indonesia and Bank Indonesia, Jakarta, Indonesia)
Wawan Dhewanto (School of Business and Management, Institut Teknologi Bandung, Bandung, Indonesia)
Taufik Faturohman (School of Business and Management, Institut Teknologi Bandung, Bandung, Indonesia)

Journal of Islamic Marketing

ISSN: 1759-0833

Article publication date: 11 June 2024




Exploring the current phenomenon of the cash waqf-linked sukuk (CWLS) program issuance that involves Islamic banks in Indonesia, this paper aims to investigate the key barriers and intentional behaviors in realizing wealthy Muslims’ contribution to the program using the intermediary function of Islamic banks. Moreover, this study provides a conceptual framework to set effective marketing strategies to encourage wealthy Muslims to become cash waqf founders and sustain their contribution.


This qualitative study used a literature review and in-depth interviews to generate insights for developing a model of wealthy Muslims’ behavior toward cash waqf programs held by Islamic banks.


The study identified low trust, literacy and transparency as the biggest barriers to cash waqf contributions, but suggests that a greater role for Islamic banks, personal engagement and innovative product offerings can help to overcome these barriers. The study also identified three new behavioral dimensions that are important for understanding wealthy Muslims’ contributions to cash waqf: personal financial planning, accountability and political issues. Based on these findings, the study proposes 10 strategies for all stakeholders to pursue in the short and medium term to promote cash waqf contributions from wealthy Muslims.

Research limitations/implications

This study only involved respondents from three major cities in Indonesia: Jakarta, Bandung and Surabaya because these cities have a large number of wealthy Muslims. Future research can collect more samples from all major cities in Indonesia or other Muslim majority countries, and use other qualitative methodology such as phenomenological, ethnographic, grounded theory, case study or action research. The findings of this study can be the starting point for further research and the proposed conceptual framework requires empirical testing in the future.

Practical implications

The findings of this study can be a basis for policymakers and the Islamic financial industry in formulating marketing, education and socialization strategies for innovative cash waqf programs.

Social implications

The findings of this study will support the acceleration of cash waqf collection for cash waqf initiatives through Islamic banks. Moreover, with a better understanding of the factors impeding and motivating the most potential Muslim groups to contribute to the innovative cash waqf program, the ultimate goal of higher national socio-economic development becomes more attainable.


To the best of the authors’ knowledge, this study is the first to investigate wealthy Muslims’ behavioral factors for contributing to innovative cash waqf held by Islamic banks, from various stakeholder perspectives. It fills a research gap in the literature on innovative cash waqf and behavior.



The authors would like to express their sincere gratitude to Bank Indonesia for their support through a doctoral scholarship program, to the study participants who generously shared their time, and to the reviewers and the editor of the journal for their time and effort in reviewing the manuscript and suggesting valuable improvements.

Author contributions: All authors contributed to the drafting of the manuscript and all authors have read and approved the final draft of the manuscript.

Conflict of interest: The authors have no competing interests to declare relevant to this article’s content.


Maulina, R., Dhewanto, W. and Faturohman, T. (2024), "How to attract wealthy Muslims to contribute to cash waqf (Islamic endowment) held by the Islamic banks? Case in Indonesia", Journal of Islamic Marketing, Vol. ahead-of-print No. ahead-of-print.



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