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Muslim Intention To Participate In Retail Cwls:The Test Of Mediation And Moderation Effects

Author

Listed:
  • Izra Berakon

    (UIN Sunan Kalijaga Yogyakarta, Indonesia)

  • Lu’liyatul Mutmainah

    (Universitas Siliwangi, Indonesia)

  • Abdul Qoyum

    (UIN Sunan Kalijaga Yogyakarta, Indonesia)

  • Hendy Mustiko Aji

    (Universitas Islam Indonesia, Indonesia)

Abstract

TCash Waqf-Linked Sukuk (CWLS), which integrates cash waqf instruments and sovereign Sukuk, is an innovative Islamic investment product with social and spiritual dimensions. This study investigates public intention to participate in Retail CWLS (SWR) using the Technology Acceptance Model (TAM) framework with the addition of other relevant constructs. An online survey was conducted using the purposive sampling technique and involved 130 respondents. The data were analysed using Partial Least Squares Structural Equation Modeling (PLS-SEM) supported by WarpPLS. The results indicate that Perceived Ease of Use (PEOU), Perceived Usefulness (PU), Perceived Transparency (PT), and Trust in the Indonesian Waqf Board and Waqf Institutions have a significant positive effect on individual Intention to participate in Retail CWLS. Furthermore, this study reveals that Trust could partially mediate the relationship between PU and individual Intention. However, Religiosity fails to moderate the relationship between PU and individual Intention to purchase SWR. The study also demonstrated other complementary statistical outputs such as split-sample, non-linear relationships among latent variables, effect size, and the Q-squared coefficient to ensure that the processed data were robust. Also, this finding indirectly implies that CWLS is not only targeted at the Muslim community but also for general investors from other religions and beliefs.

Suggested Citation

  • Izra Berakon & Lu’liyatul Mutmainah & Abdul Qoyum & Hendy Mustiko Aji, 2022. "Muslim Intention To Participate In Retail Cwls:The Test Of Mediation And Moderation Effects," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 8(Special I), pages 17-52, December.
    • Handle: RePEc:idn:journl:v:8:y:2022:i:sib:p:17-52
    DOI: https://doi.org/10.21098/jimf.v8i0.1427
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    More about this item

    Keywords

    Zakat; Purification; Shariah-CAPM; Portfolio;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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