Evaluating the Fundraising Process of the World’s First Cash Waqf-Linked Sukuk in Indonesia

Muhamad Nadratuzzaman Hosen, Agung Maulana, Muhammad Zaid Farhand, Muhammad Fudhail Rahman

Abstract


Cash Waqf-Linked Sukuk (CWLS) is Indonesia’s new social and financial engineering product integrating cash waqf with Sukuk investment. Considering the low performance of the CWLS fundraising, this study aims to identify and evaluate the most critical factors contributing to the slowdown fundraising process. The study provides an expert-based alternative strategy to stakeholders to make this instrument could be better in the future. Mixed method analysis was used and based on SWOT analysis compounding an expert-based interview and questionnaire survey as data collecting method in this research. The authors elaborate on the fundraising evaluation and alternative strategies for the Internal Factor Analysis Strategy (IFAS) and External Factors Analysis Strategy factors (EFAS). The results show that the IFAS and EFAS values suggested a progressive Strength and Opportunity (S-O) strategy as the priority strategy that needs to be implemented. The (S-O) plans offered the digitization of the CWLS’s fundraising process to attract intention and facilitate access for investors/waqif from the internet user sector. Thus, the stakeholders should utilize retail collection to reach more investors.


Keywords


Cash Waqf, Donation Intention, Sukuk, Socially Responsibility Investment, SWOT Analysis.

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References


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DOI: http://dx.doi.org/10.21043/qijis.v10i1.8161

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