Determinants of Public Participation in Retail Cash Waqf Linked Sukuk (Retail CWLS): Evidence from Indonesia
DOI:
https://doi.org/10.21580/economica.2025.16.2.27880Keywords:
Analytic Network Process, Government Support, Retail CWLS, Social Impact, TransparencyAbstract
Indonesia continues to be the world leader in sukuk; on the other hand, Islamic social finance has not yet developed in the country. As of today, six series of Retail Cash Waqf Linked Sukuk (SWR001-SWR006) have been issued in the market; however, there is still a gap in both objectives policy and public goals. Micro-level studies on the behavior of retail investors have been neglected, while a majority of the studies have focused on macro-level studies of the regulatory environment. This research attempts to analyze public participation in Retail Cash Waqf Linked Sukuk (Retail CWLS) to gain an understanding of the dynamics, potential, and policy implications through the lens of the Analytic Network Process (ANP). Primary data through in-depth interviews with middle government officials of Indonesia is used to analyze interdependent relationships and feedback loops of barriers to Retail CWLS and prioritize them for policy recommendations. Results of this research state that for Retail CWLS to improve, there is a need to strengthen, invest, measure social impact, and identify the motivators of the investors. Investors demand fund distribution transparency, digital platforms that are easy to use, and competitive returns.
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