<![CDATA[Background and research gap - Although cash waqf investment channels endowed funds into Sharia-compliant instruments while preserving the waqf principal, international research has not fully clarified how religious and institutional factors shape individual preferences. Purpose – This study examines the determinants of cash waqf investment preference in Indonesia. A cross-sectional online survey was conducted in 2025 involving 120 adult Muslims purposively selected for basic Islamic financial literacy and interest in Islamic investment, mainly in Greater Jakarta (Jabodetabek) and other Indonesian provinces. Design/methodology/approach – Data were analysed using partial least squares structural equation modelling (PLS-SEM) in SmartPLS 4.1. Awareness (β = 0.409, p < 0.001) and religiosity (β = 0.460, p = 0.001) were positively associated with preference. Key Findings Perceived risk management was negatively associated with preference (β = −0.219, p = 0.049), contrary to the hypothesised direction; therefore, H3 was not supported. Islamic financial literacy (β = −0.055, p = 0.671) and transparency (β = −0.065, p = 0.718) were not significant. The model explained 36.3% of the variance in preference. Research limitations/implications – The study examines general preference rather than comparing waqf sukuk, Sharia-compliant stocks and productive assets. Generalisability is limited by purposive sampling and a relatively affluent, experienced sample, 93.3% of whom had previously given waqf. Originality/value – Waqf institutions could strengthen awareness programmes and faith-based communication, while future research should use more diverse samples and compare preferences across allocation channels.]]>
