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FAITH AND FINANCE: UNDERSTANDING MUSLIM MILLENNIALS’ SHIFT TOWARD RIBA-FREE INVESTMENTS Hidayatullah, Syarif; Suherlan, Ade; Khalid, Radhwan Hazim
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 2 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i2.35040

Abstract

This study aims to present the main factors that affect riba-free Investment Preference with an emphasis on religiosity, financial literacy, and factors derived from Planned Behavior Theory (TPB). The cross-sectoral quantitative survey methodology used targets the Muslim millennial generation domiciled in DKI Jakarta. This study used a sample of 385 respondents. The key variables measured include investment preferences in sharia and conventional products. Data analysis involves descriptive statistics, validity and reliability tests, comparative tests, and Covariance-Based Structural Equation Models (CB-SEM). The results show a statistically significant preference among the millennial generation of Jakarta Muslims towards riba-free investment products compared to conventional alternatives. Religiosity emerged as the strongest positive predictor of riba-free investment preferences. Attitudes towards sharia investment and perceptions of behavior control also have a significant positive effect. Financial literacy showed a positive but relatively weak influence, while subjective norms and risk tolerance did not significantly predict preference in the final model. The overall model explains most of the variation in preferences. This research contributes to the understanding of investment behavior among Millennial Muslims in accordance with Islamic principles.
Waqf Literacy, Trust, and Public Interest in Cash Waqf Postcolonial: A Study of Urban Muslims in Jakarta Kholid, Hendra; Suherlan, Ade
Tribakti: Jurnal Pemikiran Keislaman Vol. 37 No. 1 (2026): Tribakti: Jurnal Pemikiran Keislaman
Publisher : Universitas Islam Tribakti (UIT) Lirboyo Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33367/tribakti.v37i1.8026

Abstract

This study examines the determinants of public interest in participating in cash waqf in Jakarta by focusing on the roles of waqf literacy, trust in waqf management institutions, and religiosity within a postcolonial urban context. Employing a quantitative approach, data were collected from 350 respondents and analyzed using descriptive statistics and multiple linear regression. The results show that public interest in cash waqf is relatively high (Mean = 3.50; SD = 0.75), while waqf literacy remains at a moderate level (Mean = 3.20; SD = 0.85) and trust in waqf management institutions is comparatively lower (Mean = 2.90; SD = 0.95), indicating a significant but underutilized participation potential. The regression model demonstrates strong explanatory power, accounting for 55% of the variance in public interest (R² = 0.550; Adjusted R² = 0.540; F = 58.320; p < 0.001). Waqf literacy has a positive and significant effect on public interest (B = 0.350; β = 0.280; p < 0.001), while trust in waqf management institutions emerges as the most dominant determinant (B = 0.450; β = 0.390; p < 0.001). Religiosity also exerts a significant but weaker influence (B = 0.200; β = 0.180; p = 0.008), whereas income and education show moderate effects, and age and gender are not statistically significant. The findings suggest that cash waqf participation in Jakarta is shaped less by demographic factors and more by epistemic capacity and institutional legitimacy. Theoretically, this study contributes to contemporary waqf scholarship by demonstrating that Islamic piety in postcolonial urban societies is not diminished but renegotiated through literacy and trust. It argues that normative–theological explanations of waqf must be complemented by epistemic and governance perspectives to understand modern Islamic philanthropic practices adequately.
Waqf Literacy, Trust, and Public Interest in Cash Waqf Postcolonial: A Study of Urban Muslims in Jakarta Kholid, Hendra; Suherlan, Ade
Tribakti: Jurnal Pemikiran Keislaman Vol. 37 No. 1 (2026): Tribakti: Jurnal Pemikiran Keislaman
Publisher : Universitas Islam Tribakti (UIT) Lirboyo Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33367/tribakti.v37i1.8026

Abstract

This study examines the determinants of public interest in participating in cash waqf in Jakarta by focusing on the roles of waqf literacy, trust in waqf management institutions, and religiosity within a postcolonial urban context. Employing a quantitative approach, data were collected from 350 respondents and analyzed using descriptive statistics and multiple linear regression. The results show that public interest in cash waqf is relatively high (Mean = 3.50; SD = 0.75), while waqf literacy remains at a moderate level (Mean = 3.20; SD = 0.85) and trust in waqf management institutions is comparatively lower (Mean = 2.90; SD = 0.95), indicating a significant but underutilized participation potential. The regression model demonstrates strong explanatory power, accounting for 55% of the variance in public interest (R² = 0.550; Adjusted R² = 0.540; F = 58.320; p < 0.001). Waqf literacy has a positive and significant effect on public interest (B = 0.350; β = 0.280; p < 0.001), while trust in waqf management institutions emerges as the most dominant determinant (B = 0.450; β = 0.390; p < 0.001). Religiosity also exerts a significant but weaker influence (B = 0.200; β = 0.180; p = 0.008), whereas income and education show moderate effects, and age and gender are not statistically significant. The findings suggest that cash waqf participation in Jakarta is shaped less by demographic factors and more by epistemic capacity and institutional legitimacy. Theoretically, this study contributes to contemporary waqf scholarship by demonstrating that Islamic piety in postcolonial urban societies is not diminished but renegotiated through literacy and trust. It argues that normative–theological explanations of waqf must be complemented by epistemic and governance perspectives to understand modern Islamic philanthropic practices adequately.