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Determinant
Determinant factor of factor of
crowdfunders’ behavior in using crowdfunders’
behavior
crowdfunding waqf model in
Indonesia: two competing models 1793
Masrizal and Raditya Sukmana Received 1 August 2021
Revised 17 November 2021
Department of Islamic Economic, Faculty of Economics and Business, 14 February 2022
Universitas Airlangga, Surabaya, Indonesia 7 April 2022
Accepted 14 May 2022
Budi Trianto
Department of Islamic Economic, Abdurrab University, Pekanbaru, Indonesia and
STEI Iqra Annisa, Pekanbaru, Indonesia, and
Annisa Masruri Zaimsyah
STAI Hubbulwathan, Duri, Indonesia

Abstract
Purpose – The potential of waqf is so great in Indonesia but has not been optimized. This paper aims to
offer a model for waqf institutions to adopt financial technology for developing productive and social waqf.
The authors cunduct an assesment of the Technology Acceptance Model (TAM3), Unified Theory of
Acceptance and Use of Technology (UTAUT2) in seeing to the crowdfunders’ behavior.
Design/methodology/approach – This study adopted a structural equation using the partial least square
approach to test the hypotheses. Based on purposive sampling, the spread of questionnaires through online
surveys throughout Indonesia consists of all islands. A total of 297 respondents collected the questionnaires.
Findings – Based on the findings, acceptance models have a positive and significant impact on the behavioral
intentions of crowdfunders, while Unified Theory of Acceptance and Use of Technology have no significant effect.
Research limitations/implications – The sample of this study involved potential crowdfunders from
all over the islands in Indonesia, but these results cannot be generalized because of limitations in terms of the
sampling technique used. However, the results of this study can be used as an illustration of how
crowdfunders behave in donating money using financial technology.
Practical implications – The results of this study provide a comprehensive perspective for policymakers,
especially the Indonesian Waqf Board as the waqf authority that regulates waqf nazir to improve quality by
adopting crowdfunding financial technology in collecting waqf funds. In addition, in terms of implications for
the government, this waqf crowdfunding model will reduce spending and increase economic growth.
Originality/value – To the best of the authors’ knowledge, this paper is the first in looking at the waqf
crowdfunding in Indonesia by looking at two reliable technology determinant models. Studies on cash waqf in
Indonesia are many, but they do not look at the issue of crowdfunding, which has gained more attention
recently. This paper aims to fill this gap, and this becomes the novelty.

Keywords Waqf, Sustainable development goals, Crowdfunder behavior,

Technology acceptance model, Theory of acceptance, Use of technology
Paper type Research paper

Journal of Islamic Marketing

1. Introduction Vol. 14 No. 7, 2023
pp. 1793-1816
The concept of socio-economic justice is a crucial element of Islamic Sharia. According to © Emerald Publishing Limited
1759-0833
Zauro et al. (2020) Sharia plays an important role in fostering socio-economic justice through DOI 10.1108/JIMA-08-2021-0246
JIMA its focus on morality and socio-economic justice in Islamic societies. In Islamic economics,
14,7 the socio-economic concept can be reflected in sodaqah (zakat and infaq) and waqf. Zakat,
infaq and waqf are very important fiscal policy instruments in Islamic economics. These
three concepts are also known as Islamic charity. Zakat can be defined as assets that must be
issued by a Muslim if it has reached the nishab and haul (Al-Qardhawi, 1999). Infaq is a
property issued by a Muslim every time he gets sustenance according to what he wants (Ali,
1794 2012).
Meanwhile, waqf is a voluntary Islamic donation proposed by the Prophet
Muhammad SAW during the early Islamic period. Waqf can be called shadaqah
jariyah, which refers to the fact that even after a person dies, he or she will continue to
be rewarded for the waqf contribution. Waqf can be categorized in various forms such
as waqf property (mosques, land, houses, hospitals, offices, buildings and other assets
that can benefit the community), corporate waqf (company shares issued and
managed by Islamic banks, takaful companies), (Sharia insurance), Sharia investment
companies, philanthropic waqf (education, health care and elderly care) and cash waqf
(such as depositing money into certain bank accounts to be used for investment in
accordance with the agreement with the waqf institution and then using the income
from the investment for charity) (Ab Shatar et al., 2021).
In the economic context, waqf is defined as diverting funds (other resources) from
consumption to invest in productive assets that provide results or income for future
consumption by individuals or groups of individuals (Ambrose et al., 2018). Waqf has
developed into the most important socio-economic institutions, ensuring that social
and economic roles can be established and maintained in a just manner. Furthermore,
the Western world embraces the waqf scheme as a socio-economic solution. The use of
its requirements in entrepreneurship, on the other hand, is a more recent development.
Making waqf as a business or entrepreneurial framework, which in essence derives
from the theory of wealth formation, is currently being popular. This can be used as
an object, tool, mechanism, policy instrument or even an economic system at all
levels, including individual, urban, rural, corporate, society and even government
(Iman and Mohammad, 2017). This is due to the fact that waqf institutions have
played a significant role in Islam’s history and civilization by providing social goods
such as education and health, public goods (roads, bridges and national security),
commercial enterprises, utilities (water and sanitation), religious services (building
and maintenance of mosques and cemeteries) and assistance for the poor, orphaned
and in need. In various social and economic aspects, it has grown to be a significant
movement in the Muslim world (Mohd Thas Thaker et al., 2018).
Indonesia is the world’s largest Muslim majority country. Indonesian Muslims
represents 12.7% of the world’s Muslim population, with Pakistan and India
accounting for 11.10% and 10.90%, respectively (World population review, 2019).
Another reason is that Indonesia is ranked first in the 2018 CAF World Giving Index
for people who donate the most. This is a massive opportunity for Islamic economics
to accomplish its goal of being a just economy. In a webinar (Sukmana, 2020b), an
Indonesian Muslim scholar, Prof. Raditya Sukmana, tried to estimate the enormous
potential of cash waqf in Indonesia, noting that Indonesia’s population is around 240
million, with a Muslim population of 85% around 200 million. Considering that half of
Muslims are not poor, 100 million citizens with a monthly waqf of IDR 1,000 will
obtain IDR 100bn per month.
According to the Indonesian waqf Board (BWI), the potential for cash waqf in Indonesia
is estimated at 180tn. Meanwhile, despite this great potential, cash waqf raised until 2020
only totaled Rp. 391bn. In the meantime, according to the Ministry of Cooperatives and Determinant
SMEs, cash waqf collection at the Sharia Financing Savings and Loans Cooperative and factor of
Sharia Financing Savings and Loans Unit (KSPPS/USPPS) has only reached IDR 33.7bn
(Rahardjo, 2021). However, the practice of waqf in the region has stumbled into a number of
crowdfunders’
obstacles, one of which is the inadequate use of technology in the waqf business process behavior
(Master Plan for Islamic Economic Indonesia 2019-2024, developed by Badan Perencanaan
Pembangunanan Nasional (Bappenas), 2018). As a result, it is clear that a new framework is
required to develop cash waqf in Indonesia. Cash waqf-based crowdfunding is proposed as a 1795
solution in this study, and it is expected to be an effective and suitable model for developing
the waqf system in Indonesia. Crowdfunding as a platform to collect donations from the
public, is very suitable for adoption by collecting cash waqf funds. Many countries,
including Australia, the USA, Canada, The Netherlands, the United Kingdom, France, India
and Brazil, have found success with this initial capital-raising model (Mohd ThasThaker
et al., 2018). Crowdfunding is increasingly becoming the primary approach to charitable
fundraising. With the help of the internet, Crowdfunding contributions allow certain
projects and businesses to be financed through various crowdfunding platforms (De
Buysere et al., 2012). It is the fastest technology solution capable of providing an opportunity
for waqf organizations to improve their business process management and attract more
waqf.
Indonesia is a developing country that has advanced in its use of technology, including
the internet and mobile phones. Indonesia’s massive number of internet users, estimated
around 171, 17 million people in 2018, increased by 27.9 million from 143.2 million in the
previous year. The use of the internet has grown every year, according to the reports of the
2019–2020 (Q2) Indonesian Internet Service Providers Association survey, which noticed
that internet users increased by 196,714,070.3, an increase of 8.9% from the previous year.
(APJII, Q2 of 2019–2020). Since the usage of internet networks in Indonesia continues to rise
every year, the opportunity for online fundraising in Indonesia is very large. The Indonesian
Internet Service Providers Association’s statistical data is depicted in Figure 1 (APJII).
Waqf is currently a serious concern by the Indonesian government, so extra efforts are
needed to develop it. Utilization of technology in the development of waqf in Indonesia
as one of the breakthroughs to develop waqf in Indonesia. The use of crowdfunding has
attracted the attention of many academics. Therefore, according to several studies,
crowdfunding is an attractive platform for many people to contribute and invest because of
the quality and efficiency of online facilities (Azganin et al., 2021). Digitization has been
widely used for various aspects, as Shaikh (2021) states using Fintech in various supply and
demand-side operations to show how technology integration can help achieve cost
efficiencies and expand reach. Saiti (2018), Salam-based crowdfunding for agricultural
financing; Ishak and Rahman (2021) and Ishak et al. (2021), crowdfunding for mudharabah;
Rahman et al. (2020), development of crowdfunding for entrepreneurship. Hendratmi et al.
(2019) develop crowdfunding for startup companies.

Figure 1.
Internet NETWORK
USAGE
STATISTICS In
Indonesia
JIMA However, in terms of digitization for waqf, there is still not much done. Thaker et al. (2018)
14,7 propose a developed “waqf crowdfunding model” (WCM), which has been found to finance
the development of waqf land and to solve the liquidity problems faced by waqf institutions
in Malaysia using the TAM theory, namely, perceived usefulness and perceived ease of use.
This study focuses on cash waqf-based crowdfunding. This is because waqf is an act of
philanthropy, where donors or waqif do not expect any reward from the beneficiary or
1796 business owner. Second, the philanthropic crowdfunding platform is successful and efficient
in raising a larger portion of funds. This study aims to expand on Thaker’s (2018) work by
examining TAM 3 and UTAUT 2. These two approaches were used for several reasons
aimed at filling the gaps that occurred in previous studies. TAM 3 has components of SNs,
images, JR, output quality (OQ), result demonstrability (RD), computer self-efficacy,
perceptions of external control (PEC), computer anxiety (CA), computer playfulness
(CP), perceived enjoyment and objective usability (OU) that affects perceived ease of use and
perceived usefulness, which determine consumers’ behavioral intentions that were not
found elsewhere in previous research. UTAUT 2 has strong components such as perceived
enjoyment (PE), effort expectancy (EE), social influence (SI) and facilitating conditions (FC)]
price value (PV), hedonic motivation (HM) and habit (H) that affect intentions to use
technology. The important role of hedonic motivation, price value and habitual motivation
in influencing technology use in UTAUT2, adjusted for the context of consumer acceptance
and technology use. These two components are important because: First, TAM3 presents a
complete network of determinants of individual information technology adoption and use
(Darmansyah et al., 2020). Second, UTAUT2 can be adapted using technology (Raza et al.,
2018).
Our motivation of this study stem from the fact that:
(1) Islamic endowment funds (waqf) gain popularity in recent years by government as
other alternative instrument for socio-economic development.
(2) Indonesia is ranked 1 for the most generous country. It means that there exists
huge potential of donation in this country.
(3) Indonesia is the fourth largest population which means waqf potential is also big.
(4) Issue of digitalization is being discussed recently.

To the author’s knowledge, no research has been conducted on the use of crowdfunding
donations to develop the waqf system in Indonesia. Thus, this study is designed to
empirically test the behavioral intention of crowdfunders to use waqf crowdfunding.
Therefore, it is hoped that the developed model and other findings in this study can be
applied by waqf institutions in Indonesia.

2. Literature review
2.1 Waqf, casf waqf and sustainable development goals
Waqf is for public use (such as alms) or Islamic related purposes, e.g. digging public wells or
building mosques. The word waqf is a transliteration of the Arabic word ‫ﻭﻕﻑ‬, it is a
derivative of ‫ﻡﺹﺩﺭ‬, and is derived from the root verb meaning “stop at a certain place or at
once” (Che and Rahman, 2018). Waqf, or endowment, is sadaqah jariyah (non-stop charity)
that confers persevering with rewards upon the donor and lasting blessings to the public
(Mauluddin and Rahman, 2018).
Waqf is literally translated as “stop” (Kahf, 2014). As part of the third or volunteer sector,
waqf is seen as a means of combating poverty and other socio-economic problems
(Abdullah, 2019; Iman and Mohammad, 2017). Three important restrictions apply
implementation, such as, irrevocable, perpetuity and inalienability (Ambrose and Asuhaimi, Determinant
2021). Irrevocable means that once asset is designated as waqf, its status cannot be undone factor of
because it remains waqf forever. Eternity means the same asset it should remain intact,
immortal and last forever. Inviolable, the same asset cannot be sold, passed down as
crowdfunders’
inheritance or be gifted to others person (Ambrose and Asuhaimi, 2021). behavior
The Majelis Ulama Indonesia (MUI) is a central authority of scholars in Indonesia. The
council has given definitions of Waqf and cash Waqf. According to MUI (Majelis Ulama
Indonesia, 2002): 1797
Withholding an asset that could be used, without spoiling its original physical shape (‘ain) or its
origin, by not taking any action against the asset (such as selling, giving, or inheriting), so that it
could be spent (its profits) on an existing permissible (not illegal) matter
Waqf represents a limitless shape of charity that attracts the donor toward almighty Allah.
The praise of waqf blessings the donor even after loss of life due to its perpetuity. All four
jurisprudential schools (Hanafis, Hanbalis, Malikis and Shafi’is) agreed at the perpetuity of
waqf. However, Imam Maliki held that it’s miles permissible to donate waqf on a brief basis
(i.e. for a selected length of time) (Nour Aldeen et al., 2021).
Waqf is not limited to tangible assets such as, building and vehicles, but can also be in
the form of cash or money. Cash waqf allows everyone, regardless of wealth, to participate in
and contribute to waqf’s activities according to financial means (Hasan et al., 2019). Cash
waqf can be defined as charitable endowments established with cash capital (Çizakça, 2004).
Mohsin (2009) defines it as “the confinement of an amount of money from founder and
dedication of its usufruct according to founder’s condition, in perpetuity to the welfare of the
society.” Based on Majelis Ulama Indonesia, (2002), cash endowment for waqf is
permissible. One of the components that have become the premise for the attention changed
the opinion of Imam Az-Zuhri (d. 124 H) who allowed dinars and dirham for use as waqf
belongings for da’wa functions and social interests.
The MUI’s definition of cash waqf is:
Cash waqf (monetary waqf, waqf al-nuqud) is a waqf that could be done individually, in a group of
people, institutionally, or by a legal entity in the form of cash (Majelis Ulama Indonesia, 2002)
Cash waqf is one of the Islamic Socio-finance tools that support the government’s economic
development (Berakon et al., 2021; Sanusi and Shafiai, 2015), such as poverty alleviation
(Abbas, 2014; Saiti et al., 2018), improve public welfare, provide capital support to
entrepreneurs (Mohd Thas Thaker, 2018) and address budget deficits and social inequality
(Berakon et al., 2021). Imam Zufar described cash waqf as a shape of cash funding wherein
the income earned are then allotted for social interests.
There are two types of cash waqf, direct cash waqf and indirect cash waqf (Ismail Abdel
Mohsin, 2013). A direct cash waqf is a cash waqf intended for a specific purpose, productive
or unproductive. Examples: construction of mosques, free schools, office centres, commercial
hospital, etc., indirect cash waqf, on the other hand has no specific purpose or destination
specified the principal is maintained, and the return/profit from the cash investment may be
used to generate a profit for the beneficiary. Therefore, indirect waqf is used productive
purposes, and the benefits obtained from them, can be used to fund social programs in
society (Ascarya, 2021)
The concept of cash waqf helped the growth of the national fund and radically improved
the socio-economic status of Islamic Muslim living during the Ottoman era. Cash waqf
continues to be a viable and appropriate means for the development of Ummah. As cash
JIMA waqf have existed in many Islamic countries for centuries, most of these countries have
14,7 institutionalized cash waqf to facilitate financing and distribution (Rizal and Amin, 2017).
Waqf has a constructive nature, in historical terms, poverty alleviation is one of the main
targets of waqf. In addition, health services, education and infrastructure development are
included in the list of waqf beneficiaries (Abdullah, 2018). The nature of waqf is in line with
the achievement of the Sustainable Development Goals (SDGs). Waqf is a Sharia-based
1798 voluntary institution, which functions in line with Sharia maqasid. In this context, waqf and
SDGs have many similarities with maqasid-based development, waqf institutions can act as
intermediaries in actualizing common targets both SDGs and maqasid Syariah (Abdullah,
2018).
The Sustainable Development Goals (SDGs) based on the United Nations (UN) consist of
17 interrelated goals. According to the United Nations, the SDGs were created to meet the
environmental, political and economic challenges faced globally (Finterra, 2020). The goals
of the SDGs require collaboration between the private and public sectors. In addition, in
achieving the SDGs globally, a budget of around US$3–5tn is needed to achieve the SDGs
goals (Possumah, 2019). Therefore, it is necessary to make a breakthrough in collecting
funds from all religious adherents, especially Muslims. The collection of funds can be
through waqf instruments.
Abdullah’s research results, (2018) found that most of the 17 SDGs development goals
match the long-term goals of Sharia, and there is good scope for waqf stakeholders to
develop waqf-based development plans in line with the SDGs framework. In addition, it was
found that global waqf has sufficient financial capacity to assist Muslim-majority countries
to realize some of the most relevant and urgent maqashid-oriented SDGs in a timely manner
(Abdullah, 2018). This is reinforced by the opinion which states that the multiplicities of
waqf funds can support sustainable development, especially in the fields of education,
health, poverty, microfinance and entrepreneurship (Hamza, 2021).
This breakthrough has been implemented by Saudi Arabia. The report (Rehman et al.,
2021) states that the waqf issued by Saudi Arabia amounted to 3,363,918,919 Saudi riyal.
This shows that Saudi Arabia has decided to revive the important role of financing in the
field of building Islamic civilization, especially with regard to scientific research and
technological development through waqf. Indonesia has enormous potential and can follow
the steps of Saudi Arabia to be able to intensify waqf funds for the implementation of SDGs
goals and targets.
In this case, waqf can be linked to sukuk (link sukuk) and can be used to support
productivity such as equitable development. This type of sukuk can be issued using waqf
land as the basic asset where the land will be used productively to generate profits. For
example, waqf land can be leased to SMEs at attractive prices and the revenue generated is
plowed back into those SMEs to support their growth or used to support the Sustainable
Development Goals more broadly (UNDP Indonesia, 2017).

2.2 Development of waqf in Indonesia

Numerous waqf institutions in Indonesia have been inspired by the development of waqf in
other Muslim countries to manage waqf. For instance, the Islamic boarding school waqf
foundation of Darussalam was inspired by the waqf management model for education in Al-
Azhar, Egypt, to adapt its system to the management of waqf properties. Meanwhile, the
success of cash waqf distribution in Bangladesh has prompted Indonesia to do the same
(Ihsan and Ibrahim, 2011).
Waqf has been practiced in Indonesia since the introduction of Islam in the archipelago.
This started with pre-colonial times and continued through the Dutch colonial era, the old
order era, the new order period, and the reformation period (Muljawan et al., 2016). Gofar Determinant
(2002), Suhadi (2002), and Prihatini et al. have provided a brief overview of the history of factor of
Waqf in Indonesia (2005). The earliest history of waqf in Indonesia, according to Gofar
(2002), dates back to the mid-thirteenth century, when Islam first reached the Indonesian
crowdfunders’
state. This is supported by Suhadi (2002), who discovered that waqf was once owned by behavior
kings of Islamic kingdoms such as Aceh and Mataram at the time.
Regardless of the fact that Indonesia was occupied by the Dutch for more than 300 years
during the colonial era, the waqf remained operated. To control waqf practices in Indonesia, 1799
the Dutch government has released several waqf regulations. However, it was ineffective in
terms of regulating waqf. According to Gofar (2002), the Muslim community regarded all
regulations issued by the Dutch government at the time as attempts to restrict their
religious activities. Many scholars used philanthropic practices such as zakat, alms and
waqf as weapons to battle the invaders during the colonial era, according to Prihatini et al.
(2005).
However, the practice of waqf development continues to grow. There are three phases in
the development of Indonesian waqf, the traditional phase as the first phase in which the
waqf is only used to build mosques, prayer rooms and Islamic education. This indicates that
waqf is only consumptive at this phase. The transition phase for the rise of waqf is more
developed in the second phase, with a priority on how to build a community that is inspired
by waqf’s benefits. Furthermore, there is the third phase, which is the professional phase.
Waqf has come a long way in this phase. Waqf has become a sharia financial instrument.
Moreover, waqf has also given birth to a commodity known as Cash waqf Linked Sukuk
(CWLS), as well as waqf Core Principles (WCP). Currently, Indonesia has entered its third
phase, but the Indonesian Waqf Board (BWI) as the waqf authority in Indonesia needs to
work hard so that waqf is more advanced and developed (BWI, 2020).
After Indonesia’s independence, the Indonesian Government attempted to issue several
regulations and laws relating to waqf. The waqf law passed in 2004 was the first waqf law
and marked an important milestone in the history of Indonesian waqf. The law covers a
wide range of issues, including waqf forms (including cash waqf), period (temporary or
eternal) [1], Nazir and others (Sukmana, 2020a). The Indonesian Waqf Board (BWI) is a waqf
regulatory body that can also receive Waqf (Nazir) from the community, according to the
law. Furthermore, it is claimed that Nazir may take the form of individuals or organizations.
As long as Nazir has a license from BWI, they can operate as a private institution. As a
result, whether donating to BWI or a private Nazir institution, people who wish to donate
their assets have two choices.
According to the waqf Law, it is stated that the type of waqf property can be in any form
as long as the object remains intact. Land can be used for waqf, but the waqf law also
provides for waqf in the form of money, allowing people who do not have waqf but want
to do waqf to participate. Moreover, the waqf law opens up opportunities for waqif [2] who
wish to donate temporary assets into waqf, except for land. As a result, if waqif wants waqf
in the form of land, the land that becomes waqf must be permanent. However, if a waqif
wants to donate money to waqf, the waqf law has made provisions for waqif who wish to
donate cash to waqf on a permanent or temporary basis.
According to BWI data, Indonesia has more than 420 hectares of waqf land. Mosques,
cemeteries and schools occupy the majority of this property. Indonesia, as the world’s
largest Muslim nation, has enormous potential for developing waqf. The demand for cash
waqf is I80 trillion, but only 225 billion has been collected (BWI, 2020). Waqf production is
still being moved up to the ministry. For example, in December 2020, the Ministry of
Religion arranged a money waqf program for the State Civil Apparatus (SCA) to raise
JIMA $4,135,648,313bn (Tohor, 2020). These results suggest that waqf socialization, including
14,7 cash waqf, needs to be improved. Thus, this paper offers the use of crowdfunding for Nazirs
to raise waqf funds.

2.3 Crowdfunding
Some scholars define that crowdfunding is known as the process of raising small amounts of
1800 funds from crowd funders (donors or investors) using a website platform for a particular
project, business venture or social project (Belleflamme et al., 2014; Dresner, 2014; Mollick,
2014; Suhaili and Palil, 2016; Thaker, 2018). Crowdfunding is a method of raising funds (in
small amounts) from a large number of donors or investors through the use of a web-based
platform for specific projects, business ventures or social purposes (Mohd Thas Thaker,
2018). Crowdfunding is the act of obtaining a small number of donations from a large group
of people online without the use of traditional financial intermediaries by business people or
cultural or social groups seeking business income (Hendratmi et al., 2019). In Islamic
perspectives, crowdfunding is like the use of small amounts of money obtained from a large
number of individuals or organizations, to fund a project, a business or personal loan and
other needs through an online Web-based platform based on with Shariah principles
(Achsien and Purnamasari, 2016). Sharia compliance such as no riba (usury), maysir
(gambling) and gharar (speculation).
Crowdfunding is a massive collective endeavor that brings together investors,
entrepreneurs and platforms as intermediaries. An inline community platform that connects
investors with entrepreneurs globally (Achsien and Purnamasari, 2016). Donation
crowdfunding, award crowdfunding, loan crowdfunding and equity crowdfunding are the
four types of crowdfunding (Mohd Thas Thaker, 2018).
(1) Crowdfunding donation box

Donation crowdfunding is a collection of funds for social, artistic, philanthropic and other
purposes. Generally, this type of crowdfunding is not dependent on anything that can be
done for real value (Mohd Thas Thaker, 2018). Donation crowdfunding is generally for
donors who donate in small amounts (Saiti et al., 2018).
(2) Crowdfunding reward

A fundraiser in which investors or sponsors receive a portion of the reward (such as

membership rewards) as a token of gratitude is known as crowdfunding reward. The
majority of websites that promote donation crowdfunding often operate on a reward-based
system (Mohd Thas Thaker, 2018).
(3) Loan crowdfunding

Loan crowdfunding is a platform that connects investors and borrowers to provide loans at
lower interest rates determined by the platform. There are a number of platforms that
regulate individual lending, whereas others collect funds and then lend to small and
medium-sized enterprises.
(4) Equity crowdfunding

Equity crowdfunding refers to funds raised online by a business, particularly early-stage

funding by offering an equity interest in the business to investors.
2.4 Development of crowdfunding in Indonesia Determinant
Peer-to-peer (P2P) lending has become a common model in the financial services industry factor of
since the emergence of FinTech. This model works by providing funding through
technology, which can establish a decentralized communication model in which all parties
crowdfunders’
have the same capabilities and receive the same treatment for services provided. behavior
Crowdfunding is one of the newer additions to this P2P model that has managed to attract
the attention of the current financial system (Saiti et al., 2018). According to (Schwienbacher
and Larralde, 2012), crowdfunding is described as an open call through an online forum for 1801
the providing of financial services, either as a donation or in exchange for some sort of
incentive, to help an initiative for a particular reason. Darmansyah et al. (2020) investigate
the determinant factor that influences behavior intention toward Islamic financial
technology (Fin Tech) use in Indonesia such as payment, peer to peer lending and
crowdfunding. They highlighted that the planned behavior, acceptance model and use of
technology have a significant impact on behavior intention to use of Islamic financial
technology.
Crowdfunding as one of Islamic financial technology is use in Indonesia that have a big
role in collected social fund. In Indonesia, new crowdfunding sites such as Wujud.com,
AyoPeduli.com, Patungan.net, Kitabisa.com and GandengTangan.com appeared in 2012.
Several crowdfunding activities have arisen over time, with the percentage that from 6.5%
to 93.5%. AyoPeduli.com, Patungan.net and Kitabisa.com are three examples of donation-
based crowdfunding sites. According to 2017 data from the OJK board of commissioners,
43% of FinTech players in Indonesia are now in the payment market, 17% are in the lending
sector, 13% are aggregators and the remainder are in personal or financial planning,
crowdfunding and others (Hadad, 2017).
This crowdfunding is involved in non-profit social sectors such as health, education, the
environment and community. However, after a few years, some of the crowdfunding
platforms, with the exception of Kitabisa.com, ceased operations. Kitabisa.com is also
engaged in fundraising and made the biggest transaction in Indonesia in 2016 for the Chiba
Mosque, which was launched by the Indonesian Muslim community in Chiba Japan, where
it raised IDR 3.2bn. According to Allied Crowds numbers, there are 14 active crowdfunding
platforms in Indonesia, with the majority of them being debt-based. This demonstrates that
the development of funding platforms would have an impact on the growth of MSMEs in
Indonesia (Nugroho and Rachmaniyah, 2019).

2.5 Technology acceptance model 3

The development of technology has changed life to be more practical and simpler so that the
adoption of technology to facilitate people’s activities needs to be done. One of the models
developed for technology adoption is the technology acceptance model (TAM). TAM is
believed to increase the intensity in adopting technology because it is robust and
parsimonious (Davis, 1989; Davis et al., 1989; Igbaria et al., 1995; Mathieson, 1991; Lu et al.,
2003). TAM was first introduced by (Davis, 1989) as a model to see prospective users in
adopting a system. Smith et al. (2000) say that the development and understanding of why
someone accepts or rejects a technological system is a very important issue. Therefore, we
know someone’s behavior so that in adopting technology can be realized properly. The first
model developed by Davis (1989) includes three factors consisting of perceived usefulness,
perceived ease to use and self-reported system usage. The theory developed by Davis (1989)
is similar to the theory of planned behavior (TPB) developed by Ajzen (1985; 1991). Both are
used as the main reference in understanding consumer behavior and technology adoption so
that several researchers are interested in studying the two theories, for example by
JIMA Mathieson (1991). Mathieson (1991) compares TAM and TPB where the results show that
14,7 TAM is easy to apply but TPB provides more specific information.
TAM continues to be developed to get better results because TAM is believed to be a
well-known model for defining and demonstrating machine use (Chuttur, 2009). Many
studies have been conducted to improve TAM to suit the technical background (Venkatesh
and Davis, 2000), so there needs to be a development of TAM theory. TAM was developed
1802 into TAM 2 by incorporating eight additional factors, namely, voluntariness, experience,
subjective norm, image, job relevance, output quality result, demonstrability and usage
behavior (Venkatesh and Davis, 2000). TAM was developed to forecast how emerging
technology will be used. This implies that an individual’s behavioral purpose to
use technology is dictated by two beliefs: perceived utility and the degree to which a person
feels that using technology can increase work, and perceived ease of use (Venkatesh and
Bala, 2008). Despite the fact that TAM is commonly used in a variety of ways, payment
behavior remains limited (Weerasinghe and Hindagolla, 2018). Venkatesh and Bala (2008)
developed a technology adoption model that is embedded into TAM3 by combining TAM 2
as a determinant model interpreted by users (Venkatesh and Davis, 2000).
TAM3 proposes three untested relationships (Venkatesh and Davis, 2000), namely, the
relationship between perceived ease of use and perceived utility, machine anxiety and
expectations of ease of use, and ease of use and behavioral purpose (Venkatesh and Bala,
2008). Based on the combination of TAM and TAM2, TAM 3 incorporates image, Job
Relevance (JR), Output Quality (OQ), Result Demonstrability (RD), Perceptions of External
Control (PEC), Computer Anxiety (CANX), Computer Playfulness (CPLAY), Perceived
Enjoyment (ENJ), and Objective Usability (OU), which affect user convenience and perceived
usefulness, and can influence customer behavioral intentions. The development of TAM 3
was carried out to minimize failures in adopting information technology within an
organization (Venkatesh and Bala, 2008). There are many examples of failures in adopting
technology that resulted in huge loss of money such as Hewlett-Packard’s in 2004, Nike in
2000 (Venkatesh and Bala, 2008).

2.6 Unified theory of acceptance and use of technology

UTAUT was development by Venkatesh et al. (2003) which is composed of basic theories
regarding the acceptance and behavior of using technology. The eight theories are theory
reasoned action (TRA), technology acceptance model (TAM), the motivational model (MM),
the theory planned behavior (TPB), combined TAM and TPB model (C-TAM-TPB), the PC
utilization model (MPCU), the innovation diffusion theory (IDT) and the social cognitive
theory model (SCT). UTAUT is composed of four direct determinants that are significant to
interest in the utilization and use of information systems, namely, Performance Expectancy
(PE), Effort Expectancy (EE), Social Influence (SI) and Facilitating Conditions (FC)
(Venkatesh et al., 2003). UTAUT has been shown to be up to 70% more successful in
explaining the variance of intention to use technology than the other eight theories
(Venkatesh et al., 2003).
Some researchers are faced with several choices of models in technology acceptance so
that changes are needed to existing models. UTAUT also underwent model development
and was developed into UTAUT2. UTAUT 2 emphasizes consumer acceptance in adopting
technology so that several components are reconstructed by adding three additional
constructs, namely, hedonic motivation (HM), price value (PV) and habit (HB) (Venkatesh
et al., 2012).
According to current studies, the implications of hedonic motivation, price value and
habit are diverse in the form of consumer technology use. First, the effect of hedonic
motivation on behavioral intention is moderated by age, gender and experience. The Determinant
importance of hedonic motivation, price benefit and habit in shaping technology in factor of
UTAUT2 is applied to the context of customer adoption and technology use (Darmansyah
et al., 2020).
crowdfunders’
behavior
2.7 Previous studies and hypothesis development
Studying the effect of behavioral intention on fintech has been widely used in marketing 1803
research, such as Boonsiritomachai and Pitchayadejanant (2017), Haider et al. (2018); Thaker
et al. (2019); Thaker et al. (2020); Darmansyah et al. (2020). The behavioral purpose is an
explanatory variable in this analysis, whereas the acceptance model (TAM) and the use of
technology (UTAUT) are exogenous variables. Figure 2 depicts the interaction between
both of these variables.
This study uses nine TAM-related indicators: image (IM), job relevance (JR), output
quality (OQ), resulting demonstrability (RD), perception of external controls (PEC),
computer anxiety (CA), computer playfulness (CP), perceived enjoyment (PE) and objective
usability (OU). (Official Website) Mohd Thas et al. (2019) used TAM to investigate the
reasons influencing Malaysian customers to follow Islamic Mobile banking, namely,
perceived ease of use, perceived usefulness, relative advantage, perceived riskiness and
social norm. According to the findings, only perceived usefulness and perceived riskiness
influence customer choices when it comes to using Islamic car banking. Akhtar et al. (2019)
investigated the factors influencing individuals’ use of car banking in China and Pakistan.
Individuals’ intentions to use car banking in Pakistan are determined by perceived
accessibility, social impact and perceived ease of use, according to the findings. Meanwhile,
presumed utility is a critical consideration in China.
Rauniar et al. (2014) published studies on the TAM system, which was designed to
inform people of their views toward social media users. According to Rauniar et al. (2014),
the social media TAM model follows all theories about social media use behavior. The
findings of this analysis demonstrate the significance of additional core variables for TAM
when considering social media users. Weerasinghe and Hindagolla (2018) discovered TAM

IM

JR

OQ
Technology
RD
Acceptance
Model (TAM3)
PEC

CA

CP Behavioural
Intenon
PE

OU

SI
Use Of
Technology Figure 2.
PV (UTAUT2)
The conceptual
HB framework of study
JIMA to be a good paradigm for many applications that can be extended to describe the behaviors
14,7 of consumers and receivers of social network sites (SNS). Meanwhile, Darmansyah et al.
(2020) discovered that the TPB, TAM and UTAUT models have a major effect on the
decision to use Islamic FinTech in Indonesia for all services (payment, P2P and
crowdfunding) in a study on the control factors of the use of Islamic FinTech in Indonesia
for all services (payment, P2P and crowdfunding). Thus, a hypothesis is formulated:
1804 H1. TAM3 has a positive effect on behavioral intention in using cash waqf
crowdfunding.
In addition, three indicators from the UTAUT model, namely SI, PV and H, are used in this
analysis based on market considerations. Raza et al. (2018) investigated Islamic mobile
banking adoption in Pakistan. UTAUT 2 was used to determine the success expectancy,
encouraging circumstances, social impact, commitment expectancy, relative worth, habit
and hedonic motivation. All factors excluding social impact had a major effect on
the adoption of car banking acceptance in Pakistan, according to the findings. According to
(Abushanab and Pearson, 2007), who investigated the suitability of the UTAUT model in
the field of internet banking, UTAUT offers a solid base for potential technology adoption
analysis. The three key predictors applicable to this analysis (performance expectancy,
effort expectancy and social influence) all have a major impact on the decision to use internet
banking. Gender seems to balance the relationship between the three independent variables
and the dependent variable, according to these findings.
According to Sobti (2019), the UTAUT model is a model that best describes consumer
behavior and intentions, as well as the perceived costs and threats that can be received.
According to Gupta et al. (2019), the UTAUT paradigm will directly clarify behavioral
intentions and perceived legitimacy in the use of technology. Darmansyah et al. (2020)
discovered that UTAUT had a substantial effect on the intention to use Islamic FinTech in
their research on the control factors of the use of Islamic FinTech in Indonesia for all
services (payment, P2P and crowdfunding). Thus, the second hypothesis is compiled:

H2. UTAUT2 has a positive effect on behavioral intentions in waqf using

crowdfunding.
Following is our empirical model:

3. Methodology
3.1 Research design
The purpose this study to determine the factors crowdfunder’s behavioral intentions
using the waqf crowdfunding model in Indonesia. The questionnaire was in Bahasa
Indonesia and the items are measured by a four-point Likert scale from strongly disagree to
strongly agree. The questions in the survey were developed according to the
operationalization of the research variable. The questionnaire was divided into the following
two components: general statements relating to respondents’ demographics and secondly
questionnaire contains the perceptions of prospective donors using the Crowdfunding
platform in collecting in waqf. In total, there are 17 questions used to investigate
crowdfunder’s behavioral intention to waqf in Indonesia as follows (Table 1).

3.2 Data collection

The population in this study is the Indonesian people who are Muslim and the sample
selection was carried out using non-probability sampling. To follow the current physical
Variables Code Question statements
Determinant
factor of
Acceptance model crowdfunders’
Image (IM) IM1 The use of Cash Waqf Crowdfunding increases religious
observance behavior
Job relevant (JR) JR1 The use of crowdfunding Waqf helps in cash waqf
Output quality (OQ) OQ1 My performance is affected by the crowdfunding Waqf service
Result demonstrability (RD) RD1 I have no difficulty explaining cash waqf-based crowdfunding 1805
to others
Perception of external PEC1 I have full control over the account (username and password) of
controls (PEC) the cash waqf-based crowdfunding service
Computer anxiety (CA) CA1 I am not worried about transaction failures on the cash waqf-
based crowdfunding service
Computer playfulness (CP) CP1 I spontaneously operate the system or technology on the cash
waqf-based crowdfunding service to meet religious needs (waqf)
Perceived enjoyment (PE) PE1 The use of cash waqf-based crowdfunding services is effective
and efficient
Objective usability (OU) OU1 In my opinion, the cash waqf-based Crowdfunding service is
faster than other (conventional) transaction methods
OU2 Cash waqf-based crowdfunding services are easier than other
(conventional) transaction methods
Use of technology
Social influence (SI) SI1 People around me recommend using cash waqf-based
crowdfunding to meet religious needs
Price value (PV) PV1 The cost of using cash waqf-based crowdfunding is balanced
with the ease of transaction that I get
Habit (HB) HB1 I prioritize cash waqf-based crowdfunding compared to using
conventional waqf services
HB2 Using cash waqf-based crowdfunding has become my habit in
cash waqf
Behavioral intention
Behavioral intention (BI) BI1 I have a desire for voluntary waqf
BI2 Cash waqf-based corwdfunding is my choice for charity
BI3 I have a desire for cash waqf-based crowdfunding in the future
Table 1.
Source: Adopted from Darmansyah et al. (2020) Question statement

distance policy which is strongly encouraged by WHO (Kaur, 2020) and the Indonesian
Government, data collection was carried out using an online questionnaire. Our criteria of
respondent are people who can access crowdfunding waqf with smartphone in the various
demographies, geographic and religions in Indonesia. The online questionnaire in this study
was designed using Google form and distributed through several social media platforms
such as Facebook, LINE, Telegram and WhatsApp. Distributed online questionnaires from
January to March 2020 and we received feedback from 330 respondents. Some sample was
rejected because they were not complete answer the questions. Therefore, the sample in this
study were 297 respondents who met the criteria. The research was analyzed using
structural equation modeling (SEM). In SEM, there is no consensus on what the minimum
and maximum sample sizes are. Hair et al. (2006) said that in SEM analysis, the
recommended minimum sample size is 100–200. Determination of sample size can vary
depending on how complex the model is. In the simple model, a small sample size varying
from 100 to 150 is sufficient. Complex models need more than that. The complexity of the
model leads to a larger sample requirement (Aji et al., 2020).
JIMA 3.3 Method of analysis
14,7 The analytical method used to test the research hypothesis is partial least square-structural
equation modeling (PLS-SEM). PLS-SEM is a superior method in social science problems
and is suitable for large and small samples (Hamdollah and Baghaei, 2016). PLS-SEM also
suitable for a weak theoretical foundation model and does not require the normality of data
assumptions (Darmansyah et al., 2020). In general, in the SEM analysis there are two stages,
1806 first to carry out confirmatory factor analysis (CFA). In the CFA analysis, several important
components will be used as a benchmark, namely, the loading factor value, average variance
extracted (AVE) and discriminant validity or Cronbach’s alpha. The recommended loading
factor and AVE values to support convergent validity must be higher than 0.5 (Ryu, 2018);
(Darmansyah et al., 2020). Meanwhile, the value of the Cronbach’s alpha recommended
supporting convergent validity should be higher than 0.7 (Bagozzi and Yi, 1988; Jamshidi
and Kazemi, 2019). The second stage is structural model evaluation. At this stage, the result
of the analysis of the relationship between each exogenous variable and the endogenous
variable.

4. Result and discussion

4.1 Respondent characteristics
The total number of respondents gathered in this study were 297 respondents (Table 3). It
can be concluded that the majority of respondents were women as many as 167 (56.23) and
men as many as 130 (43.77). All respondents have represented all plan in Indonesia,
respondents from Sumatra island were more dominant as many as 146 (49.16), followed by
Java at 97 (32.66), Sulawesi at 26 (8.75), Kalimantan at 13 (4.38), Bali and Nusa Tenggara.
Number to 8 (2.69) and followed by Papua at 7 (2.35). Table 3 also shows that in terms of
education, respondents with high school degrees dominate by 125 (42.09), followed by
Bachelor/Diploma at 90 (30.30), Masters (S2) 68 (22.90) and Doctorate (S3) by 14 (4.71). This
is the same as the age of respondents who live <20–30 years of 176 (59.26), followed by 31–
40 years of 71 (23.91), 41–50 years of 35 (11.78) and 50> years of 15 (5.05). Table 2 also
shows that the respondent’s occupation is dominated by students, amounting to 109 (36.70),
which is in line with the frequency of education and age. Then followed by self-employed at
59 (19.87), PNS/ASN at 55 (18.54), Private Company Employees 31 (10.44), teachers/
Lecturers by 34 (11.45). In terms of monthly expenditures, most respondents were
dominated by total spending <2 million per month. This is in line with the majority of
respondents who are students.

4.2 Measurement model evaluation

After presenting the data, the demographic characteristics of the respondents were
evaluated and discussed. At this stage, the analysis of the measurement model and the
structural model is evaluated and discussed. Smart PLS 3.0 software used as a data analysis
tool. The measurement model allows us to determine whether the constructs are measured
with satisfactory accuracy and the structural model assesses the explanatory strength of the
model. Evaluation of the measurement model consists of loading factor, average variance
extracted (AVE) and discriminant validity or Cronbach’s alpha. The recommended FL and
AVE values to support convergent validity must be higher than 0.5 (Ryu, 2018);
(Darmansyah et al., 2020). The recommended CR and Cronbach’s alpha values to support
convergent validity should be higher than 0.7 (Bagozzi and Yi, 1988; Jamshidi and Kazemi,
2019). Table 3 shows the results of loading factors and AVE (> 0.50) and Cronbach’s alpha
(>0.70). This result is higher than the recommended level, meaning that all constructs
support convergent validity.
Demographic respondent N (%)
Determinant
factor of
Gender crowdfunders’
Male 130 43.77
Female 167 56.23 behavior
Region
Sumatera island 146 49.16
Java island 97 32.66
1807
Kalimantan island 13 4.38
Sulawesi island 26 8.75
Bali and Nusa Tenggara island 8 2.96
Papua island 7 2.36
Education
Senior high school degree 125 42.09
Undergraduate degree 90 30.30
Master degree 68 22.90
Doctoral degree 14 4.71
Age (years)
<20–30 176 59.26
31–40 71 23.91
41–50 35 11.78
>50 15 5.05
Occupation
Student 109 36.70
Entrepreneur 59 19.87
Government employees 55 18.52
Private company employees 31 10.44
Teacher/Lecturer 34 11.45
Others 9 3.03
Monthly spending
<2m 143 48.15
2–4m 96 32.32
5–6m 58 19.53
Table 2.
Source: Author calculations based in the survey questionnaire, 2021 Respondent profile

4.3 Structural model evaluation

After obtaining a valid and reliable assessment of the outer model, the next step is to
evaluate the significance of the inner path structure model. The structural model explains
the relationship between the studies’s latent constructs (Hair et al., 2014). The hypothesized
structural relationship is the behavioral intention, acceptance model and technology used in
Figure 2. To test the statistical significance of the path coefficient, this study uses the
structural model path coefficient and then performs a bootstrap analysis (Table 4). Based on
the results of the study, it shows that the acceptance model has a significant positive effect
on the intention to use the behavior with the acceptance model b = 0.438 (<0.01). These
results support the H1 that the acceptance model has a significant positive effect on
behavioral intention (Figure 2). In addition, the results in Table 4 show that use of
technology has a positive but insignificant effect on the behavioral intention with the
acceptance model b = 0.012 (> 0.1), then we rejected the H2. Although the relationship is
positive, the sign is not what was predicted in the hypothesis. Therefore, the acceptance
JIMA Construct Loading AVE Alpha CR
14,7
Technology acceptance model 0.520 0.896 0.915
IM1 0.634
JR1 0.811
OQ1 0.808
RD1 0.768
1808 PEC1 0.706
CA1 0.585
CP1 0.642
PE1 0.706
OU1 0.743
OU2 0.769
Use of technology 0.721 0.806 0.885
SI1 0.726
PV1 0.889
HB1 0.775
HB2 0.773
Behavioral intention 0.721 0.806 0.885
BI1 0.864
BI2 0.780
Table 3. BI3 0.899
Measurement model
evaluation Source: Authors calculation, 2021

Relationship Estimate t-statistic p-value Remarks

Technology Acceptance Model ! Behavioral Intention 0.438 5.629 0.000* Accepted

Use of Technology ! Behavioral Intentions 0.012 0.184 0.854 Rejected
Table 4. Note: * Significant at 0.05.
Structural equation Source: Authors Calculation, 2021

model has a significant positive effect on behavioral intention to use cash waqf-based
crowdfunding. While the use of technology has a positive but insignificant effect on
behavioral intentions using cash waqf-based crowdfunding. Thus, the acceptance model is
the most important variable that affects behavioral values to use cash waqf-based
crowdfunding (Figure 3).

4.4 Discussion
The aim of this study is to propose a sustainable model for waqf institutions (nazhir waqf)
using crowdfunding. Based on the results shown in Table 4, it is explained that using the
cash waqf-based crowdfunding is found to depend on the acceptance model theory. These
results are in line with empirical studies conducted by Mohd Thas Thaker et al. (2018);
Mansour et al. (2016), Koksal (2016); Kaabachi and Obeid (2016); Yiu et al. (2007) and
Darmansyah et al. (2020). In a study conducted by Mohd Thas Thaker et al. (2018) in
Malaysia, donors or crowdfunders strongly support waqf institutions in Malaysia to use the
crowdfunding-waqf model (CWM) as a medium to raise funds for land waqf. The results of
this study are in line with the research we did, although the concept of crowdfunding-waqf
This model is for cash waqf. More specifically, Darmansyah et al. (2020) tested three models Determinant
to determine behavioral intention to use financial technology, namely, Theory of Planned factor of
Behavior (TPB), Technology Acceptance Model (TAM3) and Use of Technology (UTAUT2).
They found that of the three models, TAM3 is the most important model to be adopted in
crowdfunders’
crowdfunding. Meanwhile, UTAUT2 is an important model to be adopted in pear-to-pear behavior
lending (P2P). The results of our research also recommend that in using technology, we
must adopt the TAM concept compared to the UTAUT concept. These results indicate that
the TAM concept is more suitable and desired by donors or crowdfunders of cash waqf in 1809
collecting waqf funds.
Based on the loading factor of TAM3 variables, higher loading factors are job relevant
(JR) and output quality (OQ) of each 0.811 and 0.808. Venkatesh and Davis (2000) state that
the relevant job is the degree to which an individual believes that the target system is
applicable to his or her job. In other word, job relevant is a function of the importance within
one’s job of the seat of task is capable of supporting. Venkatesh and Bala (2008) is also state
that output quality is the individual believe that the use of system is well for performance of
organization of firm. Furthermore, Venkatesh and Davis (2000) state that people will take
into consideration how well the system performs those tasks, with we refer to as perception
of output quality. These results provide direction to Nazhir Waqf that in developing
crowdfunding to develop waqf in Indonesia, one must pay attention to input from waqif
(donors) in the form of convenience and benefit in making donations.
The next variables that need attention by waqf managers (Nazhir) are objective usability
2 (OU2), result demonstrability (RD), objective usability 1 (OU1), perception of external
control (PEC) and perceived enjoyment (PE). Each of these variables has a loading factor of
0.769, 0.768, 0.743, 0.706 and 0.706. Venkatesh and Davis (2000) state that objective usability
is a comparison of a technology based on actual experience rather than perception to make
work easier. In this case, the waqif will consider the use of technology in choosing to channel
their donations to Nazir waqf. Therefore, it is important for Nazhir to use technology in
collecting waqf funds. On the other hand, Nazir also needs to pay attention to the perceived
usefulness of a system. Perceived usefulness can be seen from the result demonstrability.
Moore and Benbasat (1991) said that the result demontrability is the tangibility of the result
of using the innovation. The results also show that perceived ease of use affects the adoption
of technology use (Mohd Thas Thaker et al., 2019). Waqif also believes that a good Nazir will
always use existing resources to provide technology in its operations. This can be seen from
the loading factor value of the perception of external control variable which has a loading
factor value of 0.706. The implications of perceived external control will cause waqif to feel
enjoy using technology.
The results of this study imply that the use of a crowdfunding platform in collecting
waqf funds is an urgent matter (BWI, 2019). Nazhir must use all available resources to

Technology
Acceptance Model
(TAM3) 0.438 (5.629
Behavioural
Intention

Use Of 0.012 (0.184)

Figure 3.
Technology The SEM_PLS inner
(UTAUT2)
model
JIMA realize the use of the crowdfunding platform to maximize organizational performance,
14,7 especially in collecting waqf funds. Furthermore, this research assists the Waqf organization
in improving its forecasts and mission goals to draw crowdfunders. The use of this digital
platform is expected to have a wider impact on waqf management in Indonesia, both in
terms of collecting and distributing waqf funds. In terms of collection, the expected impact is
the maximum collection of waqf funds. In a survey conducted by BWI, the potential for waqf
1810 funds reached IDR 180tn, while the realization of waqf fund collection only reached IDR
255bn. With the existence of a digital waqf crowdfunding platform, it is hoped that this
potential can be achieved. In terms of distribution, cash waqf can be used for social
objectives such as providing financing for micro and small enterprises with the concept of
partnership (Cizakca, 2004). Micro and small enterprises are the main drivers in the real
sector in Indonesia, so that with the existence of these waqf funds, they are able to increase
their efficiency and operational activities. Finally, in terms of government ramifications, this
waqf crowdfunding concept would limit government spending while increasing economic
growth.

5. Conclusion and recommendation

Waqf is one of the fiscal policy instruments in Islam so that its existence is very important
for the development of a country. But unfortunately, the existence of waqf has not been
maximized so that the contribution to development in Indonesia is still very minimal. Many
factors cause this condition, including the low interest of the Indonesian people to make
donations in the form of waqf. One of the efforts that can be made by waqf organizations in
Indonesia to maximize waqf fund collection is to use a financial technology platform in the
form of crowdfunding. The results of this study suggest that technology adoption with the
TAM3 approach. The findings of this study provide a holistic perspective for policymakers,
especially the Indonesian Waqf Board as the Waqf authority that governs Waqf Nazir, to
enhance efficiency by implementing financial technology, specifically crowdfunding, in
collecting waqf funds from waqf.
Therefore, this research recommends first, waqf organizations is to provide a platform
framework that is simple to use, safe and secure for its users, as well as one that fosters
public confidence in crowdfunders. Second, the government must make policies to support
the use of digital platforms in the form of waqf crowdfunding, for example, when Nazir
manages waqf funds collected through crowdfunding, the government is expected to make
rules on lighter taxation, with the hope that many people will donating cash waqf. Third,
provide education and socialization of the importance of using digital platforms in waqf
management to all stakeholders such as nazhir and waqif.
To implement crowdfunding-based waqf, there are problems that may arise, namely the
money that will be transferred by the waqif to Nazir is considered as money laundering.
Therefore, it is hoped that the regulator should make rules that can detect which ones are
money laundering or not.
However, this study has limitations. First, this study only focuses on identifying factors
that influence the behavioral intention to use crowdfunding waqf. Therefore, it is necessary
to involve other variables that provide new insights to identify behavioral intentions.
Second, this study has a limited sample size, so caution is needed in interpreting the
research results and of course these results cannot be generalized. For this reason, it is
necessary to increase the number of samples and sample heterogeneity for further
research.
Notes Determinant
1. Nazir is the person or organization who manage the waqf. factor of
2. Waqif is the person who donor the waqf. crowdfunders’
behavior
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Further reading
Allah Pitchay, A., Mohd Thas Thaker, M.A., Mydin, A.A., Azhar, Z. and Abdul Latiff, A.R. (2018),
“Cooperative-waqf model: a proposal to develop idle waqf lands in Malaysia”, ISRA
International Journal of Islamic Finance, Vol. 10 No. 2, doi: 10.1108/ijif-07-2017-0012.
APJII (2020), “Laporan survei internet 2019-2020 (Q2)”, Indonesia Survei Center. di akses 11 Maret 2020.
Az-Zuhaili, W. (2004), al-Fikih al-Islami wa Adillatuhu, Juz 10, Dar Al-Fikr, Damaskus.
Davis, F.D. (1985), “A technology acceptance model for empirically testing new end-user information
systems”, Theory and Results. Management, Ph.D, (January 1985), pp. 291, 56932490.

Corresponding author
Raditya Sukmana can be contacted at: raditya-s@feb.unair.ac.id and momyadit@gmail.com

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