Integrating Sustainability and Islamic Philanthropy: A Financial Framework for Cash Waqf Participation

Nasir Abbas; Muhammad Sadiq  Shahid; Khawar  Naheed

doi:10.32350/aar.61.01

Nasir Abbas Department of Commerce, Bahauddin Zakariya University, Multan, Pakistan; College of Commerce, Government College University, Faisalabad, Pakistan https://orcid.org/0009-0000-1711-2963
Muhammad Sadiq Shahid College of Commerce, Government College University, Faisalabad, Pakistan https://orcid.org/0000-0002-2383-6818
Khawar Naheed College of Commerce, Government College University, Faisalabad, Pakistan https://orcid.org/0000-0003-4226-7769

Keywords: cash waqf, digital waqf, Islamic philanthropy, Islamic social finance, moderated mediation, Sustainable Development Goals (SDGs), The Theory of Planned Behavior (TPB)

Abstract

Abstract Views: 14

This conceptual study aims to develop an integrated framework for cash waqf participation by combining the Theory of Planned Behavior (TPB) with Islamic behavioral constructs, institutional dimensions, and digital transformation perspectives in the context of sustainable development. Based on a systematic review of recent research on cash waqf and Islamic social finance, the study synthesizes fragmented findings into a unified model that links individual donor behavior, waqf institutional mechanisms, and Sustainable Development Goals (SDGs). The framework highlights institutional governance, digital platforms, and perceived developmental impact as critical channels through which donors’ attitudes, perceived behavioral control, subjective norms, perceptions of Shariah compliance, moral obligation, and religiosity shape cash waqf participation. The current study offers practical guidance for waqf institutions and policymakers aiming to strengthen fundraising effectiveness and impact reporting. Furthermore, it provides a theoretical foundation for future empirical research and policy design in the field of Islamic social finance. This study suggests ways in which these goals can be achieved through the sustainable use of the waqf mechanism to achieve SDGs. This is the first study to develop a conceptual framework for cash waqf. Additionally, this study provides a theoretical basis for future research to advance Islamic social finance and waqf paradigms in the digital economies.

Downloads

Download data is not yet available.

References

Abdullah, M. (2018). Waqf, sustainable development goals (SDGs) and Maqasid Al-Shariah. International Journal of Social Economics, 45(1), 158–172. https://doi.org/10.1108/IJSE-10-2016-0295

Ajzen, I. (1991). The Theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T

Al-Daihani, M., Dirie, K. A., Alam, M. M., & Abdullah, A. S. (2025). Business process model for “crowdfunding cash Waqf model.” Journal of Islamic Accounting and Business Research, 16(1), 147–169. https://doi.org/10.1108/JIABR-02-2023-0046

Pitchay, A., Sukmana, R., Ratnasari, R. T., & Jalil, M. I. A. (2023). A study of cash Waqf contribution between millennials of Malaysia and Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 16(4), 802–818. https://doi.org/10.1108/IMEFM-01-2022-0034

Ainol-Basirah, A. W., & Siti-Nabiha, A. K. (2023). Accountability in Waqf institutions: A meta-narrative review. Journal of Islamic Accounting and Business Research, 14(1), 181–201. https://doi.org/10.1108/JIABR-12-2021-0326

Ab Shatar, W. N., Hanaysha, J. R., & Tahir, P. R. (2021). Determinants of cash Waqf fund collection in Malaysian Islamic banking institutions: Empirical insights from employees’ perspectives. ISRA International Journal of Islamic Finance, 13(2), 177–193. https://doi.org/10.1108/IJIF-06-2020-0126

Altay, B., & Bulut, M. (2024). An analysis of cash Waqf institutions and real wages in Ottoman Rumelia, 1500–1914. ISRA International Journal of Islamic Finance, 16(S1), 71–93. https://doi.org/10.55188/ijif.v16iS1.675

Amin, H., Jam, N. S., & Ring, P. J. (2025). Examining cash Waqf giving decisions in Malaysia. International Journal of Social Economics, 52(11), 1584–1597. https://doi.org/10.1108/IJSE-12-2023-0964

Anggareni, E., Nurmalia, G., & Ja’far, A. K. (2024). Utilizing the Banking System for digital Waqf behavioral approach of millennial Muslims. El-Usrah, 7(1), 390–405. https://doi.org/10.22373/ujhk.v7i1.22562

Ascarya, A., & Masrifah, A. R. (2023). Strategies implementing cash Waqf system for Baitul Maal wat Tamwil to improve its commercial and social activities. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 130–153. https://doi.org/10.1108/IMEFM-10-2020-0504

Asni, F., Noor, A. M., & Hasbulah, M. H. (2024). Management of cash Waqf fund generation through the implementation of Istibdal in Kedah. Qualitative Research in Financial Markets, 16(1), 60–86. https://doi.org/10.1108/QRFM-03-2022-0048

Andikatama, A. Z. (2024). Legal issue of cash Waqf institution in Indonesia and the legal solution. Science of Law, 2024(3), 8–12. https://doi.org/10.55284/sol.v2024i3.140

Berakon, I., Aji, H. M., & Hafizi, M. R. (2022). Impact of digital Sharia banking systems on cash-waqf among Indonesian Muslim youth. Journal of Islamic Marketing, 13(7), 1551–1573. https://doi.org/10.1108/JIMA-11-2020-0337

Bessais, S., Zakariyah, H., & Noor, A. M. (2024). The possibility of establishing an endowment (Waqf) from the Islamic financial institutions’ provisioned funds in the United Arab Emirates. International Journal of Islamic and Middle Eastern Finance and Management, 17(6), 1120–1135. https://doi.org/10.1108/IMEFM-12-2023-0466

Bin-Nashwan, S. A., Ismaiel, A. E. A., Muneeza, A., & Isa, M. Y. (2023). Adoption of ZakaTech in the time of COVID-19: Cross-country and gender differences. Journal of Islamic Marketing, 14(11), 2949–2979. https://doi.org/10.1108/JIMA-08-2021-0278

Bonang, D., Ismail, S., & Sukmana, R. (2024). Empowering the future of cash Waqf through digitalisation: an insight into the philanthropic intention of the Indonesian Muslim community. ISRA International Journal of Islamic Finance, 16(S1), 94–117. https://doi.org/10.55188/ijif.v16iS1.586

Chetioui, Y., El Bouchikhi, Y., Lebdaoui, H., Ennassiri, M., Jannah, H., Yunsi, G., Zhar, I., & Ghamas, A. (2024). Modeling the socio-economic factors affecting Islamic insurance adoption: A structural equation modeling analysis. International Journal of Economics and Financial Issues, 14(3), 106–114. https://doi.org/10.32479/ijefi.16047

Cizakca, M. (1998). Awqaf in history and its implications for modern Islamic economies. Islamic Economic Studies, 6(1), 43–70.

Fishbein, M., & Ajzen, I. (1977). Belief, attitude, intention, and behavior: An introduction to theory and research. Philosophy and Rhetoric, 10(2),130–132.

Fortea, C. (2025). Government revenue structure and fiscal performance in the G7: Evidence from a panel data analysis. World, 6(3), Article e97. https://doi.org/10.3390/world6030097

Ghaouri, M. H., Kassim, S., & Rashid, H. (2023). Waqf-Linked Islamic fintech microfinance as a business enabler in post-pandemic economy: The experience of Hal microfinance, Kenya. In A. Hamdan, A. Harraf, A. Buallay, P. Arora, & H. Alsabatin (Eds.), From industry 4.0 to industry 5.0: Mapping the transitions (pp. 357–370). Springer Nature Switzerland.

Glock, C. Y., & Stark, R. (1965). Is there an American protestantism? Nearly all Americans believe in God—But not in the same God. Trans-Action, 3(1), Article e8. https://doi.org/10.1007/BF02898351

Gultom, M. S., & Mihajat, M. I. S. (2024). Cash Waqf linked deposit: A proposed Waqf model for education program and poverty alleviation in Indonesia. In A. Rafiki, V. Ramadani, L.-P. Dana, & S. E. Hidayat (Eds.), Contributions to management science: Vol. Part F3298 (pp. 313–325). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-031-61778-2_17

Haines, R., Street, M. D., & Haines, D. (2008). The influence of perceived importance of an ethical issue on moral judgment, moral obligation, and moral intent. Journal of Business Ethics, 81, 387–399. https://doi.org/10.1007/s10551-007-9502-5

Hasibuan, W. S., & Lubis, I. (2024). Halal value chain integration in food court establishment through cash Waqf linked Sukuk: Evidence from Indonesia. Cogent Business and Management, 11(1), Article e2385075. https://doi.org/10.1080/23311975.2024.2385075

Hassan, M. K., Karim, M. F., & Karim, M. S. (2019). Experiences and lessons of cash Waqf in Bangladesh and other countries. In K. M. Ali, M. K. Hassan, & A. E. S. Ali (Eds.), Revitalization of Waqf for socio-economic development, Volume I (Vol. 1, pp. 59–83). Springer International Publishing. https://doi.org/10.1007/978-3-030-18445-2_5

Herman, E., & Georgescu, M.-A. (2025). Can EU countries balance digital business transformation with the sustainable development goals? An integrated multivariate assessment. Systems, 13(8), Article e722. https://doi.org/10.3390/systems13080722

Jamil, A., Zainuddin, S. A., Azmi, N. F., Abdullah, T., & Said, N. M. (2024). Analyzing research trends in online digital media and Waqf institutions across the globe: A bibliometric approach. In R. E. Khoury (Ed.), Studies in systems, decision and control (Vol. 540, pp. 553–564). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-031-62656-2_49

Johari, F., Alias, M. H., & Aziz, M. R. A. (2015). Identifying the potential of continuity in cash Waqf contribution: A descriptive analysis. The Journal of Muamalat and Islamic Finance Research, 12(2), 55–67. https://doi.org/10.12816/0033297

Kahf, M., & Mohomed, A. N. (2017). Cash Waqf: An innovative instrument of personal Finance in Islamic Banking. Journal of Islamic Economics, Banking and Finance, 13(3), 13–29. https://doi.org/10.12816/0046324

Kasri, R. A., & Chaerunnisa, S. R. (2022). The role of knowledge, trust, and religiosity in explaining the online cash Waqf amongst Muslim millennials. Journal of Islamic Marketing, 13(6), 1334–1350. https://doi.org/10.1108/JIMA-04-2020-0101

Laila, N., Sukmana, R., Hadiningdyah, D. I., & Rahmawati, I. (2024). Critical assessment on cash Waqf-linked Sukuk in Indonesia. Qualitative Research in Financial Markets, 17(4), 849–879. https://doi.org/10.1108/QRFM-11-2023-0291

Majid, R., & Sukmana, R. (2023). Designing a Waqf-based agricultural financing model. Journal of Islamic Monetary Economics and Finance, 9(3), 443–464. https://doi.org/10.21098/jimf.v9i3.1686

Masrizal, M., Huda, N., Harahap, A., Trianto, B., & Sabiu, T. T. (2023). Investigating the determinants of cash Waqf intention: An insight from Muslims in Indonesia. Journal of Islamic Monetary Economics and Finance, 9(1), 17–38.

Maulina, R., Dhewanto, W., & Faturrahman, T. (2023). Behaviour determinants of two Muslims classes towards cash waqf for productive purposes: Explanation from Indonesia. Journal of Islamic Accounting and Business Research, 16(5), 990–1013. https://doi.org/10.1108/JIABR-04-2023-0139

McDaniel, S. W., & Burnett, J. J. (1990). Consumer religiosity and retail store evaluative criteria. Journal of the Academy of Marketing Science, 18(2), 101–112. https://doi.org/10.1007/BF02726426

Aldeen, K. N, Ratih, I. S., & Pertiwi, R. S. (2022). Cash waqf from the millennials’ perspective: a case of Indonesia. ISRA International Journal of Islamic Finance, 14(1), 20–37. https://doi.org/10.1108/IJIF-10-2020-0223

Osman, A. F., & Muhammed, M. O. (2017). Measuring a cash waqf giving behavior among Muslim donors in Malaysia: A theory of planned behavior approach using structural equation modeling. The Journal of Muamalat and Islamic Finance Research, 14(2), 39–63.

Rizal, H., & Amin, H. (2017). Perceived Ihsan, Islamic egalitarianism, and Islamic religiosity towards charitable giving of cash Waqf. Journal of Islamic Marketing, 8(4), 669–685. https://doi.org/10.1108/JIMA-05-2015-0037

Rohmana, Y., Juliana, J., Utami, S. A., Ismail, S., & Marlina, R. (2024). Factors affecting students’ intention to donate cash Waqf: The mediating role of literacy in Indonesia. ISRA International Journal of Islamic Finance, 16(Special Issue 1), 46–70. https://doi.org/10.55188/ijif.v16iS1.552

Rosele, M. I., Muneem, A., Ali, A. K. B., Rahman, N. N. B. A., & Razif, N. F. B. M. (2024). Revival of the Waqf-based takaful model in Malaysia: Issues and the way forward. International Journal of Economics and Business Research, 28(1), 82–101. https://doi.org/10.1504/IJEBR.2024.139291

Sa’adah, S., Syafi’i, I., Khamim, N., & Muid, A. (2023). Implementation of Islamic religious education learning in improving students’ Morals. Chalim Journal of Teaching and Learning, 3(2), 111–117. https://doi.org/10.31538/cjotl.v3i2.924

Samrat, S. R., & Nabi, A. (2025). Integrating cash Waqf into Islamic microfinance: A sustainable funding solution for economic development in Bangladesh. International Journal of Research and Innovation in Social Science, 9(2), 4496–4505. https://dx.doi.org/10.47772/IJRISS.2025.9020355

Shukor, S. A., Anwar, I. F., Aziz, S. A., & Sabri, H. (2017). Muslim attitude towards participation in cash Waqf: Antecedents and consequences. International Journal of Business and Society, 18(S1), 193–204.

Sukmana, R., Ratnasari, R. T., Majid, R., & Shafiai, M. H. M. (2024). Designing Waqf-based financing model for livestock project: Empirical evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 17(3), 599–617. https://doi.org/10.1108/IMEFM-06-2023-0211

Usman, M., & Rahman, A. A. (2021). Financing higher education through Waqf in Pakistan: Issues and challenges. Jurnal Pengurusan, 62, 159–171. https://doi.org/10.17576/pengurusan-2021-62-13

Widiastuti, T., Mawardi, I., Samer Ali, A.-S., Atiya, N., Rani, L. N., Robani, A. B., & Mustofa, M. U. A. (2025). Determinant factors for online cash Waqf intention among Muslim millennial generation. Journal of Islamic Marketing, 16(1), 258–289. https://doi.org/10.1108/JIMA-12-2023-0408

Yasin, Y. (2023). Dawr al-ṣukūk al-murtabiṭah bi al-waqf al-naqdī fī taṭwīr mu'assasat al-ri‘āyah al-ṣiḥḥīyah bi Banten [The role of cash Waqf–linked sukuk in the development of healthcare institutions in Banten]. Studia Islamika, 30(1), 157–190. https://doi.org/10.36712/sdi.v30i1.31590

Yusof, M. B., Bakar, N. A., & Hashim, H. (2025). Factor influencing the generosity behaviour of cash Waqf donors in Malaysia: A mediation model using structural equation modelling approach. Journal of Information Systems Engineering and Management, 10, 69–83.

Zakariyah, H., Salaudeen, A. O., Othman, A. H. A., & Rosman, R. (2023). The determinants of financial technology adoption amongst Malaysian Waqfinstitutions. International Journal of Social Economics, 50(9), 1302–1322. https://doi.org/10.1108/IJSE-04-2022-0264