Muhamad Nafik Hadi Ryandono, Tika Widiastuti, Dian Filianti, Anidah Robani, Muhammad Ubaidillah Al Mustofa, Fitriah Dwi Susilowati, Ida Wijayanti, Eka Puspa Dewi, Nikmatul Atiya
The Indonesian government has promoted Cash Waqf Linked Sukuk (CWLS) as an Islamic Social Finance (ISF) initiative. However, as of 2023, only four CWLS series had been issued, with sales falling short of their potential. This study investigates the factors behind low CWLS sales using the Decision Making Trial and Evaluation Laboratory (DEMATEL) and the Analytic Network Process (ANP) methods to analyze the interrelationships between various barriers to CWLS adoption. Primary data was collected from experts in Islamic finance, waqf management, and regulatory institutions through structured interviews and surveys. The DEMATEL method was used to identify cause-and-effect relationships among factors, while ANP ranked the barriers in terms of their significance. The findings reveal that public distrust in CWLS managers (0.052630) is the main issue, followed by concerns about professionalism (0.049331), literacy (0.044858), transparency (0.044482), and competitiveness (0.027556). Based on these findings, the study proposes strategic solutions such as governance standardization, Nazhir certification, and improved public literacy initiatives. These insights offer actionable implications for policymakers, Islamic financial institutions, and waqf stakeholders, providing a practical roadmap to enhance participation, governance, and competitiveness in CWLS and similar Islamic finance instruments. Although technological solutions were not explored, the study provides five strategic recommendations for improving CWLS sales. © 2025 The Authors
Department of Sharia Economic, Faculty of Economic and Business, Airlangga University, Jl. Airlangga No.4, Surabaya, 60286, Indonesia; Institute of Technology Management and Entrepreneurship, Universiti Teknikal Malaysia Melaka, Hang Tuah Jaya, Melaka, 76100, Malaysia; Department of Development Studies, Faculty of Creative Design and Digital Business, Institut Teknologi Sepuluh Nopember, Surabaya, 60111, Indonesia; Program Study of Islamic Economic, Faculty of Economic and Business, Universitas Negeri Surabaya, Jl. Ketintang No.2, Ketintang, Surabaya, 60231, Indonesia
