Digital cash waqf in Indonesia: Opportunities and challenges a systematic literature review with PRISMA framework
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Abstract
This study analyzes the development of digital cash waqf in Indonesia by exploring its opportunities, challenges, and strategic implications. It aims to provide a comprehensive synthesis of the impact of digital platforms on public participation, the efficiency of institutional coordination, and the potential for financial innovations such as Cash Waqf Linked Sukuk (CWLS). Employing a Systematic Literature Review (SLR) guided by the PRISMA framework, the research conducted a rigorous identification and screening process of 195 articles from the Scopus database, ultimately selecting 25 high-quality articles for detailed thematic analysis. The key findings reveal that digital platforms significantly increase participation, particularly among younger generations, driven by ease of use, social influence, and digital literacy. However, the study also identifies complex challenges, including weak coordination among the Indonesian Waqf Board (BWI), nadzir (waqf managers), and Islamic financial institutions, coupled with low public literacy and trust. While innovations like CWLS offer considerable potential for sustainable development, their implementation faces obstacles stemming from an immature regulatory framework and ineffective marketing strategies. Based on these findings, the study concludes that optimizing digital cash waqf requires strengthening regulations, enhancing literacy through digital campaigns, building the capacity of nadzir, and fostering more synergistic institutional collaboration. Future research should explore innovative business models, assess the specific effectiveness of fintech platforms, and investigate the determinants of CWLS adoption from both customer and regulatory perspectives to enrich waqf development strategies in the digital era.
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How to Cite
Akbar, R. N., Kurniawan, M. I., & ZH, M. H. R. (2025). Digital cash waqf in Indonesia: Opportunities and challenges a systematic literature review with PRISMA framework. Indonesia Accounting Research Journal, 13(2), 140–149. https://doi.org/10.35335/iacrj.v13i2.554
References
Ascarya, A., & Rahmawati, S. (2022). Developing Cash Waqf Models for Financing Micro-Enterprises in Indonesia. ISRA International Journal of Islamic Finance, 14(1), 25–42.
Ascarya, Sukmana, R., Rahmawati, S., & Masrifah, A. R. (2022). Developing cash waqf models for Baitul Maal wat Tamwil as integrated Islamic social and commercial microfinance. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-09-2020-0267
Asmara, A., & Abubakar, Y. (2019). Pengelolaan wakaf uang dalam meningkatkan kesejahteraan masyarakat. Jurnal Ekonomi Syariah. Jurnal Ekonomi Syariah, 7(2), 101–115.
Aufa, M. A., Santoso, I., & Firdaus, M. (2023). Cash Waqf Linked Sukuk: Integrasi wakaf dan sukuk dalam pembangunan berkelanjutan di Indonesia. Journal of Islamic Economics.
Aufa, M. N., Ascarya, A., & Beik, I. S. (2023). Cash Waqf Linked Sukuk (CWLS): An innovative instrument for financing sustainable development goals in Indonesia. Journal of Islamic Monetary Economics and Finance, 9(1), 1–24.
Badan Wakaf Indonesia. (2021). Laporan Perkembangan Wakaf Uang di Indonesia 2021. https://bwi.go.id
Badan Wakaf Indonesia (BWI). (2021). Laporan Perkembangan Wakaf Uang di Indonesia 2021.
Badan Wakaf Indonesia (BWI). (2023). Peraturan Badan Wakaf Indonesia Nomor 1 Tahun 2023 tentang Pelaksanaan Wakaf Uang.
Badan Wakaf Indonesia and Otoritas Jasa Keuangan. (2025). Buku Putih Penguatan Regulasi dan Tata Kelola Wakaf Uang Digital di Indonesia.
Berakon, I., Nizam, N. I., & Hussin, M. Y. M. (2022). Determinants of intention to contribute cash waqf through digital platforms: Evidence from Indonesia. Journal of Islamic Marketing.
Berakon, I., Aji, H. M., & Hafizi, M. R. (2022). The impact of digitalization on Islamic philanthropy: The case of digital waqf in Indonesia. Journal of Islamic Marketing, 13(8), 1551–1573.
Bustami, A., Rahman, T., & Fadhil, M. (2020). Peningkatan literasi wakaf uang melalui media digital. Jurnal Ekonomi Dan Perbankan Syariah.
Bustami, M. R., Lubis, D., & Azhari, M. F. (2020). Capacity building for nadzir in the digital era: Challenges and strategies. Al-Awqaf: Jurnal Wakaf Dan Ekonomi Islam, 13(2), 78–95.
Gultom, S., & Mihajat, M. I. (2024). Cash Waqf Linked Deposit (CWLD) as an alternative instrument for sustainable Islamic finance. Journal of Islamic Economics and Finance Studies, 6(1), 101–120.
Gultom, Y., & Mihajat, M. S. (2024). Cash Waqf Linked Deposit (CWLD): An analysis of its potential and regulatory challenges in Indonesia. Al-Iqtishad: Journal of Islamic Economics, 16(1), 1–18.
Hariningsih, E., Putri, M. A., & Rahayu, D. S. (2024). Predatory journals and publication ethics in academic research. Journal of Scholarly Communication, 12(2), 55–68. https://doi.org/10.1080/xxxx
Hasan, R., Hassan, M. K., & Rashid, M. (2021a). A Crowdfunding Model for Waqf-Based Micro-Enterprises in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 595–613. https://doi.org/10.1108/IMEFM-05-2020-0226
Hasan, R., Hassan, M. K., & Rashid, M. (2021b). A framework for waqf crowdfunding model for disaster relief. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 545–563.
Hidayah, N., & Mutiara, D. (2022). Peran social influence terhadap adopsi wakaf uang berbasis digital di kalangan generasi milenial. Jurnal Ekonomi Syariah.
Lasda Bergman, E. M. (2012). Finding citations to social work literature: The relative benefits of using Web of Science, Scopus, or Google Scholar. Journal of Academic Librarianship, 38(6), 370–379. https://doi.org/10.1016/j.acalib.2012.08.002
Masrizal, H., Yuliana, S., & Putra, A. (2023). Optimalisasi wakaf uang melalui integrasi digital banking. Jurnal Ekonomi Islam, 14(2), 201–218.
Melis, A., Syahrul, M., & Nurfadila, L. (2025). Koordinasi kelembagaan dalam pengelolaan wakaf uang di Indonesia: Peran BWI dan lembaga keuangan syariah. Jurnal Ekonomi Syariah Indonesia, 13(1), 66–83.
Melis, S., Hudaefi, F. A., & Junari, U. S. (2025). Inter-institutional coordination in digital cash waqf management: A case study of Indonesia. International Journal of Islamic Economics and Finance, 8(1), 45–68.
Mohd Zaidi Md, Z., & Mustafa Omar, M. (2018). Examining the behavioral intention to participate in a Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah home financing model. Managerial Finance.
Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & Group, T. P. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097
Mukhlisin, M., & Mustafida, D. (2019). Public awareness on cash waqf: Challenges and opportunities in Indonesia. International Journal of Islamic Economics and Finance, 2(2), 145–160.
Mukhlisin, M., & Mustafida, R. (2019). Determinants of public trust in waqf institutions: A survey from Indonesia. Journal of Financial Crime, 26(4), 1155–1171.
Otoritas Jasa Keuangan (OJK). (2022). Roadmap Pengembangan Keuangan Syariah Indonesia 2022-2025.
Pusparini, R., Santoso, R., & Anwar, F. (2023). Peran media sosial dalam meningkatkan literasi wakaf uang: Studi pada platform YouTube. Jurnal Dakwah Dan Komunikasi Islam, 17(1), 91–108.
Rahmania, R., & Maulana, F. (2023). Inovasi digital dalam optimalisasi wakaf uang di Indonesia. Jurnal Keuangan Syariah, 9(2), 210–228.
Rahmania, S., & Maulana, H. (2023). Synergy among stakeholders in the management of digital cash waqf: Challenges and opportunities in Indonesia. Ziswaf: Jurnal Zakat Dan Wakaf, 10(1), 1–15.
Rocha, D., da Silva, F. A., & Campos, M. (2020). Predatory publishing: Awareness, perceptions, and practices among researchers. Scientometrics, 124(1), 567–589. https://doi.org/10.1007/s11192-020-03459-7
Sanusi, A., Hidayat, M., & Ramdani, Y. (2025). Digital literacy and intention to contribute to cash waqf among millennials in Indonesia. Journal of Islamic Philanthropy Studies, 4(1), 23–39.
Siswantoro, D., Al-awwali, I. M. Y., & Ahmad, G. N. (2023). The Determinants of Digital Waqf Acceptance on Millennial Generation in Indonesia. Journal of Islamic Accounting and Business Research, 14(5), 761–779. https://doi.org/10.1108/JIABR-02-2022-0043
Siswantoro, D., Dewi, M., & Rosdiana, H. (2023). The role of digital literacy and trust in millennial intention to donate cash waqf in Indonesia. Journal of Financial Services Marketing.
Wahyudi, M., Aziz, R., & Fajar, S. (2025). Digitalisasi wakaf uang: Peluang dan tantangan dalam pengelolaan wakaf produktif di Indonesia. Jurnal Ekonomi Islam, 16(2), 105–122.
Wahyudi, A. (2024). Thematic analysis as a methodological approach in interdisciplinary research. Indonesian Journal of Qualitative Studies, 9(1), 15–29. https://doi.org/10.14421/ijqs.2024.91
Wahyudi, R., Hasanah, U., & Pratiwi, A. D. (2025). The role of digital waqf platforms (Jadiberkah.id and Digital Wakaf Hasanah) in enhancing millennial participation: A comparative study. Journal of Digital Innovation in Islamic Philanthropy, 3(1), 33–52.
Wijaya, R. (2023). Potensi wakaf uang di Indonesia: Antara peluang dan tantangan. Jurnal Ekonomi Dan Bisnis Islam, 11(1), 77–93.
Wulandari, P., & Kassim, S. (2021a). The role of social media and fintech in promoting cash waqf: An Indonesian perspective. Journal of Islamic Monetary Economics and Finance, 7(1), 115–140.
Wulandari, P., & Kassim, S. (2021b). The Role of Social Media and Fintech in Promoting Cash Waqf: Evidence from Indonesia. Journal of Islamic Monetary Economics and Finance, 7(2), 415–438. https://doi.org/10.21098/jimf.v7i2.1336
Ascarya, Sukmana, R., Rahmawati, S., & Masrifah, A. R. (2022). Developing cash waqf models for Baitul Maal wat Tamwil as integrated Islamic social and commercial microfinance. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-09-2020-0267
Asmara, A., & Abubakar, Y. (2019). Pengelolaan wakaf uang dalam meningkatkan kesejahteraan masyarakat. Jurnal Ekonomi Syariah. Jurnal Ekonomi Syariah, 7(2), 101–115.
Aufa, M. A., Santoso, I., & Firdaus, M. (2023). Cash Waqf Linked Sukuk: Integrasi wakaf dan sukuk dalam pembangunan berkelanjutan di Indonesia. Journal of Islamic Economics.
Aufa, M. N., Ascarya, A., & Beik, I. S. (2023). Cash Waqf Linked Sukuk (CWLS): An innovative instrument for financing sustainable development goals in Indonesia. Journal of Islamic Monetary Economics and Finance, 9(1), 1–24.
Badan Wakaf Indonesia. (2021). Laporan Perkembangan Wakaf Uang di Indonesia 2021. https://bwi.go.id
Badan Wakaf Indonesia (BWI). (2021). Laporan Perkembangan Wakaf Uang di Indonesia 2021.
Badan Wakaf Indonesia (BWI). (2023). Peraturan Badan Wakaf Indonesia Nomor 1 Tahun 2023 tentang Pelaksanaan Wakaf Uang.
Badan Wakaf Indonesia and Otoritas Jasa Keuangan. (2025). Buku Putih Penguatan Regulasi dan Tata Kelola Wakaf Uang Digital di Indonesia.
Berakon, I., Nizam, N. I., & Hussin, M. Y. M. (2022). Determinants of intention to contribute cash waqf through digital platforms: Evidence from Indonesia. Journal of Islamic Marketing.
Berakon, I., Aji, H. M., & Hafizi, M. R. (2022). The impact of digitalization on Islamic philanthropy: The case of digital waqf in Indonesia. Journal of Islamic Marketing, 13(8), 1551–1573.
Bustami, A., Rahman, T., & Fadhil, M. (2020). Peningkatan literasi wakaf uang melalui media digital. Jurnal Ekonomi Dan Perbankan Syariah.
Bustami, M. R., Lubis, D., & Azhari, M. F. (2020). Capacity building for nadzir in the digital era: Challenges and strategies. Al-Awqaf: Jurnal Wakaf Dan Ekonomi Islam, 13(2), 78–95.
Gultom, S., & Mihajat, M. I. (2024). Cash Waqf Linked Deposit (CWLD) as an alternative instrument for sustainable Islamic finance. Journal of Islamic Economics and Finance Studies, 6(1), 101–120.
Gultom, Y., & Mihajat, M. S. (2024). Cash Waqf Linked Deposit (CWLD): An analysis of its potential and regulatory challenges in Indonesia. Al-Iqtishad: Journal of Islamic Economics, 16(1), 1–18.
Hariningsih, E., Putri, M. A., & Rahayu, D. S. (2024). Predatory journals and publication ethics in academic research. Journal of Scholarly Communication, 12(2), 55–68. https://doi.org/10.1080/xxxx
Hasan, R., Hassan, M. K., & Rashid, M. (2021a). A Crowdfunding Model for Waqf-Based Micro-Enterprises in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 595–613. https://doi.org/10.1108/IMEFM-05-2020-0226
Hasan, R., Hassan, M. K., & Rashid, M. (2021b). A framework for waqf crowdfunding model for disaster relief. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 545–563.
Hidayah, N., & Mutiara, D. (2022). Peran social influence terhadap adopsi wakaf uang berbasis digital di kalangan generasi milenial. Jurnal Ekonomi Syariah.
Lasda Bergman, E. M. (2012). Finding citations to social work literature: The relative benefits of using Web of Science, Scopus, or Google Scholar. Journal of Academic Librarianship, 38(6), 370–379. https://doi.org/10.1016/j.acalib.2012.08.002
Masrizal, H., Yuliana, S., & Putra, A. (2023). Optimalisasi wakaf uang melalui integrasi digital banking. Jurnal Ekonomi Islam, 14(2), 201–218.
Melis, A., Syahrul, M., & Nurfadila, L. (2025). Koordinasi kelembagaan dalam pengelolaan wakaf uang di Indonesia: Peran BWI dan lembaga keuangan syariah. Jurnal Ekonomi Syariah Indonesia, 13(1), 66–83.
Melis, S., Hudaefi, F. A., & Junari, U. S. (2025). Inter-institutional coordination in digital cash waqf management: A case study of Indonesia. International Journal of Islamic Economics and Finance, 8(1), 45–68.
Mohd Zaidi Md, Z., & Mustafa Omar, M. (2018). Examining the behavioral intention to participate in a Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah home financing model. Managerial Finance.
Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & Group, T. P. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097
Mukhlisin, M., & Mustafida, D. (2019). Public awareness on cash waqf: Challenges and opportunities in Indonesia. International Journal of Islamic Economics and Finance, 2(2), 145–160.
Mukhlisin, M., & Mustafida, R. (2019). Determinants of public trust in waqf institutions: A survey from Indonesia. Journal of Financial Crime, 26(4), 1155–1171.
Otoritas Jasa Keuangan (OJK). (2022). Roadmap Pengembangan Keuangan Syariah Indonesia 2022-2025.
Pusparini, R., Santoso, R., & Anwar, F. (2023). Peran media sosial dalam meningkatkan literasi wakaf uang: Studi pada platform YouTube. Jurnal Dakwah Dan Komunikasi Islam, 17(1), 91–108.
Rahmania, R., & Maulana, F. (2023). Inovasi digital dalam optimalisasi wakaf uang di Indonesia. Jurnal Keuangan Syariah, 9(2), 210–228.
Rahmania, S., & Maulana, H. (2023). Synergy among stakeholders in the management of digital cash waqf: Challenges and opportunities in Indonesia. Ziswaf: Jurnal Zakat Dan Wakaf, 10(1), 1–15.
Rocha, D., da Silva, F. A., & Campos, M. (2020). Predatory publishing: Awareness, perceptions, and practices among researchers. Scientometrics, 124(1), 567–589. https://doi.org/10.1007/s11192-020-03459-7
Sanusi, A., Hidayat, M., & Ramdani, Y. (2025). Digital literacy and intention to contribute to cash waqf among millennials in Indonesia. Journal of Islamic Philanthropy Studies, 4(1), 23–39.
Siswantoro, D., Al-awwali, I. M. Y., & Ahmad, G. N. (2023). The Determinants of Digital Waqf Acceptance on Millennial Generation in Indonesia. Journal of Islamic Accounting and Business Research, 14(5), 761–779. https://doi.org/10.1108/JIABR-02-2022-0043
Siswantoro, D., Dewi, M., & Rosdiana, H. (2023). The role of digital literacy and trust in millennial intention to donate cash waqf in Indonesia. Journal of Financial Services Marketing.
Wahyudi, M., Aziz, R., & Fajar, S. (2025). Digitalisasi wakaf uang: Peluang dan tantangan dalam pengelolaan wakaf produktif di Indonesia. Jurnal Ekonomi Islam, 16(2), 105–122.
Wahyudi, A. (2024). Thematic analysis as a methodological approach in interdisciplinary research. Indonesian Journal of Qualitative Studies, 9(1), 15–29. https://doi.org/10.14421/ijqs.2024.91
Wahyudi, R., Hasanah, U., & Pratiwi, A. D. (2025). The role of digital waqf platforms (Jadiberkah.id and Digital Wakaf Hasanah) in enhancing millennial participation: A comparative study. Journal of Digital Innovation in Islamic Philanthropy, 3(1), 33–52.
Wijaya, R. (2023). Potensi wakaf uang di Indonesia: Antara peluang dan tantangan. Jurnal Ekonomi Dan Bisnis Islam, 11(1), 77–93.
Wulandari, P., & Kassim, S. (2021a). The role of social media and fintech in promoting cash waqf: An Indonesian perspective. Journal of Islamic Monetary Economics and Finance, 7(1), 115–140.
Wulandari, P., & Kassim, S. (2021b). The Role of Social Media and Fintech in Promoting Cash Waqf: Evidence from Indonesia. Journal of Islamic Monetary Economics and Finance, 7(2), 415–438. https://doi.org/10.21098/jimf.v7i2.1336
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