Purpose

To better understand the characteristics of Indonesian Muslims, this study uses cluster analysis to group upper-middle-class Muslims based on psychographic variables related to participation in cash waqf for productive purposes.

Design/methodology/approach

This study used mixed methods to build and analyse the segmentation of upper-middle-class Muslims towards cash waqf and propose scenarios for a cash waqf model based on the findings.

Findings

This study identified six clusters for upper-middle-class Muslims related to the participation in cash waqf for productive purposes. All clusters show heterogeneous values of all factors. Although relatively few Muslims perform cash waqf for productive purposes, the high scores for the economic rational, family and community factors indicate great potential for the development of various cash waqf models for investment purposes. The next challenge will lie in reviewing the “one-fits-all strategy” in the development of program, education and socialisation. Based on the findings, this study proposes three scenarios of cash waqf participation: as wakif only (waqf donor), investor only (capital provider) and hybrid participation (waqf donor and capital provider).

Research limitations/implications

The limitation of this study is the location and object of the sample are only Muslims in Indonesia who are categorised as upper-middle class in terms of their monthly income. Based on this study’s findings, other Muslim-majority countries worldwide have the potential to develop a cash waqf model that is integrated with financial instruments and involves the role of Islamic banking and other Islamic commercial institutions in future research development. Researchers can also attempt to include a simulation or experiment method to construct and validate the proposed cash waqf model based on this study’s findings and to explore other factors that have not been addressed.

Practical implications

The findings of this study can contribute as a foundation for the development of a cash waqf model and business-marketing strategy to increase the participation of upper-middle-class Muslims.

Social implications

The findings of this study will support the acceleration of cash waqf collection for investment initiatives, which in turn will have a broader social and economic impact nationally.

Originality/value

To the best of the authors’ knowledge, this study constitutes the first attempt to specifically investigate upper-middle-class Muslim segmentation toward cash waqf participation for productive purposes. This study’s knowledge is helpful for various stakeholders such as academia, the Islamic banking industry, regulators and the Muslim community about customer segmentation to Islamic banking products and services related to cash waqf.

中文翻译：

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中上阶层穆斯林出于生产目的参与现金宗教基金（伊斯兰捐赠基金）的特征：一刀切的策略仍然有效吗？

目的

为了更好地了解印度尼西亚穆斯林的特征，本研究使用聚类分析，根据与出于生产目的参与现金宗教基金相关的心理变量，对中上阶层穆斯林进行分组。

设计/方法论/途径

本研究使用混合方法来构建和分析中上层穆斯林对现金宗教基金的细分，并根据研究结果提出现金宗教基金模型的方案。

发现

这项研究确定了中上层穆斯林的六个群体，这些群体与出于生产目的而参与现金宗教基金有关。所有聚类都显示所有因素的异质值。尽管出于生产目的而进行现金宗教基金的穆斯林相对较少，但经济理性、家庭和社区因素的高分表明出于投资目的开发各种现金宗教基金模式的巨大潜力。下一个挑战将在于审查项目、教育和社会化发展中的“一刀切战略”。根据调查结果，本研究提出了现金宗教基金参与的三种情景：仅作为宗教基金（宗教基金捐助者）、仅作为投资者（资本提供者）和混合参与（宗教基金捐助者和资本提供者）。

研究局限性/影响

本研究的局限性在于样本的地点和对象仅限于印度尼西亚的穆斯林，他们的月收入属于中上阶层。根据这项研究的结果，世界上其他穆斯林占多数的国家有潜力开发一种与金融工具相结合的现金宗教基金模式，并涉及伊斯兰银行和其他伊斯兰商业机构在未来研究发展中的作用。研究人员还可以尝试采用模拟或实验方法来构建和验证基于本研究结果的拟议现金宗教基金模型，并探索尚未解决的其他因素。

实际影响

这项研究的结果可以为开发现金宗教基金模式和商业营销策略奠定基础，以提高中上阶层穆斯林的参与度。

社会影响

这项研究的结果将支持加速宗教基金的现金募集以用于投资计划，这反过来将在全国范围内产生更广泛的社会和经济影响。

原创性/价值

据作者所知，本研究首次尝试专门调查中上阶层穆斯林出于生产目的而参与现金宗教基金的划分。这项研究的知识有助于学术界、伊斯兰银行业、监管机构和穆斯林社区等各利益相关者对与现金宗教基金相关的伊斯兰银行产品和服务进行客户细分。