Determinant factor of crowdfunders’ behavior in using crowdfunding waqf model in Indonesia: two competing models

Masrizal, Raditya Sukmana, Budi Trianto, Annisa Masruri Zaimsyah

Research output: Contribution to journalArticlepeer-review

7 Citations (Scopus)


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.

Original languageEnglish
Pages (from-to)1793-1816
Number of pages24
JournalJournal of Islamic Marketing
Issue number7
Publication statusPublished - 7 Jun 2023


  • Crowdfunder behavior
  • Sustainable development goals
  • Technology acceptance model
  • Theory of acceptance
  • Use of technology
  • Waqf


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