ISSN: 2225-8329
Open access
Purpose: This study investigates the behavioral determinants influencing individuals’ intention to adopt the Crowdfunding-Waqf Model in Saudi Arabia. Grounded in the Islamic Theory of Consumer Behavior, it examines how religiosity, moral obligation, and Maqasid-based consumer values shape financial contribution intention toward participation in waqf-based crowdfunding initiatives. The research addresses the growing need to understand faith-driven motivations underpinning digital philanthropic behavior within Islamic social finance. Design/methodology/approach: A quantitative, cross-sectional survey design was employed, collecting data from 360 valid respondents through online questionnaires distributed via waqf institutions and Islamic finance networks. The data were analyzed using covariance-based Structural Equation Modeling (SEM) with AMOS version 24. Confirmatory Factor Analysis (CFA) was performed to assess construct reliability and validity, and the structural model was used to test hypothesized relationships among the study variables. Findings: The results indicate that the proposed model achieved an excellent fit (?²/df = 2.41, CFI = 0.95, TLI = 0.94, RMSEA = 0.06). Religiosity (? = 0.42, p < 0.001), moral obligation (? = 0.35, p < 0.001), and the Maqasid Consumer Index (? = 0.28, p < 0.01) each exert a significant and positive influence on financial contribution intention. The model explains 59% of the variance in financial contribution intention, indicating strong explanatory power and validating the relevance of moral–religious determinants in shaping philanthropic engagement. Originality/value: This study provides one of the earliest empirical validations of an integrative behavioral model explaining intention to engage in waqf crowdfunding. By merging religiosity, moral obligation, and maqasid-driven consumer values within the Islamic Theory of Consumer Behavior, it advances theoretical understanding of Islamic philanthropic behavior and contributes practical strategies for enhancing digital social finance ecosystems in Muslim societies.
Abdeldayem, M., & Aldulaimi, S. (2023). Developing an Islamic crowdfunding model: a new innovative mechanism to finance SMEs in the Middle East. International Journal of Organizational Analysis, 31(6), 2623-2644. DOI:10.1108/ijoa-02-2022-3159
Achsien, I. H., & Purnamasari, D. L. (2016). Islamic crowd-funding as the next financial innovation in Islamic finance: Potential and anticipated regulation in Indonesia. European Journal of Islamic Finance(5). DOI: https://doi.org/10.13135/2421-2172/1771
Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes, 50(2), 179-211. DOI:10.1016/0749-5978(91)90020-T
Al-Daihani, M., Che Abdullah, A. S., & Madun, A. (2024). Donors’ intentions to use crowdfunding-based waqf model in Kuwait: application of unified theory on acceptance and use of technology (UTAUT) model. Journal of Islamic Marketing, 15(10), 2461-2480. https://doi.org/10.1108/JIMA-01-2023-0022
Ali, Z., Anjum, G. M., Iqbal, J., & Ahmad, I. (2024). The role of Islamic values in promoting social justice and community welfare. International Research Journal of Management and Social Sciences, 5(1), 575-585.
Aliyu, S. U. (2019). Reflections on the socioecomic role of waqf in an Islamic economic system. IJUS| International Journal of Umranic Studies, 2(1), 31-43. https://doi.org/10.59202/ijus.v2i1.560
Allah Pitchay, A. (2022). Factors influence intention of management of Shariah-compliant companies to participate in Islamic voluntary charity. International Journal of Islamic and Middle Eastern Finance and Management, 15(5), 967-985. https://doi.org/10.1108/IMEFM-11-2019-0466
Allah Pitchay, A., Aboue Eliz, N. M., Ganesan, Y., Mydin, A.-A., Ratnasari, R. T., & Mohd Thas Thaker, M. A. (2022). Self-determination theory and individuals’ intention to participate in donation crowdfunding. International Journal of Islamic and Middle Eastern Finance and Management, 15(3), 506-526. https://doi.org/10.1108/IMEFM-08-2020-0424
Alsaad, A., Saif-Alyousfi, A. Y., & Elrehail, H. (2021). Religiosity, idealism, and ethical consumption: the mediating effect of perceived customer effectiveness and moral obligation. Journal of Social Marketing, 11(1), 25-43. https://doi.org/10.1108/JSOCM-07-2020-0116
Amin, H. (2017). Consumer behaviour of Islamic home financing: Investigating its determinants from the theory of Islamic consumer behaviour. Humanomics, 33(4), 517-548. https://doi.org/10.1108/H-12-2016-0102
Amin, H. (2019). The Islamic theory of consumer behaviour for ijarah home financing. Journal of Asia Business Studies, 13(4), 672-693. https://doi.org/10.1108/JABS-09-2018-0261
Amin, H., Abdul-Rahman, A.-R., & Abdul Razak, D. (2014). Theory of Islamic consumer behaviour: An empirical study of consumer behaviour of Islamic mortgage in Malaysia. Journal of Islamic Marketing, 5(2), 273-301. https://doi.org/10.1108/JIMA-06-2013-0042
Amini, N. H., & Muflih, M. (2020). The Effect of Religiosity and Financial Considerations on Behavioral Intention toward Islamic Banking Industry: The Mediating Role of Attitude. International Seminar of Science and Applied Technology (ISSAT 2020).DOI: 10.2991/aer.k.201221.091
Anderson, J. C., & Gerbing, D. W. (1988). Structural equation modeling in practice: A review and recommended two-step approach. Psychological bulletin, 103(3), 411. https: doi/10.1037/0033-2909.103.3.411
Andespa, R., Md Razak, M. I., Huda, Y., & Hulwati, H. (2024). Customer perspectives on reputable and accountable Islamic finance: a behavioural intention model with a meta-analysis SEM approach. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-05-2024-0300
Asutay, M., & Harningtyas, A. F. (2015). Developing Maqasid al-Shari’ah Index to evaluate social performance of Islamic Banks: A conceptual and empirical attempt. Uluslararas? ?slam Ekonomisi ve Finans? Ara?t?rmalar? Dergisi, 1(1), 5-64.
Asutay, M., & Yilmaz, I. (2021). Constituting an Islamic social welfare function: an exploration through Islamic moral economy. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 524-540. https://doi.org/10.1108/IMEFM-03-2019-0130
Azmat, S., & Subhan, M. (2022). Ethical foundations of the Islamic financial industry. Journal of business ethics, 180(2), 567-580.
Baah-Peprah, P. (2023). Explaining reward crowdfunding backers' intentions and behavior. Baltic Journal of Management, 18(2), 262-281. https://doi.org/10.1108/BJM-07-2022-0268
Baber, H. (2020). Intentions to participate in political crowdfunding-from the perspective of civic voluntarism model and theory of planned behavior. Technology in Society, 63, 101435. https://doi.org/10.1016/j.techsoc.2020.101435
Baraldi, A. N., & Enders, C. K. (2010). An introduction to modern missing data analyses. Journal of school psychology, 48(1), 5-37. https://doi.org/10.1016/j.jsp.2009.10.001
Byrne, B. M. (2016). Adaptation of assessment scales in cross-national research: Issues, guidelines, and caveats. International Perspectives in Psychology, 5(1), 51-65. https://doi.org/10.1037/ipp0000042
Creswell, J. W., & Creswell, J. D. (2017). Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Dariah, A. R., Sundaya, Y., & Malik, Z. A. (2014). Enriching the Theory of Factor Pricing and Income Distribution in Islamic Perspective. Journal Of Social Sciences Research, 5(3), 872-881.
Darmansyah, Fianto, B. A., Hendratmi, A., & Aziz, P. F. (2021). Factors determining behavioral intentions to use Islamic financial technology: Three competing models. Journal of Islamic Marketing, 12(4), 794-812. https://doi.org/10.1108/JIMA-12-2019-0252
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS quarterly, 319-340. https://doi.org/10.2307/249008
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research, 18(1), 39-50. doi/abs/10.1177/002224378101800104
Gursoy, D., Altinay, L., & Kenebayeva, A. (2017). Religiosity and entrepreneurship behaviours. International Journal of Hospitality Management, 67, 87-94. https://doi.org/10.1016/j.ijhm.2017.08.005
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(2), 387-399. Doi/ 10.1007/s10551-007-9502-5
Hair Jr, J., Black, W., Babin, B., & Anderson, R. (2019). CRS 714: Advanced Quantitative Research Methodology. CRS 714: Advanced Quantitative Research Methodology.
Hapsari, M. I., Bin Mohd Thas Thaker, M. A., Mohammed, M. O., & Duasa, J. (2022). A qualitative investigation into crowdfunding framework as a source of financing for waqf land development. Journal of Islamic Accounting and Business Research, 13(3), 425-443. https://doi.org/10.1108/JIABR-10-2020-0311
Hapsari, M. I., Mohd Thas Thaker, M. A. B., Mohammed, M. O., & Duasa, J. (2022). The likelihood of using crowdfunding-Waqf model in Malaysia. International Journal of Ethics and Systems, 38(4), 682-701. https://doi.org/10.1108/IJOES-07-2021-0150
Hapsari, P. (2024). Correlation between Islamic religiosity and mental well-being in students in the perspective of achieving sustainable development goals (SDGs). Profetika: Jurnal Studi Islam, 25(02), 363-374. https://doi.org/10.23917/profetika.v25i02.4363
Hassan, M. K., Irsyan, N. M., & Muneeza, A. (2023). The potential of Waqf-Blended finance using crowdfunding in Indonesia. International Journal of Islamic Thought, 24, 72-99.
Hervé, F., & Schwienbacher, A. (2019). Crowdfunding and innovation. Contemporary topics in finance: a collection of literature surveys, 331-349. https://doi.org/10.1002/9781119565178.ch11
Hu, L. t., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural equation modeling: a multidisciplinary journal, 6(1), 1-55. https://doi.org/10.1080/10705519909540118
Hwang, H. (2018). Do religion and religiosity affect consumers’ intentions to adopt pro?environmental behaviours? International Journal of Consumer Studies, 42(6), 664-674. https://doi.org/10.1111/ijcs.12488
Ibrahim, D., & Ibrahim, H. (2013). Revival of Waqf properties in Malaysia. The 5th Islamic Economics System Conference (iECONS 2013), Kuala Lumpur,
Jelili Amuda, Y., & Alabdulrahman, S. (2023). Reinforcing policy and legal framework for Islamic insurance in Islamic finance: towards achieving Saudi Arabia Vision 2030. International Journal of Law and Management, 65(6), 600-613. https://doi.org/10.1108/IJLMA-03-2023-0045
Juisin, H. A., Mohd Sayuthi, M. A. S., Amin, H., & Shaikh, I. M. (2023). Determinants of Shari’ah gold investment behaviour: the case of Penang, Malaysia. Journal of Islamic Marketing, 14(12), 3228-3246. https://doi.org/10.1108/JIMA-11-2021-0360
Kahf, M. (1978). The Islamic economy: Analytical study of the functioning of the Islamic economic system.
Kashif, M., Zarkada, A., & Thurasamy, R. (2017). The moderating effect of religiosity on ethical behavioural intentions: An application of the extended theory of planned behaviour to Pakistani bank employees. Personnel Review, 46(2), 429-448. https://doi.org/10.1108/PR-10-2015-0256
Khan, M. A. (1992). Theoretical studies in Islamic banking and finance. Theoretical Studies in Islamic Banking and Finance.
Khan, M. U. H. (2016). Saudi Arabia's vision 2030. Defence Journal, 19(11), 36.
Kline, R. B. (2023). Principles and practice of structural equation modeling. Guilford publications.
Kock, N. (2015). Common method bias in PLS-SEM: A full collinearity assessment approach. International Journal of e-Collaboration (ijec), 11(4), 1-10. DOI: 10.4018/ijec.2015100101
Kuran, T. (2001). The provision of public goods under Islamic law: Origins, impact, and limitations of the waqf system. Law & society review, 35(4), 841-897.
Kuran, T. (2016). Legal roots of authoritarian rule in the Middle East: Civic legacies of the Islamic waqf. The American Journal of Comparative Law, 64(2), 419-454. https://doi.org/10.5131/AJCL.2016.0014
Lahuri, S. B., & Lutfiah, A. (2024). Optimization of Cash Waqf-Based Crowdfunding: An Alternative Finance for Quality Education. Journal of Islamic Economics and Finance Studies, 5(1), 153-172.
Liang, T.-P., Wu, S. P.-J., & Huang, C.-c. (2019). Why funders invest in crowdfunding projects: Role of trust from the dual-process perspective. Information & Management, 56(1), 70-84. https://doi.org/10.1016/j.im.2018.07.002
Little, R. J., & Rubin, D. B. (2019). Statistical analysis with missing data. John Wiley & Sons.
Lowe, N. K. (2019). What is a pilot study? Journal of Obstetric, Gynecologic & Neonatal Nursing, 48(2), 117-118.
Mahmoud, M. A., Umar, U. H., Ado, M. B., & Kademi, T. T. (2024). Factors influencing the financial satisfaction of MSME owners: the mediating role of access to Islamic financing. Management Research Review, 47(3), 422-440. https://doi.org/10.1108/MRR-01-2022-0047
Mohd Thas Thaker, H., Khaliq, A., Ah Mand, A., Iqbal Hussain, H., Mohd Thas Thaker, M. A. B., & Allah Pitchay, A. B. (2021). Exploring the drivers of social media marketing in Malaysian Islamic banks: An analysis via smart PLS approach. Journal of Islamic Marketing, 12(1), 145-165. https://doi.org/10.1108/JIMA-05-2019-0095
Mohd Thas Thaker, M. A., Amin, M. F., Mohd Thas Thaker, H., Khaliq, A., & Allah Pitchay, A. (2021). Cash waqf model for micro enterprises’ human capital development. ISRA International Journal of Islamic Finance, 13(1), 66-83. https://doi.org/10.1108/IJIF-08-2018-0091
Mohd Thas Thaker, M. A., Mohd Thas Thaker, H., & Allah Pitchay, A. (2018). Modeling crowdfunders’ behavioral intention to adopt the crowdfunding-waqf model (CWM) in Malaysia: The theory of the technology acceptance model. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 231-249. https://doi.org/10.1108/IMEFM-06-2017-0157
Mohd Thas Thaker, M. A. B. (2018). Factors influencing the adoption of the crowdfunding-waqf model (CWM) in the waqf land development. Journal of Islamic Marketing, 9(3), 578-597. https://doi.org/10.1108/JIMA-05-2016-0043
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of business venturing, 29(1), 1-16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Muhammad, T., Al-Shaghdari, F., & Ibrahim, S. M. (2023). Islamic social finance in addressing poverty reduction and economic growth: Using structural equation modeling. The Journal of Muamalat and Islamic Finance Research, 179-191. https://doi.org/10.33102/jmifr.529
Naqvi, S. N. H. (2016). Perspectives on morality and human well-being: A contribution to Islamic economics (Vol. 24). Kube Publishing Ltd.
Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: a critical review of the literature and recommended remedies. Journal of applied psychology, 88(5), 879. https://doi.org/10.1037/0021-9101.88.5.879
Roccas, S., & Elster, A. (2013). Values and religiosity. In Religion, personality, and social behavior (pp. 193-212). Psychology Press.
Salim, M., Kassim, S., & Thaker, M. A. M. T. (2021). Factors influencing the acceptance of Islamic crowdfunding in Malaysia: A study of youth entrepreneurs. Pakistan Journal of Commerce and Social Sciences (PJCSS), 15(3), 443-475.
Schwadel, P., & Hardy, S. A. (2022). What aspects of religiosity are associated with values? Journal for the scientific study of religion, 61(2), 374-388. https://doi.org/10.1111/jssr.12777
Schwienbacher, A., & Larralde, B. (2012). Alternative types of entrepreneurial finance. https://doi.org/10.1093/oxfordhb/9780195391244.013.0013
Shaikh, I. M., Amin, H., & Ashiqin, N. (2024). Millennials’ acceptance towards Qard al-hasan: extending Islamic theory of consumer behaviour. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-04-2023-0126
Shneor, R. (2020). Crowdfunding models, strategies, and choices between them. In Advances in crowdfunding: Research and practice (pp. 21-42). Springer International Publishing Cham. https://doi.org/10.1007/978-3-030-46309-0
Shneor, R., & Vik, A. A. (2020). Crowdfunding success: a systematic literature review 2010–2017. Baltic Journal of Management, 15(2), 149-182. https://doi.org/10.1108/BJM-04-2019-0148
Shneor, R., Zhao, L., & Flåten, B.-T. (2020). Advances in crowdfunding: research and practice. Springer Nature. https://doi.org/10.1007/978-3-030-46309-0
Sholihin, M. (2025). The Consumer’s Exploitation of Islamic and Conventional Banks in Indonesia: An Applied-Maqashid Shariah Overview. Journal of Integrated Islamic Finance and Socio-Economic Systems, 1, 1-10. https://doi.org/10.1016/j.iref.2021.04.006
Steiger, J. H. (2007). Understanding the limitations of global fit assessment in structural equation modeling. Personality and Individual differences, 42(5), 893-898. https://doi.org/10.1016/j.paid.2006.09.017
Tam, T. S., & Yeung, S. (1999). Altruism, social responsibility, and government support for social welfare. Asia pacific Journal of Social work and development, 9(2), 79-95. https://doi.org/10.1080/21650993.1999.9756117
Tashfeen, M. A., Hussain Hamdani, S. N., & Bhatti, M. A. (2015). The Role of Religiosity in Philanthropic Behavior. Forman Journal of Economic Studies, 11. https://doi.org/10.32368/FJES.20151105
Tavakol, M., & Dennick, R. (2011). Making sense of Cronbach's alpha. International journal of medical education, 2, 53. https://doi.org/10.5116/ijme.4dfb.8dfd
Usman, H., Mulia, D., Chairy, C., & Widowati, N. (2022). Integrating trust, religiosity and image into technology acceptance model: the case of the Islamic philanthropy in Indonesia. Journal of Islamic Marketing, 13(2), 381-409. https://doi.org/10.1108/JIMA-01-2020-0020
Usman, M., Allah Pitchay, A., Azhar, Z., Shaharudin, M. S., & Ganesan, Y. (2025). The impact of Islamic banks’ non-Shariah-compliant income on customers’ trust and commitment: case of Islamic banks in Pakistan. Journal of Islamic Marketing, 16(5), 1349-1370. https://doi.org/10.1108/JIMA-03-2024-0102
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS quarterly, 425-478. https://doi.org/10.2307/30036540
Weston, R., & Gore Jr, P. A. (2006). A brief guide to structural equation modeling. The counseling psychologist, 34(5), 719-751. https://doi.org/10.1177/0011000006286345
Daoulhadj, B., Hussin, N., & Saqib, A. (2025). Determinants of Crowdfunding-Waqf Model Adoption in Saudi Arabia: The Role of Religiosity, Moral Obligation, and Maqasid Consumer Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, 15(4), 211–230.
Copyright: © 2025 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode