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Purpose - The study aims to evaluate the potential of the CWLS Retail instrument to promote socioeconomic development in Indonesia in the Islamic social finance system. Methodology - Qualitative descriptive approaches are used in this study to investigate government papers, scientific publications on the subject, and the outcomes of previous studies. Findings – Indonesia expands its Islamic finance investor base, particularly among the millennial generation (Gen-Y), CWLS. Indonesia's commitment to advancing the National Waqf Movement, encouraging social investment, and growing productive waqf in Indonesia is demonstrated by the issuance of CWLS Retail. It was found that CWLS had a significant impact on the socioeconomic development of Indonesia. Conclusion – Indonesia needs to expand its investor base and promote CWLS Retail product innovation, considering divergent opinions among scholars. CWLS Retail innovation can be further developed using various models to adjust a region's or country's social and economic structure.
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Khalifah et al. (2023) studied this question.
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