http://rwe.sciedupress.com Research in World Economy Vol. 10, No. 2; Special Issue, 2019 Published by Sciedu Press 26 ISSN 1923-3981 E-ISSN 1923-399X Comparative Analysis of Waqf Generosity Index (WGI) in Generation Y and Z Hazriah Hasan 1 , Ismail Ahmad 2 & Nur Aisyah Ghazali 2 1 Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan, Malaysia 2 Arshad Ayub Graduate Business School (AAGBS), UiTM Shah Alam, Malaysia Correspondence: Hazriah Hasan, Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan, Malaysia. Received: May 1, 2019 Accepted: June 1, 2019 Online Published: July 7, 2019 doi:10.5430/rwe.v10n2p26 URL: https://doi.org/10.5430/rwe.v10n2p26 Abstract As the Islamic endowment (Waqf) has been practiced throughout the world, it is a challenge to measure the level of the generosity index on its practice. In fact, the awareness in performing Waqf among Muslims especially in the Generations Y and Z are important since it is valuable to the Muslims and concurrently can help those needy people. The study objective is to develop the generosity index among the two generations’ classifications. The variables that have been selected in this study namely trust, altruism, personal characteristics, self-image, religious value, psychological benefits, social norms, personal satisfaction and commitment. Total of 450 questionnaires managed to be collected from Generations Y and Z respondents in Klang Valley area. Rasch Measurement Model was employed to analyze the data. The construct was found reliable with Cronbach Coefficient Alpha of 0.94. The statistical indicators such Point Measure Correlation (PtMea Corr) and Person Item Distribution Map (PIDM) revealed that all the two generations have different results for their generosity index. This can be relating where each generation having their own behavior traits in attitudes and intentions. The implication of this paper provides evidence of the usefulness of Rasch Measurement Model in identifying the Generations Y and Z generosity index on Waqf or named as Waqf Generosity Index (WGI). Keywords: generosity index, Waqf, GenY and GenZ, rasch measurement model 1. Introduction Waqf; as holding a property and preventing its consumption for the purpose of repeatedly extracting its usufruct for the benefit of an objective representing righteousness and philanthropy (Abdul Ghafar, M.H, 2013; Muhtada, D, 2014). Waqf is the permanent dedication by a Muslim, of any property for any purpose recognized by Islamic law as religious, pious or charitable. Muslims throughout the world are exposed to the Waqf practice, but it is difficult to measure the level of their generosity value on the practice. Each generation living today has come of age with profoundly different experiences concerning charitable giving behavior (Mansfield, 2014; Teh, et.al 2018). GenY came on age during the rise of Internet communications and increasingly shun print communications and fundraising while adapting quickly to the new trends in mobile and social giving. While Gen Z is not yet influential on fundraising campaigns, non-profits that work in education, child services, and youth empowerment should be laying a foundation now for future outreach. In Malaysia, there is an increasing number of Waqf properties given by the Muslims from time to time. Due to such scenario, the development of the Waqf in Malaysia needs to be monitored as to maintain the good practice and governance of Waqf institutions (Raimi, L., Patel, A., & Adolopo, I., 2014) and projecting towards excellence of the whole nation. Lack of awareness toward philanthropic attributes resulted to a lower charity giving in Islam (Harun, Possumah, Shafiai, & Noor, 2016; Tronzano, 2018). Therefore, the rate of generosity value of GenY and GenZ has been highlighted as one of the vital and indispensable contemplations in portraying the commitment conduct toward philanthropic attributes in Malaysia. 2. Literature Review 2.1 Islamic Philanthropy and Its Attributes Islamic philanthropy covers beyond compulsory charity. It is important to note that Islam has a different perspective on wealth. All Muslims are encouraged to maximize their wealth according to the Shariah principles (Zakaria, Samad, & Shafii', 2012). By means of such act of giving, the wealth gap within and among the societies can be