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Crowdfunding And Islamic Securities: The Role Of Financial Literacy

Author

Listed:
  • Rifaldi Majid

    (Department of Islamic Economics, Universitas Airlangga, Indonesia)

  • Rizky Aditya Nugraha

    (Department of Accounting, Brawijaya University, Indonesia)

Abstract

This study investigates the effect of Islamic Financial Literacy (IFL) on the intention of prospective Muslim investors to invest through the Islamic securities crowdfunding FinTech (I-SCF FinTech) platform. Using data gathered from 100 respondents and employing the Partial Least Square – Structural Equation Modeling, we find IFL to have a significant effect on behavioral intention. The results of this study should benefit those involved in the I-SCF FinTech. Further, they point to the need to strengthen product and contract literacy and the importance of supervision and implementation of contracts that are in line with sharia principles through synergy between the Financial Service Authority (OJK) and the crowdfunding FinTech associations as well as relevant stakeholders.

Suggested Citation

  • Rifaldi Majid & Rizky Aditya Nugraha, 2022. "Crowdfunding And Islamic Securities: The Role Of Financial Literacy," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 8(1), pages 89-112, February.
    • Handle: RePEc:idn:jimfjn:v:8:y:2022:i:1e:p:89-112
    DOI: https://doi.org/10.21098/jimf.v8i1.1420
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    More about this item

    Keywords

    Islamic securities crowdfunding fintech; Intention; Islamic financial literacy; Moslem investors;
    All these keywords.

    JEL classification:

    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • M51 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Firm Employment Decisions; Promotions

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