Determinants of Muslim Student Investment Interest in Islamic Securities Crowdfunding Platforms in Semarang City (Jambura Economic Education Journal)

Summary

• The national financial literacy index reached 66.46% and the financial inclusion index reached 80.51% in 2025.p.2
• Total funding raised through Securities Crowdfunding (SCF) stood at Rp1.33 trillion, but Islamic SCF platforms represented a low contribution.p.3
• Through late 2024, only 177 Small and Medium Enterprises (SMEs) received funding via Islamic SCF platforms, with a total issuance value of Rp715.47 billion.p.3
• OJK reported that in 2025, the Islamic financial literacy rate in Indonesia was 43.42%, whereas the Islamic financial inclusion rate was 13.41%.p.3
• The study surveyed 351 Muslim student respondents in Semarang City using SEM-PLS to analyze determinants of investment intention.p.1
• Structural equation modeling revealed an R-square of 0.499 and Q² predict of 0.483 for the Investment Intention construct.p.18

Key insights

1. Only two SCF providers licensed by OJK fully adopt a sharia-compliant business model: PT. Shafiq Digital Indonesia and PT. LBS Urun Dana.p.3
2. In Semarang City, the estimated number of Muslim university students is 249,588 out of a total student population of 253,913 in the 2021/2022 academic year.p.3
3. Risk and return has a significant positive effect on students' investment interest in I-SCF platforms.p.19
4. Perceived ease of use positively and significantly influences Muslim students' investment intention.p.19
5. Sharia compliance exerts a significant positive influence on student investment interest in I-SCF platforms.p.19
6. Islamic financial literacy does not show a significant direct effect on investment intention in this study.p.19
7. Herding behavior has no significant direct impact on students' investment interest on I-SCF platforms.p.19
8. The construct of Investment Intention recorded a low mean score of -2.849 among surveyed respondents.p.16