Determinants of Generation Z’s Investment Intention in Islamic Capital Market
Keywords:
Islamic capital market literacy, Financial inclusion, Religiosity, Investment intention, Generation Z, Islamic financeAbstract
Generation Z represents a digitally literate cohort with significant potential to participate in the investment ecosystem, yet their engagement in the Islamic capital market remains relatively low. This study aims to examine the influence of Islamic capital market literacy, financial inclusion, and religiosity on Generation Z’s investment intention in the Islamic capital market within the DKI Jakarta area. Islamic capital market literacy is expected to enhance individuals’ understanding and confidence in sharia-compliant investment products, while financial inclusion facilitates access to financial services that support investment decisions. Religiosity, reflecting one’s commitment to Islamic values, is also considered a key determinant influencing ethical and compliant investment behavior. Using a purposive sampling technique, 200 respondents from Generation Z were surveyed through structured questionnaires. Data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) approach with SmartPLS version 4.0. The findings demonstrate that Islamic capital market literacy, financial inclusion, and religiosity each have a positive and significant effect on investment intention, both individually and collectively. The study contributes to behavioral finance literature in the Islamic context and provides practical insights for regulators, educational institutions, and financial service providers to design targeted literacy and inclusion programs that align with religious values, thereby encouraging greater participation of young investors in the Islamic capital market.
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