Tazkia Islamic Finance and Business Review

Factors Influencing Investors to Invest in the Sharia Capital Market

Rina Nur Shabrina, Rifki Ismal, Achmad Firdaus — Wed, 11 Dec 2024 00:00:00 +0000

This study aims to analyze the factors influencing individual investors' decision-making in the Indonesian Islamic Stock Exchange (BEI). The observed factors include Islamic financial literacy, Islamic investment literacy, and Islamic behavioral investment. This research employs descriptive analysis and causality testing using Structural Equation Modeling (SEM). A sample of 500 active retail investors in the Indonesian Islamic Capital Market was collected via Google Forms, and the data were analyzed using Confirmatory Factor Analysis (CFA). Hypotheses were tested through composite reliability analysis. The findings reveal that Islamic financial literacy, investment literacy, and behavioral investment have a positive and significant influence on investment decisions, with a determination coefficient of 0.79. However, the study also found that religious factors did not significantly affect investors' decision-making behavior.

Keywords: Islamic Financial Literacy, Islamic Investment Literacy, Islamic Behavioral Investment, Investment Decision

The Influence of Entrepreneurial Leadership, Entrepreneurship Competence on Sustainable Organizational Performance : The Mediation Role of Innovation Capability in MSME

Rifki Jundulloh, Yasmine Nasution — Tue, 31 Dec 2024 00:00:00 +0000

This research analyze the influence of entrepreneurial leadership and entrepreneurial competence on sustainable organizational performance in Micro, Small, and Medium Enterprises (MSMEs) in Indonesia, with innovation capability as a mediating variable. This study is based on the important role of MSMEs in the Indonesian economy growth, but many MSMEs have difficulty maintaining business sustainability, especially green MSMEs. This study aims to understand the factors that can improve sustainability performance that not only prioritize economic performance but must consider social performance and environmental performance, especially in the context of tight competition and increasing environmental awareness. The methodology used is a quantitative approach with a sample of 119 respondents from green MSME managers in Indonesia. This study uses Structural Equation Model (SEM) analysis, with the results of the research showing that entrepreneurial leadership and entrepreneurship competence have a positive effect on innovation capability, which ultimately has an impact on sustainable organizational performance. Innovation capability is proven to play a significant mediating role in the relationship between entrepreneurial leadership, entrepreneurship competence, and sustainable organizational performance. These findings are expected to help stakeholders in MSMEs to adopt innovative and green entrepreneurial leadership styles in order to achieve better desires of the green MSME sector in Indonesia.

Keywords: entrepreneurial leadership, entrepreneurship competence, innovation capability, sustainable organizational performance, green MSMEs

Gen-Z Acceptance of Mobile Banking for Sharia Bank: Do TAM-Model, Religiousity Intention, and Security Variables Matter?

Siti Khomsatun, Siti Salmah, Tri Nadia, Zubaidah Taslimah, Nova Dilsantuah — Fri, 13 Dec 2024 00:00:00 +0000

This research aims to obtain empirical evidence regarding the acceptance and use of mobile banking at Bank Syariah Indonesia (BSI) by Generation Z, as well as proving what factors encourage Generation Z customers to adopt mobile banking in BSI. This research collected data from 100 BSI customers by Generation Z in Bogor, Indonesia. The research adopts Structural Equation Model-Partial Least Square (SEM-PLS) to link perceived usefulness, perceived ease of use, religiosity, satisfaction, security, intention to use and adoption of mobile banking. The results of this research reveal that the integration of the Technology Acceptance Model (TAM), Religious Intention Model and security variables in the Technology Based Factor (TBF) provides a more comprehensive explanation regarding the adoption of mobile banking by Generation Z customers of BSI. In addition to perceived usefulness and perceived ease of use, the results of this study emphasize the importance of security in mobile banking adoption. This research provides implications for BSI managers to improve their adoption of mobile banking services. Bank management needs to place special emphasis on security aspects in the development and promotion of Mobile Banking, as well as identify and implement effective security measures to protect customer data and transactions. This research is the first attempt to integrate the TAM model, Religious Intention Model and security variables in TBF to assess BSI mobile banking adoption.

Can Islamic Banking be an Alternative to Conventional Banking? A Survey on the Opinion of Depositors in Bangladesh

Md Atiqul Islam, Noor-E-Sabiha Noor-E-Sabiha, Farhad Hossain — Fri, 13 Dec 2024 00:00:00 +0000

Given its distinct principles of banking operation, a general concern of research on Islamic finance is whether the Islamic banking is an alternative approach to the conventional banking. In an attempt to address the concern, this study aims to survey depositors’ reviews on product and service of their Islamic banks (IB). A respondent group of 395 depositors is selected for the survey from different IBs in Rajshahi city of Bangladesh. The Likert scale approach and data visualization method are used to analyse the depositors’ opinion and survey findings respectively. Around 51 percent of the total respondents are operating deposit accounts in both Islamic and conventional banks. This survey finds that, the depositors highly value the fundamental principle, prompt service facility, efficient customer management services and business reputation while selecting the Islamic banking as a preferred banking approach. However, to be a viable alternative and satisfy their depositors, IBs need to improve the transparency factor in investment risk and ensure effective management of banking services. This study has practical implications for Islamic financial institutions operating in Bangladesh.

The Emergence of Halal Fashion: Empowering Women Entrepreneurs in Indonesia

Jimmi Qizwini, Husnul Khatimah, Hardiansyah Hardiansyah — Mon, 30 Dec 2024 00:00:00 +0000

The rise of halal fashion in Indonesia has significantly shaped the modest fashion industry and provided a unique platform for women entrepreneurs to thrive. As global demand for modest and ethical fashion increases, Indonesia stands out as a leader, with its halal fashion brands spearheading both local and international markets. This study explores how the growth of Indonesia’s halal fashion industry has empowered women entrepreneurs by fostering economic opportunities, promoting cultural identity, and encouraging entrepreneurial innovation. The primary objective of the study is to assess how these women navigate the complexities of the halal fashion market while driving significant social and economic change. The novelty of this research lies in its focus on Indonesian women entrepreneurs, an underexplored segment in the global halal fashion landscape. While previous studies have examined the growth of halal fashion, few have focused on how women entrepreneurs are leveraging this industry for empowerment and socio-economic advancement. Using a qualitative case study approach, the research draws on secondary data from academic literature, industry reports, and media publications. It focuses on the impact of prominent Indonesian brands, such as Dian Pelangi, Shafira and Ria Miranda, highlighting their role in challenging societal norms and creating inclusive business models.The findings reveal that Indonesian halal fashion brands not only contribute to economic empowerment but also promote gender equality and cultural pride. These women-led businesses are reshaping the global modest fashion industry while providing a framework for future entrepreneurs.