Article Sidebar

Download
Full text PDF
Statistic
Read Counter : 788 Download : 910

Downloads

Download data is not yet available.

Main Article Content

Abstract

Purpose – This study aims to examine the factors that affect the younger generation's use of the Bibit platform to invest in sharia mutual funds.
Methodology – This study relies on primary data from 300 people aged 17 to 40 who used the Bibit platform to invest in sharia mutual funds and the study used Structural Equation Modelling Partial Least Squares (SEM-PLS) to analyze the relationship between independent variables and dependent variables using the SmartPLS 3.2.9 application. Data transformation is supported by Microsoft Excel 2019 and IBM SPSS Statistics 25.
Finding – It has been discovered that a variety of factors, including behavioral goals, social influence, attitudes toward use, perceived risks, and perceived rewards all have an impact on whether or not the young generation uses the Bibit platform for investing in Islamic mutual funds.
Implication – This research will assist stakeholders in developing strategies and policies to increase demand for sharia instruments among the younger generation.
Originality – Indonesia's population is dominated by the younger generation who are the main potential investors in the future. This research contributes to attracting young investors to invest in Islamic mutual funds in Indonesia so that Islamic finance is increasingly developed.

Keywords

Bibit platform, investment, Islamic mutual funds, Technology Acceptance Model

Article Details

License

Copyright (c) 2022 Deni Lubis, Kurnia Tri Wahyuni, Yekti Mahanani, Aditya Hadad Riyadi

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
How to Cite
Lubis, D., Tri Wahyuni, K. ., Mahanani, Y., & Riyadi, A. H. (2022). Why does the young generation invest in sharia mutual funds on the Bibit platform?. Jurnal Ekonomi & Keuangan Islam, 8(2), 264–279. https://doi.org/10.20885/JEKI.vol8.iss2.art9
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX
Crossref
Scopus
Google Scholar
Europe PMC

References

  1. Abdullah, F., Ward, R., & Ahmed, E. (2016). Investigating the influence of the most commonly used external variables of TAM on students’ perceived ease of use (PEOU) and perceived usefulness (PU) of e-portfolios. Computers in human behavior, 63, 75-90. https://doi.org/10.1016/j.chb.2016.05.014
  2. Akinwale Y.O., & Kyari A.K., (2022). Factors influencing attitudes and intention to adopt financial technology services among the end-users in Lagos State, Nigeria. African Journal Science Technol Innovation and Development. 14(1), 272–279. https://doi.org/10.1080/20421338.2020.1835177.
  3. Alam S.S, Janor H, Zanariah, Wel C.A.C, Ahsan M.N. (2012). Is religiosity an important factor in influencing the intention to undertake Islamic home financing in Klang Valley?. World Applied Sciences Journal. 19(7), 1030–1041. https://doi.org/10.5829/idosi.wasj.2012.19.07.392
  4. Amin, M., Rezaei, S., & Abolghasemi, M., (2014). User satisfaction with mobile websites: The impact of perceived usefulness (PU), perceived ease of use (PEOU), and trust. Nankai Business Review International, 5(3), 258-274. https://doi.org/10.1108/NBRI-01-2014-0005
  5. Ardiana, T. E., & Chamidah, S., (2020). The influence of minimum investment capital, risk perception of students investment in Indonesia capital market. International Journal of Economics, Business, and Accounting Research (IJEBAR), 4(03). https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/1248
  6. Badan Pusat Statistik [BPS]. (2021). Hasil sensus penduduk 2020. https://www.bps.go.id/pressrelease/2021/01/21/1854/hasil-sensus-penduduk-2020.html
  7. Caffaro, F., & Cavallo, E., (2019). The effects of individual variables, farming system characteristics and perceived barriers on actual use of smart farming technologies: Evidence from the Piedmont region, Northwestern Italy. Agriculture. 9(5), 111. https://doi.org/10.3390/agriculture9050111
  8. Chao, C. M. (2019). Factors determining the behavioral intention to use mobile learning: An application and extension of the UTAUT model. Frontiers in Psychology, 10, 1652. https://doi.org/10.3389/fpsyg.2019.01652
  9. Chauhan, V., Yadav, R., & Choudhary, V. (2019). Analyzing the impact of consumer innovativeness and perceived risk in internet banking adoption: A study of Indian consumers. International Journal of Bank Marketing, 37(1), 323-339. https://doi.org/10.1108/IJBM-02-2018-0028
  10. Chircop, J., Johan, S., & Tarsalewska, M. (2020). Does religiosity influence venture capital investment decisions?. Journal of Corporate Finance, 62, 101589. https://doi.org/10.1016/j.jcorpfin.2020.101589
  11. Arif Gunawan & Eqqi Syahputra. (2021, November 15). Bibit dinobatkan jadi the best fintech company. CNBC Indonesia. https://www.cnbcindonesia.com/tech/20211115083541-37-291446/bibit-dinobatkan-jadi-the-best-fintech-company-2021
  12. Coşgel, M. M., & Minkler, L. (2004). Religious identity and consumption. Review of Social Economy, 62(3), 339-350. https://doi.org/10.1080/0034676042000253945
  13. Crespo, Á. H., Del Bosque, I. R., & de los Salmones Sánchez, M. G. (2009). The influence of perceived risk on Internet shopping behavior: a multidimensional perspective. Journal of Risk Research, 12(2), 259-277. https://doi.org/10.1080/13669870802497744
  14. Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 319-340. https://doi.org/10.2307/249008
  15. Elfakhani, S. M., Hassan, M. K., & Sidani, Y. M. (2007). 16 Islamic mutual funds. Handbook of Islamic Banking, 256, 464. https://doi.org/10.4337/9781847205414
  16. Hair J.F, Hult G.T, Ringle C, & Sarstedt M., (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) [Second Edi]. SAGE Publications.
  17. Hirschman, E. C. (1981). American Jewish ethnicity: Its relationship to some selected aspects of consumer behavior. Journal of Marketing, 45(3), 102–110. https://doi.org/10.1177%2F002224298104500308
  18. Hsu, C. L., & Lin, J. C. C. (2008). Acceptance of blog usage: The roles of technology acceptance, social influence, and knowledge sharing motivation. Information & Management, 45(1), 65-74. https://doi.org/10.1016/j.im.2007.11.001
  19. Huang, F., Teo, T., & Scherer, R. (2022). Investigating the antecedents of university students' perceived ease of using the internet for learning. Interactive Learning Environments, 30(6), 1060-1076. https://doi.org/10.1080/10494820.2019.1710540
  20. Huei, C. T., Cheng, L. S., Seong, L. C., Khin, A. A., & Bin, R. L. L. (2018). Preliminary study on consumer attitude towards fintech products and services in Malaysia. International Journal of Engineering & Technology, 7(2.29), 166-169. https://doi.org/10.14419/ijet.v7i2.29.13310
  21. Ichwan, I., & Kasri, R. A. (2019). Why are youth intent on investing through peer-to-peer lending? Evidence from Indonesia. Journal of Islamic Monetary Economics and Finance, 5(4), 741-762. https://doi.org/10.21098/jimf.v5i4.1157
  22. Islami, M. M., Asdar, M., & Baumassepe, A. N. (2021). Analysis of perceived usefulness and perceived ease of use to the actual system usage through attitude using online guidance application. Hasanuddin Journal of Business Strategy, 3(1), 52-64. https://doi.org/10.26487/hjbs.v3i1.410
  23. Istiarni, P. R. D., & Hadiprajitno, P. B. (2014). Mobile banking dengan sikap penggunaan sebagai variabel (Studi empiris: Nasabah layanan mobile banking di Indonesia). Diponegoro Journal of Accounting, 3(2), 1-10. https://ejournal3.undip.ac.id/index.php/accounting/article/view/6155/5942
  24. Joo, Y. J., Park, S., & Lim, E. (2018). Factors influencing preservice teachers’ intention to use technology: TPACK, teacher self-efficacy, and technology acceptance model. Journal of Educational Technology & Society, 21(3), 48-59. https://www.jstor.org/stable/26458506
  25. Khan, M. F. (2007). Setting standards for shariah application in the Islamic financial industry. Thunderbird International Business Review, 49(3), 285-307. https://doi.org/10.1002/tie.20145
  26. Kim, D. J., & Ferrin, D. L. ve Rao, H.R., (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44(2), 544-564. https://doi.org/10.1016/j.dss.2007.07.001
  27. Kulviwat, S., Bruner II, G. C., & Al-Shuridah, O. (2009). The role of social influence on adoption of high-tech innovations: The moderating effect of public/private consumption. Journal of Business Research, 62(7), 706-712. https://doi.org/10.1016/j.jbusres.2007.04.014
  28. Kustodian Sentral Efek Indonesia [KSEI]. (2021). Statistik pasar modal Indonesia Desember 2021. https://www.Kus.co.id/files/Statistik_Publik_Januari_2021.pdf.
  29. Lu, H. P., Hsu, C. L., & Hsu, H. Y. (2005). An empirical study of the effect of perceived risk upon intention to use online applications. Information management & computer security, 13(2), 106-120. https://doi.org/10.1108/09685220510589299
  30. Mahdzan, N. S., Zainudin, R., Hashim, R. C., & Sulaiman, N. A. (2017). Islamic religiosity and portfolio allocation: The Malaysian context. International Journal of Islamic and Middle Eastern Finance and Management, 10 (3), 434-452. https://doi.org/10.1108/IMEFM-11-2016-0162
  31. Majid, R. (2021). The role of religiosity in explaining the intention to use Islamic fintech among MSME actors. International Journal of Islamic Economics and Finance (IJIEF), 4(2), 207-232. https://doi.org/10.18196/ijief.v4i2.11833
  32. Mansour, W., & Jlassi, M. (2014). The effect of religion on financial and investing decisions. Investor behavior: The psychology of financial planning and investing, 135-151. https://doi.org/10.1002/9781118813454.ch8
  33. Marisa, O. (2020). Persepsi kemudahan penggunaan, efektivitas, dan risiko berpengaruh terhadap minat bertransaksi menggunakan financial technology. Jurnal Administrasi Kantor, 8(2), 139-152. https://doi.org/10.51211/jak.v8i2.1448.
  34. Moslehpour, M., Pham, V. K., Wong, W. K., & Bilgiçli, İ. (2018). E-purchase intention of Taiwanese consumers: Sustainable mediation of perceived usefulness and perceived ease of use. Sustainability, 10(1), 234. https://doi.org/10.3390/su10010234
  35. Mutamimah & Sueztianingrum, R.Y. (2021). Financial technology and Islamic mutual funds investment. In: Barolli, L., Yim, K., Enokido, T. (eds) Complex, intelligent and software intensive systems. Lecture Notes in Networks and Systems, 278. Springer, Cham. https://doi.org/10.1007/978-3-030-79725-6_44
  36. Nabilah A.M, & Dewi G. (2021). Legal review of sharia mutual fund investment unit sales through online application by mutual fund selling agent (APERD). Proc Asia-Pacific Res Soc Sci Humanit Univ Indones Conf (APRISH 2019). 558, 734–739. https://doi:10.2991/assehr.k.210531.092.
  37. Oktavendi, T. W. (2020). Islamic financial technology usage: An investing perspectives on Generation Z. Riset Akuntansi dan Keuangan Indonesia, 5(2), 151-158. http://eprints.umm.ac.id/id/eprint/80558
  38. Otoritas Jasa Keuangan. (2020a). Laporan perkembangan keuangan syariah Indonesia 2020. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/laporan-perkembangan-keuangan-syariah-indonesia/Documents/LAPORAN%20PERKEMBANGAN%20KEUANGAN%20SYARIAH%20INDONESIA%202020.pdf
  39. Otoritas Jasa Keuangan. (2020b.) Laporan perkembangan pasar modal syariah 2020. https://pasarmodalsyariah.id/storage/files/laporan-perkembangan-pasar-modal-syariah-2020-1620344869.pdf.
  40. Otoritas Jasa Keuangan. (2021). Peraturan otoritas jasa keuangan Republik Indonesia nomor 13 /POJK.02/2018 tentang inovasi keuangan digital di sektor jasa keuangan. https://www.ojk.go.id/id/regulasi/Documents/Pages/Inovasi-Keuangan-Digital-di-Sektor-Jasa-Keuangan/pojk%2013-2018.pdf
  41. Otoritas Jasa Keuangan. (2021b). Statistik bulanan pasar Mmodal-July 2021. https://www.ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Pages/Statistik-Bulanan-Pasar-Modal---Juli-2021.aspx
  42. Otoritas Jasa Keuangan. (2021a). Statistik Reksa Dana Syariah - Desember 2021. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/reksa-dana-syariah/Documents/Pages/Statistik-Reksa-Dana-Syariah---Desember-2021/Statistik Reksa Dana Syariah Desember.pdf.
  43. Pardiansyah, E. (2017). Investasi dalam perspektif ekonomi Islam: Pendekatan teoritis dan empiris. Economica: Jurnal Ekonomi Islam, 8(2), 337-373. https://doi.org/10.21580/economica
  44. Park, J., Ahn, J., Thavisay, T., & Ren, T. (2019). Examining the role of anxiety and social influence in multi-benefits of mobile payment service. Journal of Retailing and Consumer Services, 47, 140-149. https://doi.org/10.1016/j.jretconser.2018.11.015
  45. Pew Forum (2012). The global religious landscape. https://www.pewresearch.org/religion/2012/12/18/global-religious-landscape-exec/
  46. Putra, A., & Mawardi, W. (2017). Pengaruh non interest income, growth of asset, loan to asset, CAR, dan loan loss provision to asset terhadap risiko bank. Diponegoro Journal of Management, 6(4), 161-174. https://ejournal3.undip.ac.id/index.php/djom/article/view/17951/17024
  47. Rattanaburi, K., & Vongurai, R. (2021). Factors influencing actual usage of mobile shopping applications: Generation Y in Thailand. The Journal of Asian Finance, Economics and Business, 8(1), 901-913. https://doi.org/10.13106/jafeb.2021.vol8.no1.901
  48. Revythi, A., & Tselios, N. (2019). Extension of technology acceptance model by using system usability scale to assess behavioral intention to use e-learning. Education and Information Technologies, 24(4), 2341-2355. https://doi.org/10.1007/s10639-019-09869-4
  49. Roscoe, J. T., & Byars, J. A. (1971). An investigation of the restraints with respect to sample size commonly imposed on the use of the chi-square statistic. Journal of the American Statistical Association, 66(336), 755-759. https://doi.org/10.1080/01621459.1971.10482341
  50. Sa'diyah, C., & Pratika, Y. (2022). Understanding the intention of millennial generation on investment through the financial technology application. International Journal of Economics, Business, and Accounting Research (IJEBAR), 6(2). https://jurnal.stie-aas.ac.id/index.php/IJEBAR
  51. Sakinah (2014). Investasi dalam Islam. Iqtishadia. 1(2), 248–262. https://doi.org/10.19105/iqtishadia.v1i2.483.
  52. Sharma, S. K., & Sharma, M. (2019). Examining the role of trust and quality dimensions in the actual usage of mobile banking services: An empirical investigation. International Journal of Information Management, 44, 65-75. https://doi.org/10.1016/j.ijinfomgt.2018.09.013
  53. Shulhan, F., & Oetama, R. S. (2019). Analysis of actual system use from bukareksa mutual fund feature using technology acceptance model. 2019 International Conference on Information Management and Technology (ICIMTech), 1, 186-191. https://doi.org/10.1109/ICIMTech.2019.8843752
  54. Singh, G., & Rajeev, P. V. (2021). Fintech: An inquisitive disruptive technology for small retailers. Nveo-Natural Volatiles & Essential Oils Journal| NVEO, 9078-9097. https://www.nveo.org/index.php/journal/article/view/2370/2091
  55. Singh, N., Sinha, N., & Liébana-Cabanillas, F. J. (2020). Determining factors in the adoption and recommendation of mobile wallet services in India: Analysis of the effect of innovativeness, stress to use, and social influence. International Journal of Information Management, 50, 191-205. https://doi.org/10.1016/j.ijinfomgt.2019.05.022
  56. Smith, T. J. (2008). Senior citizens and e-commerce websites: The role of perceived usefulness, perceived ease of use, and website usability. Informing Science, 11, 59. http://www.inform.nu/Articles/Vol11/ISJv11p059-083Smith447.pdf
  57. Suhartanto, D., Dean, D., Ismail, T.A.T., & Sundari, R. (2020). Mobile banking adoption in Islamic banks: Integrating TAM model and religiosity-intention model. Journal of Islamic Marketing, 11(6), 1405-1418. https://doi.org/10.1108/JIMA-05-2019-0096
  58. Sun, Y., & Gao, F. (2020). An investigation of the influence of intrinsic motivation on students’ intention to use mobile devices in language learning. Educational Technology Research and Development, 68(3), 1181-1198. https://doi.org/10.1007/s11423-019-09733-9
  59. Sushadi, S., Ponco, S., Suryawati, S & Febriana, R. (2021). Analisis minat investor di Jabodetabek untuk menggunakan aplikasi IPOT dengan pendekatan technology acceptance model (TAM). https://repository.ipb.ac.id/handle/123456789/109471
  60. Teo, T., Zhou, M., Fan, A. C. W., & Huang, F. (2019). Factors that influence university students’ intention to use Moodle: A study in Macau. Educational Technology Research and Development, 67(3), 749-766. https://doi.org/10.1007/s11423-019-09650-x
  61. Tripathi, S. (2018). Moderating effects of age and experience on the factors influencing the actual usage of cloud computing. Journal of International Technology and Information Management, 27(2), 121-158. https://scholarworks.lib.csusb.edu/jitim/vol27/iss2/6
  62. Usman, H., Mulia, D., Chairy, C. and Widowati, N. (2022). Integrating trust, religiosity and image into technology acceptance model: the case of the Islamic philanthropy in Indonesia. Journal of Islamic Marketing, 13(2), 381-409. https://doi.org/10.1108/JIMA-01-2020-0020
  63. Utomo SB, Sekaryuni R, Widarjono A, Tohirin A, & Sudarsono H. (2020). Promoting Islamic financial ecosystem to improve halal industry performance in Indonesia: A demand and supply analysis. Journal of Islamic Marketing. 12(5), 992–1011. https://doi.org/10.1108/jima-12-2019-0259
  64. Wang, S., Wang, J., Li, J., Wang, J., & Liang, L. (2018). Policy implications for promoting the adoption of electric vehicles: Do consumers’ knowledge, perceived risk, and financial incentive policy matter? Transportation Research Part A: Policy and Practice, 117, 58-69. https://doi.org/10.1016/j.tra.2018.08.014
  65. Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding FinTech platform adoption: Impacts of perceived value and perceived risk. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1893-1911. https://doi.org/10.3390/jtaer16050106
  66. Yahya, S., & Fianto, B. A. (2020). Analisis statistik deskriptif terkait penggunaan fintech syariah di Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan, 7(7), 1336-1349. https://www.e-journal.unair.ac.id/JESTT/article/view/19286