This study aims to address the limited understanding of behavioral factors driving Sharia-compliant digital stock investment decisions in Indonesia, particularly among young Muslim investors using the Stockbit platform. Prior research has rarely examined how religiosity, financial literacy and risk perception jointly shape such decisions or how income moderates these relationships.
A quantitative approach using structural equation modeling–partial least squares was applied to analyze data from 254 Muslim investors using Stockbit across Indonesia. The model assessed both direct and moderating effects, following validity and reliability tests (composite reliability > 0.80; average variance extracted > 0.60).
The analysis indicates that financial literacy and risk perception play meaningful roles in encouraging Muslim investors to engage in Sharia-compliant stock investments. In contrast, religiosity does not directly influence investment decisions, suggesting that normative beliefs may operate more as background values rather than immediate behavioral drivers in digital investment contexts. Income independently supports investment participation and also weakens the influence of perceived risk, showing that individuals with higher financial capacity tend to be less sensitive to uncertainty when making investment decisions.
This study provides useful insights for investors, regulators and digital investment platforms by promoting targeted financial education, income-sensitive policies and personalized fintech innovations to enhance Sharia investment participation and strengthen inclusivity, transparency and trust within Indonesia’s Islamic capital market ecosystem.
This research extends behavioral finance and Islamic investment theory by demonstrating how income functions as a behavioral moderator in digital Sharia investment contexts. To the best of the authors’ knowledge, this study is one of the first studies to empirically examine Stockbit, a fast-growing Islamic fintech platform, revealing the interplay among religiosity, financial literacy, risk perception and income among digitally active Muslim investors. The findings offer actionable insights for fintech developers, regulators and policymakers to promote inclusive and ethical investment behavior.
