Islamic Financial Literacy, Financial Availability And Sharia Investment Intention: A Mediating-Moderating Model

Authors

  • Anita Munir Author
  • Moeljadi Author
  • Sumiati Author
  • Siti Aisjah Author

DOI:

https://doi.org/10.64252/92mas280

Keywords:

Islamic Financial Literacy, Financial Availability, Social Media, Religiosity, Sharia Investment Intention

Abstract

Background: The increasing participation of millennials and zillennials in Sharia investments underscores the need to understand the factors influencing their investment intentions. This study examines how Islamic Financial Literacy and Financial Availability affect Sharia Investment Intention, with a focus on the mediating role of Social Media and the moderating role of Religiosity.
Purpose: To explore the relationship of Islamic financial literacy, financial availability and Sharia Investment Intention. This study also explore the role of social media as a mediating variable and Religiosity as a moderating variable that mediates or moderates this relationship.
Design/Methodology: A quantitative approach was employed, using data from 269 respondents who are current or potential customers of Mandiri Sharia Securities. Data collection was conducted via a structured questionnaire distributed online, and hypothesis testing was performed using the Structural Equation Model - Partial Least Square (SEM-PLS).
Findings: Islamic Financial Literacy has a significant positive impact on Sharia Investment Intention. Financial Availability positively influences investment intention but is not statistically significant. Social Media significantly affects Sharia Investment Intention and mediates the relationship between financial literacy and investment intention (partial mediation) and between financial availability and investment intention (full mediation). Religiosity positively and significantly influences Sharia Investment Intention directly but does not significantly moderate the relationships between financial literacy, financial availability, and investment intention.
Limitations: This study is confined to Mandiri Sharia Securities customers, which may limit the generalizability of the findings. The reliance on self-reported data also poses potential biases.
Originality/Value: The study highlights the critical role of social media as an information channel in bridging financial literacy and investment decisions and underscores religiosity’s direct but nuanced role in investment intentions. These findings offer practical insights for Islamic financial institutions and policymakers in crafting targeted education and marketing strategies that align with religious principles. 

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Published

2025-06-24

Issue

Section

Articles

How to Cite

Islamic Financial Literacy, Financial Availability And Sharia Investment Intention: A Mediating-Moderating Model. (2025). International Journal of Environmental Sciences, 1120-1134. https://doi.org/10.64252/92mas280