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All Journal Finansha: Journal of Sharia Financial Management Journal of Islamic Economics and Business
Zainol, Fakhrul Anwar
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Religion Economics, Econometrics & Finance Social Sciences

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Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials Rozak, Abdul; Nugraha; Sari, Maya; Purnamasari, Imas; Zainol, Fakhrul Anwar
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p < 0.05) and herding (β = 0.198, p < 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p > 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.
INTEGRATING ISLAMIC MACROECONOMIC PRINCIPLES IN ANALYZING LABOR AND INFLATION AS DETERMINANTS OF INDONESIA’S INTERNATIONAL TRADE Rozak, Abdul; Minhajuddin, Minhajuddin; Jerfiani, Dhenahi; Zainol, Fakhrul Anwar
Finansha: Journal of Sharia Financial Management Vol. 6 No. 2 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i2.49439

Abstract

This study examines the role of labor and inflation as Islamic macroeconomic determinants of Indonesia’s international trade during the period 2018–2022, offering an integrated empirical perspective that connects conventional trade theory with Islamic economic principles. It introduces an Islamic macroeconomic framework to assess labor and price stability as instruments of distributive justice and sustainable economic performance. Using a quantitative approach and multiple linear regression on secondary data from Statistics Indonesia and the World Bank, this study analyzes the relationship between annual export values, labor force participation, and inflation rates. The findings indicate that inflation has a statistically significant and negative effect on international trade, confirming that persistent price instability weakens export competitiveness. In contrast, labor shows a positive but statistically insignificant effect, suggesting that workforce growth has not been accompanied by proportional improvements in productivity. The regression model explains 61.4% of the variation in trade performance and is significant at the 10% level. Theoretically, the results reflect a divergence from conventional economic assumptions and underscore the relevance of Islamic macroeconomic instruments—such as justice (‘adl), equilibrium (tawazun), and welfare (maslahah)—in explaining trade dynamics. Practically, the study provides policy insights for designing Islamic macroeconomic strategies that integrate human capital development and ethical inflation management as pathways toward fair, stable, and sustainable trade. Overall, these findings contribute to the growing literature by empirically validating Islamic macroeconomic perspectives as a viable framework for strengthening economic resilience and social equity in Indonesia’s trade policy.
Co-Authors Abdul Rozak Imas Purnamasari Jerfiani, Dhenahi Maya Sari Minhajuddin, Minhajuddin Nugraha