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All Journal MALIA: Journal of Islamic Banking and Finance Ummul Qura : Jurnal Ilmiah Institut Pesantren Sunan Drajat (INSUD) Lamongan
Ilmi, Moh Miqdad
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Religion Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Physics

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Instrumen Investasi Syariah sebagai Determinan Pertumbuhan Ekonomi Indonesia Gazani, Hawa; Ummah, Afaful; Ilmi, Moh Miqdad; Zahro, Umi Indasyah; Iman, Aldi Khusmufa Nur
Ummul Qura Jurnal Institut Pesantren Sunan Drajat (INSUD) Lamongan Vol. 9 No. 2 (2025): Jurnal Ilmiah Institut Pesantren Sunan Drajat (INSUD) Lamongan
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/uq.v9i2.2212

Abstract

In recent years, slowing economic growth has necessitated an investment strategy that is not only effective but also sustainable. One emerging option is sharia-compliant investment instruments, which adhere to Islamic principles and are believed to significantly support national economic growth. The primary objective of this study is to analyze the influence of sharia-compliant investment instruments on economic growth in Indonesia. The instruments studied include sharia-compliant mutual funds, sharia-compliant stocks, and sharia-compliant bonds, while economic growth is measured by Gross Domestic Product (GDP). This study uses a quantitative method with the Vector Error Correction Model (VECM) to examine short-term and long-term relationships between variables. Secondary data from quarterly periods from 2011 to 2024 were used as data sources. The results indicate that sharia-compliant mutual funds, both short-term and long-term, have an impact on economic growth, while sharia-compliant stocks and bonds do not significantly influence economic growth. These findings demonstrate the critical role of sharia-compliant mutual funds as an effective investment instrument for advancing national economic growth. However, in order for sharia stocks and sharia bonds to contribute optimally, greater efforts are required.
Financial Technology Adoption and Student Invesment Decisions: The Mediating Role of Investment Interest (Evidence from Students of Universitas Trunojoyo Madura) Ummah, Afaful; Gazani, Hawa; Ilmi, Moh Miqdad; Zahro, Umi Indasyah; Iman, Aldi Khusmufa Nur
MALIA: Journal of Islamic Banking and Finance Vol 9, No 2 (2025): MALIA: Journal of Islamic Banking and Finance
Publisher : IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/malia.v9i2.34517

Abstract

The development of financial technology (fintech) has changed the access patterns and investment behavior of the younger generation, including students. However, the level of student investment participation in certain contexts is still relatively low. This research aims to analyze the influence of financial technology on students' investment decisions and examine the mediating role of investment interest in this relationship. This research uses a quantitative approach with a survey method of 30 Trunojoyo Madura University students who have active accounts and have made transactions in the capital market. The limited sample size reflects the relatively small empirical conditions of the target population, so this research is contextual and focuses on the depth of analysis of student investment behavior. Data was analyzed using Partial Least Squares (PLS) via SmartPLS 4.0. The research results show that financial technology has a significant effect on investment interest, but does not have a direct effect on investment decisions. Investment interest is proven to act as a mediator that bridges the influence of financial technology on student investment decisions. These findings provide a theoretical contribution by strengthening the application of the Theory of Planned Behavior in the context of technology-based investment, as well as a practical contribution to the management of the Sharia Investment Gallery in designing strategies to increase student participation that not only focus on technological aspects, but also shape investment interest. The novelty of this research lies in testing the mediating role of investment interest in the context of students with limited levels of investment participation.
Co-Authors Afaful Ummah Aldi Khusmufa Nur Iman Gazani, Hawa Zahro, Umi Indasyah