ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM)
VOLUME 8 ISSUE 1, 2026

Gen Z and millennial investment intention in Islamic securities crowdfunding

Koeswandana, Noorfaiz Athallah (Unknown)
Octavio, Muhammad Fadhly Rizky (Unknown)



Article Info

Publish Date
26 May 2026

Abstract

Purpose – This study explores factors influencing the millennial generation's intention to invest in Islamic securities crowdfunding (Islamic SCF) using the theory of planned behavior (TPB) with knowledge about riba as a moderating variable.Methodology – A quantitative approach involving 292 Indonesian millennial respondents was used. Data were collected through structured questionnaires and analyzed using structural equation modeling (SEM) with SmartPLS 3.9 software.Findings – The results confirmed all TPB hypotheses, except for perceived usefulness. Significant relationships were found between attitudes, subjective norms, perceived behavioral control, and investment intentions in Islamic SCF. Knowledge about riba effectively moderated investment decisions among Indonesian millennials.Implications – These findings provide valuable insights for Islamic SCF platforms to understand user behavior and decision-making processes, enabling strategic product development, marketing strategies, and platform enhancement to increase millennial participation.Originality – This study contributes to the limited Islamic Securities Crowdfunding literature by focusing on Indonesian millennials' investment intentions and incorporating riba knowledge as a moderating variable within the TPB framework

Copyrights © 2026






Journal Info

Abbrev

AJIM

Publisher

Subject

Decision Sciences, Operations Research & Management Social Sciences Other

Description

The Asian Journal of Islamic Management (AJIM) is a peer-review journal publishes quality and in-depth analysis on current issues within Asia and Islamic management topics. The journal publishes twice a year every June and December. AJIM welcomes strong and original evidence-based empirical studies ...