<![CDATA[This study examines the determinants of Islamic stock investment decisions among GIS-registered students at five Islamic universities in North Sumatra, Indonesia. Grounded in Ibn Asyur's Maqasid Syariah framework specifically hifdz al-mal, hifdz al-'aql, and hifdz al-'ird the research investigates the influence of financial education, promotion, and socioeconomic status on investment decisions, with perceived return and perceived risk as intervening variables. Using a quantitative survey approach, data were collected from 400 GIS-registered students using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4 (5,000 bootstrap sub-samples). Results reveal that perceived return is the dominant predictor of investment decisions (β = 0.932, p < 0.001, f² = 4.584) and that financial education and socioeconomic status significantly and positively influence both perceived return and perceived risk. Promotion exerted a significant negative direct effect on investment decisions (β = −0.087, p = 0.003), indicating that current promotional strategies are counterproductive. The model achieved R² = 0.972 and Q² = 0.762 for investment decisions. Common method bias diagnostics (Harman's test: 34.82%; CLF path difference: Δ = 0.021) indicate that CMB does not critically distort findings, though the high R² should be interpreted within the bounded GIS-registered student context. The proposed MODEL-MAQAS framework integrates empirical findings with Maqasid Syariah dimensions to advance theoretical understanding of Islamic investor behavior.]]>
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