Al-Irfan: Journal Of Arabic Literature and Islamic Studies
Vol. 9 No. 2 (2026)

Understanding Students’ Intention to Invest in Sharia Stocks: The Role of Islamic Financial Literacy and Risk Perception

Deva Febriyanti (Universitas Negeri Surabaya)
Nurwinsyah Rohmaningtyas (Universitas Negeri Surabaya)



Article Info

Publish Date
07 Sep 2026

Abstract

Sharia stock investment interest among university students remains relatively low despite the rapid development of Indonesia’s Islamic capital market. This study aims to examine the effects of Islamic financial literacy and risk perception on the investment interest of Islamic Economics students in sharia stocks in Surabaya. The study employed a quantitative approach using purposive sampling involving 120 respondents. Data were collected through questionnaires using a Likert scale and analyzed using SPSS through appropriate statistical procedures. The findings indicate that both Islamic financial literacy and risk perception have a positive and significant effect on students’ interest in investing in sharia stocks. Islamic financial literacy demonstrates a relatively stronger influence than risk perception, indicating that students’ knowledge and understanding of Islamic financial principles play an important role in shaping investment decisions. This study contributes empirically to the literature on Islamic investment behavior by highlighting the importance of strengthening Islamic financial literacy alongside risk awareness. The findings also provide practical implications for universities, financial institutions, and policymakers in developing educational programs that encourage informed and responsible sharia stock investment among students

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Journal Info

Abbrev

alirfan

Publisher

Subject

Religion Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Other

Description

Al-Irfan is a journal of Arabic Literature and Islamic Studies which is published Biannually on March and September by Arabic Literature Department, Sekolah Tinggi Agama Islam Darul Ulum Banyuanyar, Pamekasan. The journal covers language issues researched in the branches of applied linguistics, such ...