Al-Intaj: Jurnal Ekonomi dan Perbankan Syariah
Vol 12, No 2 (2026)

Sharia Financial Literacy and Islamic Investment Adoption Among Gen Z and Millennials: A Systematic Review

Anton Priyo Nugroho (Universitas Islam Indonesia Yogyakarta)
Cecep Soleh Kurniawan (Universiti Islam Sultan Sharif Ali, Brunai Darusalam)



Article Info

Publish Date
17 Sep 2026

Abstract

Purpose: The rapid digitalization of financial services and the emergence of Generation Z and Millennials as dominant investor groups have created new dynamics in global Sharia capital markets. This review aims to synthesize existing research on Sharia financial literacy and the adoption of Sharia investments among young Muslims, paying particular attention to the digital context and emerging fintech dynamics and to provide an actionable roadmap for future research.Design/Methodology: Following PRISMA 2020 guidelines, a comprehensive search of the Scopus database (2018–2026) was conducted. The PICO (Population, Intervention, Comparison, Outcome) framework guided the screening process, and out of 59 initial records, 11 papers met the eligibility criteria. The TCCM (Theory, Context, Characteristics, Methodology) framework was utilized for structured data extraction and thematic synthesis.Findings: The review identifies four thematic clusters: Sharia financial literacy as an antecedent to investment intention; digital technology (AR/VR) as an immersive medium for Sharia financial education; the mediating roles of trust and religiosity in investment decisions; and fintech adoption alongside associated fraud risks. The analysis reveals a heavy reliance on quantitative, survey-based designs and Western behavioral models (e.g., TAM, TPB). Significant gaps include the absence of distinctively Islamic theoretical frameworks (e.g., Maqasid al-Shariah), limited geographic coverage outside Indonesia, and an overreliance on self-reported investment intentions rather than actual behavioral data.Practical Implications: Islamic financial institutions and regulators may benefit from integrating religious education with digital financial literacy to build trust and mitigate fintech fraud risks. Educational interventions could explore immersive technologies (AR/VR) and family- or community-based approaches alongside individual-level interventions, though the current evidence base for these specific approaches remains limited. Regulatory bodies may also consider strengthening investor protections for Sharia-compliant fintech solutions to address the inclusion-vulnerability paradox.Originality/Value: This paper offers the literature reviews on young Muslim investors in the digital era. It highlights that religious and Sharia-related mechanisms remain underrepresented and insufficiently operationalized in the Western behavioral models adapted across the reviewed studies, and provides a roadmap for future research to integrate Maqasid al-Shariah principles, expand cross-cultural comparisons, and shift from measuring behavioral intentions toward evaluating actual transaction behaviors.

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Journal Info

Abbrev

Al-Intaj

Publisher

Subject

Religion Economics, Econometrics & Finance

Description

Focus Al-Intaj: Jurnal Ekonomi dan Perbankan Syariah provides a scholarly forum for researchers, academics, and practitioners to discuss contemporary and emerging issues in Islamic economics, banking, and finance. Scope The journal welcomes original empirical and theoretical contributions covering, ...