• Syaparuddin Razak State Islamic Institute of Bone, Indonesia
  • Moh. Nasuka Nahdatul Ulama Islamic University of Jepara, Indonesia
  • Irwan Abdullah Gadjah Mada University of Yogyakarta, Indonesia
  • Jumriani Raking State Islamic Institute of Bone, Indonesia




Sharia securities, behavioral intention, investment option, Indonesia


This study aims to investigate the factors that can predict the behavioral intention of Muslims in Indonesia to use Sharia securities as an investment option. The TPB model was enhanced with Sharia compliance and financial intelligence to develop the theoretical model for this investigation. The paper investigates the impact of Sharia compliance and financial intelligence on attitude, and the impact of attitude, subjective norms, and perceived behavioral control on behavioral intention to use Sharia securities as an investment option as well. The mediating role of attitude was also investigated on the relationship between the proposed adoption factors and the behavioral intention to use Sharia securities as an investment option. Smart PLS (v. software was used to analyze 617 responses collected via an online survey. The Findings showed that Sharia compliance and financial have a positive and significant effect on attitude, and attitude subjective norms, and perceived behavioral control also have a positive and significant effect on behavioral intention to use Sharia securities as an investment option. Moreover, attitude fully mediates the relationship between Sharia compliance and financial intelligence on behavioral intention to use Sharia securities as an investment option. The findings offer valuable insights to Sharia securities users, Sharia securities developers, and the government of Indonesia.


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How to Cite

Syaparuddin Razak, Moh. Nasuka, Irwan Abdullah, & Jumriani Raking. (2024). FACTORS INFLUENCING THE BEHAVIORAL INTENTION TO USE SHARIA SECURITIES AS AN INVESTMENT OPTION IN INDONESIA. International Journal of Business and Society, 25(1), 91–110. https://doi.org/10.33736/ijbs.6902.2024