Behavioral Intentions of Prospective Investors in Islamic Securities Crowdfunding: Insights from the Indonesian Market

Abstract

The community's and the MSMEs' need for Islamic investment instruments to expand their business has urged an innovation in Islamic finance. Islamic Securities Crowdfunding (iSCF) was first licensed to operate in Indonesia on August 19, 2021. iSCF's users continue to increase rapidly, however, the growth of investors for this instruments have not yet followed the growth of users. This study aims to analyze the characteristics and factors that influence the behavioral intention of future investors of the iSCF. UTAUT 2 was used as reference model. The results of this study indicate that only facilitating conditions and price value variables have captured a positive and significant effect on investment intention. Furthermore, the habit and investment intention show positive and significant effect on investment behavior. Therefore, these results encourage the provider of ISC to continue maintaining service to the platform users as their potential future investors, and promoting periodically the ISC products.