Intention Of Muslim And Non-Muslim Indonesian Investors In Investing In Retail Sukuk

Kuwat Slamet; Riestianty Riestianty; Budiyono Budiyono

doi:10.31092/jpkn.v4i2.1816

Authors

Kuwat Slamet Polytechnic of State Finance STAN
Riestianty Riestianty Directorate General of Budget Financing and Risk Management
Budiyono Budiyono Directorate General of Budget Financing and Risk Management

DOI:

https://doi.org/10.31092/jpkn.v4i2.1816

Keywords:

Intention, Investor, Retail sukuk, Theory of Planned Behaviour

Abstract

This study aims to analyze the factors that influence the intention of individual investors, both Muslim and non-Muslim, to invest in Retail Sukuk issued by the Indonesian government using the Theory of Planned Behavior (TPB). This study is quantitative research. Data was obtained by distributing questionnaires that had previously been tested to ensure their validity and reliability. The participant data was processed by 214 participants who came from various levels of society and various cities in Indonesia. Furthermore, the data was processed using the Microsoft Excel application and the Smart PLS-SEM application version 3.3.3. The results show that the intentions of Muslim investors and non-Muslim investors are both significantly determined by their attitude toward investing, subjective norms that exist within them, and perceptions of behavioral control. The government considers the results of this research as input for determining the right strategy to expand the retail sukuk investor base, both Muslim and non-Muslim investors in Indonesia. The limitations of this study are the number of participants which is quite small.

References

Ajzen, I. (1985). From Intentions to Actions: A Theory of Planned Behavior. In J. Kuhl & J. Beckmann (Eds.), Action Control: From Cognition to Behavior (pp. 11â€“39). Springer. https://doi.org/10.1007/978-3-642-69746-3_2

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179â€“211. https://doi.org/10.1016/0749-5978(91)90020-T

Ajzen, I. (2002). Perceived behavioral control, Self-Efficacy, Locus of Control, and the Theory of Planned Behavior1. Journal of Applied Social Psychology, 32(4), 665â€“683. https://doi.org/10.1111/j.1559-1816.2002.tb00236.x

Ajzen, I. (2011). Attitudes, personality and behavior (2. ed., reprint). Open Univ. Press.

Ashidiqi, C., & Arundina, T. (2017). Indonesia Studentsâ€™s intention to invest in Sukuk: Theory of planned behaviour approach. International Journal of Economic Research, 14, 395â€“407.

Bakhtiar, F. (2019). Pengaruh Pengetahuan tentang Sukuk terhadap Minat Berinvestasi Sukuk. Ekonomi Syariah Indonesia, 9(1), 42â€“50.

Bisnis.com, "Obligasi Ritel Masih Akan Diminati Masyarakat 2021 Mendatang, Ini Sebabnya", https://market.bisnis.com/read/20201123/92/1321253/obligasi-ritel-masih-akan-diminati-masyarakat-2021-mendatang-ini-sebabnya.

Ghozali, I. (2008). Model persamaan struktural: Konsep dan aplikasi dengan program AMOS 16.0. Badan Penerbit Universitas Diponegoro.

Ghozali, L., & Latan, L. (2015). Partial least square SEM (PLS-SEM). Partial Least Square.

Haryono, S. (2014). MENGENAL METODE STRUCTURAL EQUATION MODELING (SEM) UNTUK PENELITIAN MANAJEMEN MENGGUNAKAN AMOS 18.00. Jurnal Ekonomi dan Bisnis STIE YPN, VII, 12.

Hastuti, E. S. (2018). SUKUK TABUNGAN: INVESTASI SYARIAH PENDORONG PEMBANGUNAN EKONOMI INKLUSIF. Jurnal Jurisprudence, 7(2), 114â€“122. https://doi.org/10.23917/jurisprudence.v7i2.4096

Khan, S. U., Khan, I. U., Khan, I., Din, S. U., & Khan, A. U. (2020). Evaluating á¹£ukÅ«k investment intentions in Pakistan from a social cognitive perspective. ISRA International Journal of Islamic Finance, 12(3), 347â€“365. https://doi.org/10.1108/IJIF-12-2019-0194

Kurniasari, W. (2014). Perkembangan dan Prospek Sukuk Tinjauan Teoritis. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 5(1), 99â€“122.

Latifah, S. (2020). Peran Sukuk Surat Berharga Syariah Negara (SBSN) dalam Pertumbuhan Pembangunan Ekonomi Indonesia. Jurnal Ilmiah Ekonomi Islam, 6(3), 421â€“427. https://doi.org/10.29040/jiei.v6i3.1369

Muhammad, R., Permana, E. N., & Nugraheni, P. (2019). TINGKAT PERMINTAAN SUKUK RITEL: ANALISIS FAKTOR INTERNAL DAN EKSTERNAL. Media Riset Akuntansi, Auditing & Informasi, 19(2), 249â€“264. https://doi.org/10.25105/mraai.v19i2.4205

Narimawati, U. (2007). Riset manajemen sumber daya manusia. Jakarta: Agung Media.

Peristiwo, H. (2016). ANALISIS MINAT INVESTOR DI KOTA SERANG TERHADAP INVESTASI SYARIAH PADA PASAR MODAL SYARIAH. ISLAMICONOMIC: Jurnal Ekonomi Islam, 7(1), Article 1. https://doi.org/10.32678/ijei.v7i1.7

Saiti, B., Ardo, A. A., & Yumusak, I. G. (2019). Why non-Muslims subscribe to Islamic banking? Qualitative Research in Financial Markets.

Sugiyono. (2008). Metode penelitian pendidikan: (Pendekatan kuantitatif, kualitatif dan R & D). Alfabeta.

Sugiyono, S. (2013). Metode penelitian kualitatif. Alfabeta.

Tahir, I., & Brimble, M. (2011). Islamic investment behaviour. International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 116â€“130. https://doi.org/10.1108/17538391111144515

Warsame, M. H., & Ireri, E. M. (2016). Does the theory of planned behaviour (TPB) matter in Sukuk investment decisions? Journal of Behavioral and Experimental Finance, 12, 93â€“100. https://doi.org/10.1016/j.jbef.2016.10.002

Yuliati, L. (2011). FAKTOR-FAKTOR YANG MEMPENGARUHI MINAT MASYARAKAT BERINVESTASI SUKUK. Walisongo: Jurnal Penelitian Sosial Keagamaan, 19(1), 103. https://doi.org/10.21580/ws.19.1.214