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Do Socio-Demographic Characteristics and Financial Literacy Matter for Selecting Islamic Financial Products?

Journal of Islamic Monetary Economics and Finance · Vol. 6 No. 1 (2020) · hlm. 51–76

DOI
10.21098/jimf.v6i1.1057
ISSN
2460-6618, 2460-6146
Terbit
2020-03-10
Penerbit
Bank Indonesia
Bahasa
eng

Abstrak

Indonesia is a promising market for the Islamic finance industry since most of the population is Muslim. However, the growth of Islamic finance in Indonesia is still low. Therefore, Islamic financial literacy needs to be improved in order to grow the Islamic finance industry significantly. The purpose of this study is to determine the factors that enhance Islamic financial literacy among college students in Indonesia. The development of validated constructs for Islamic financial literacy is important because conventional financial literacy might contain some elements that are not compatible with Islamic financial principles. This study also measures the level of Islamic financial literacy and its relationship with socio-demographic characteristics using multilinear regression. Furthermore, the relationship between Islamic financial literacy and the possession of Islamic financial products is observed by logistic regression. The determinant factors are perception, attitude and behaviour, and knowledge. The study found that type of educational institution, Islamic finance course experience, being educated to Master’s degree level, having one’s own income, and having an income above five million have a significant relationship with the Islamic financial literacy of college students. The factors that have a significant relationship with the possession of Islamic financial products are Islamic financial literacy, choice of major, Islamic finance course experience, and monthly income above five million. This research attempts to provide an Islamic financial literacy measurement through exploratory factor analysis. The development of a validated instrument for an Islamic financial literacy index and its determinant factors is our scientific and practical contribution to the literature on Islamic financial literacy in Indonesia.

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  • Bandung Institute of Technology
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Rekan penulisOrganisasiArtikel bersama
Yulianti YuliantiBandung Institute of Technology2
Irfan HassandiBandung Institute of Technology1
Hasna Laila Nabila KhilfahBandung Institute of Technology1
Teguh NugrahaBandung Institute of Technology1
Muhamad Anindya Hiroshi PurbayantoBandung Institute of Technology1
Arson AliludinBandung Institute of Technology1
Reza Ashari NasutionBandung Institute of Technology1
Prawira Fajarindra BelgiawanBandung Institute of Technology1
Lidia MayangsariBandung Institute of Technology1
Sudarso Kaderi WiryonoBandung Institute of Technology1
Annisa Rahmani QastharinBandung Institute of Technology1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) http://www.jimf-bi.org/index.php/JIMF/oai, pertama di-harvest 9 Nov 2026, terakhir terlihat 9 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Do Socio-Demographic Characteristics and Financial Literacy Matter for Selecting Islamic Financial Products?</dc:title>
	<dc:creator xml:lang="en">Widityani, Salma Fadhilah</dc:creator>
	<dc:creator xml:lang="en">Faturohman, Taufik</dc:creator>
	<dc:creator xml:lang="en">Rahadi, Raden Aswin</dc:creator>
	<dc:creator xml:lang="en">Yulianti, Yulianti</dc:creator>
	<dc:subject xml:lang="en">Islamic financial literacy</dc:subject>
	<dc:subject xml:lang="en">College students</dc:subject>
	<dc:subject xml:lang="en">Determinant factors</dc:subject>
	<dc:subject xml:lang="en">Socio-demographic</dc:subject>
	<dc:subject xml:lang="en">Indonesia</dc:subject>
	<dc:description xml:lang="en">Indonesia is a promising market for the Islamic finance industry since most of the population is Muslim. However, the growth of Islamic finance in Indonesia is still low. Therefore, Islamic financial literacy needs to be improved in order to grow the Islamic finance industry significantly. The purpose of this study is to determine the factors that enhance Islamic financial literacy among college students in Indonesia. The development of validated constructs for Islamic financial literacy is important because conventional financial literacy might contain some elements that are not compatible with Islamic financial principles. This study also measures the level of Islamic financial literacy and its relationship with socio-demographic characteristics using multilinear regression. Furthermore, the relationship between Islamic financial literacy and the possession of Islamic financial products is observed by logistic regression. The determinant factors are perception, attitude and behaviour, and knowledge. The study found that type of educational institution, Islamic finance course experience, being educated to Master’s degree level, having one’s own income, and having an income above five million have a significant relationship with the Islamic financial literacy of college students. The factors that have a significant relationship with the possession of Islamic financial products are Islamic financial literacy, choice of major, Islamic finance course experience, and monthly income above five million. This research attempts to provide an Islamic financial literacy measurement through exploratory factor analysis. The development of a validated instrument for an Islamic financial literacy index and its determinant factors is our scientific and practical contribution to the literature on Islamic financial literacy in Indonesia.</dc:description>
	<dc:publisher xml:lang="en">Bank Indonesia</dc:publisher>
	<dc:date>2020-03-10</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jimf-bi.org/JIMF/article/view/1057</dc:identifier>
	<dc:identifier>10.21098/jimf.v6i1.1057</dc:identifier>
	<dc:source xml:lang="en">Journal of Islamic Monetary Economics and Finance; Vol. 6 No. 1 (2020); 51 - 76</dc:source>
	<dc:source>2460-6618</dc:source>
	<dc:source>2460-6146</dc:source>
	<dc:source>10.21098/jimf.v6i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://jimf-bi.org/JIMF/article/view/1057/794</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2020 Salma Fadhilah Widityani, Taufik Faturohman, Raden Aswin Rahadi</dc:rights>
</oai_dc:dc>