Exploring the Relationship Between Religiosity and Sharia Investment Intentions: The Role of Investment Knowledge and Risk Perception

Abstract

Background: The increasing adoption of sharia-compliant investment instruments in Indonesia reflects rising public interest; however, investor decision-making remains complex because it is shaped not only by financial considerations but also by religious values, perceived risk, and individual knowledge.
Purpose: This study investigates the influence of religiosity on sharia investment intention, while examining the moderating roles of investment knowledge and risk perception.
Design/methodology/approach: A quantitative survey was conducted and analyzed using Moderated Regression Analysis (MRA). Religiosity was modeled as the independent variable, sharia investment intention as the dependent variable, and investment knowledge together with risk perception as simultaneous moderating variables.
Findings: Religiosity has a significant positive effect on sharia investment intention. However, neither investment knowledge nor risk perception significantly moderates the relationship between religiosity and sharia investment intention.
Conclusion: Religious values play an important role in shaping individuals’ intentions to participate in sharia investment. However, the findings do not support the view that this relationship is strengthened by either investment knowledge or risk perception.
Originality/value (State of the art): The study proposes and empirically tests a simultaneous moderation model that integrates religiosity, risk perception, and investment knowledge within the context of sharia investment behavior, offering a more comprehensive behavioral perspective on faith-based financial decision-making.

Keywords:  investment knowledge, religiosity, risk perception, sharia investment intention, moderated regression analysis