The Determinants of Muslim Millennials' Intention Towards Savings Sukuk
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Published:
Dec 22, 2022
Keywords:
Pricing, product knowledge, religiosity, sukuk
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Abstract
Savings Sukuk is one of the sharia investment products issued by the Indonesian Government. Investors from the millennials generation always dominate Savings Sukuk sales, although it is a new investment instrument in Indonesia. Therefore, we interest in examining the intention towards Savings Sukuk more deeply. In particular, this study analyzes the effect of religiosity, product knowledge, and pricing on Muslim millennials' intention toward Savings Sukuk in Indonesia. This study used a quantitative approach, and the data collected was analyzed by Partial Least Square – Structural Equation Modeling (PLS-SEM). Purposive sampling was used to get the required sample. Respondents in this study were Muslim millennials in Indonesia and were not limited by region. There are at least 138 respondents who participated in the survey. The results showed that product knowledge and pricing influenced Muslim millennials' intention toward Savings Sukuk. In contrast, religiosity does not affect Muslim millennials' intention toward Savings Sukuk in Indonesia.
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References
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Fauzi, R. U. A., Budiyanto, B. & Suhermin, S. (2020). The influence of religiosity, profit loss and sharing and corporate image toward consumer intentions of Muamalat Bank financing. Journal of Accounting, Finance and Auditing Studies, 6(2), 105-123.
Firdaus, Y. D. M., Amin, M. & Junaidi. (2018). Analisis faktor-faktor yang mempengaruhi minat investor terhadap sukuk. Jurnal Ilmiah Riset Akuntansi, 7(03).
Garson, G. D., (2016). Partial Least Squares: Regression & Structural Equation Models. Fargo (US), Statistical Associates Publishing.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Marko, S. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd Ed.). New York (US), SAGE Publications.
Hati, S. R. H., Wibowo, S. S. & Safira. A. (2020). The antecedents of Muslim customers' intention to invest in an Islamic bank's term deposits: evidence from a Muslim majority country. Journal of Islamic Marketing, 12(7), 1363-1384. https://doi.org/10.1108/JIMA-01-2020-0007.
Huda, N., Rifaldi, I., Alhifni, A. H., Hasan, E. S. S., Afrianti, S., & Noer, F. T. (2017). Ekonomi Pembangunan Islam. Jakarta (ID), Kencana.
Johan, Z. J., Hussain, M. Z., Mohd., R., & Kamaruddin, B. H. (2020). Muslims and non-Muslims intention to hold Shariah-compliant credit cards: A SmartPLS approach. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-12-2019-0270.
Kristiyadi & Hartiyah, S. (2016). Pengaruh kelompok acuan, religiusitas, promosi dan pengetahuan tentang lembaga keuangan syariah terhadap minat menabung di koperasi jasa keuangan syariah (studi kasus pada BMT Tamzis Wonosobo). Jurnal Ekonomi dan Teknik Informatika, 5(9), 44-63.
Kotler, P. & Armstrong, G. (2018). Principle of Marketing, United States Edition (17th ed.). New Jersey (US), Pearson Education.
Ministry of Finance Indonesia. (2018). Satu Dasawarsa Sukuk Negara Untuk Kemaslahatan Bangsa [online]. [accessed 2020 May 1]. Retrived from https://www.kemenkeu.go.id/publikasi/siaran-pers/keterangan-pers-satu-dasawarsa-sukuk-negara-untuk-kemaslahatan-bangsa/.
Lajuni, N., Winnie, P. M. W., Yuzman, Y., Hiram, T., & Alfera, J. (2017). Intention to use Islamic banking products and its determinants. International Journal of Economics and Financial Issues, 7(1), 329-333.
Nasution, M. E., Setyanto, B., Huda, N., Mufraeni, M. A. & Utama, B. S. (2012). Pengenalan Eksklusif Ekonomi Islam. Jakarta (ID), Kencana.
Newaz, F. T., Sharma. R. R. & Fam. K. S. (2016). Muslim religiosity and purchase intention of different categories of Islamic financial products. Journal of Financial Services Marketing, 21, 141–152.
Nugraheni. P. & Widyani. F. N. (2020). A study of intention to save in Islamic banks: the perspective of Muslim students. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-11-2019-0233.
Nurhayati, T & Hendar. (2020). Personal intrinsic religiosity and product knowledge on halal product purchase intention: Role of halal product awareness. Journal of Islamic Marketing, 11 (3), 603-620.
Peter, J. P. & Olson, J. C. (2017). Consumer Behaviour & Marketing Strategy, (9th ed.) Copyright by 2010 McGraw-Hill Education. (Trans.) Dwiandani, T. D. Perilaku Konsumen & Strategi Pemasaran. Jakarta (ID), Salemba Empat.
Shabrina, Z., Yuliati, L. N. & Simanjuntak. M. (2018). The effects of religiousity, pricing and corporate image on the attitude and the intention to use sharia micro financing. Indonesian Journal of Business and Entrepreneurship (IJBE), 4(2), 197-206.
Sharfia, R. (2019). Pengaruh Kualitas Produk dan Harga Terhadap Minat Beli Kosmetik Lokal (Lipstik Purbasari Color Matte) pada Generasi Milenial di Kota Padang. (Tesis, Universitas Andalas, Padang, Indonesia).
Sharma, R. R., Newaz, F. T. & Fam, K. S., (2017). Muslim religiosity, generational cohorts and buying behaviour of Islamic financial products. Australian Journal of Management, 42(3), 482–501.
Souiden, N. & Rani, M. (2015). Consumer attitudes and purchase intentions toward Islamic banks: The influence of religiosity. International Journal of Bank Marketing, 33(2), 143-161.
Sriminarti, N. & Nora, L. (2018). The role of product knowledge and attitudes toward purchasing intentions: The moderating effect of religiosity on halal cosmetics. KnE Social Sciences, 518–529.
Wahyuni, S. (2012). Moslem community behaviour in the conduct of Islamic bank: the moderation role of knowledge and pricing. Procedia - Social and Behavioral Sciences, 57, 290–298.
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, 93–100.
Zahri, Y. & Hafasnuddin. (2016). Pengaruh religiusitas terhadap minat beli produk/jasa bank syariah dengan sikap konsumen sebagai variabel mediasi (studi pada nasabah bank konvensional di kota Banda Aceh). Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 1(1), 75-91.
Yuliati. (2011). Faktor-faktor yang mempengaruhi minat masyarakat berinvestasi sukuk. Walisongo, 19(1), 103-126.
Ajzen, I. & Fishbein, M. (2011). Attitudes and the attitude-behavior relation: reasoned and automatic processes. European Review of Social Psychology, 11(1), 1-33.
Amin, H., Ghazali, M. F. & Supinah, R. (2010). Determinants of qardhul hassan financing acceptance among Malaysian bank customers: An empirical analysis. International Journal of Business and Society, 11(1), 1-16.
Amin, H., Rahman, A. R. A., Sondoh, S. L., & Hwa. A. M. C., (2011). Determinants of customers' intention to use Islamic personal financing: The case of Malaysian Islamic banks. Journal of Islamic Accounting and Business Research, 2(1), 22-42.
Ancok, D. & Suroso, F. N. (2011). Psikologi Islami Solusi Islam atas Problem-problem Psikologi. Yogyakarta (ID), Pustaka Pelajar.
Ashidiqi, C. & Arundina, T. (2017). Indonesia students' intention to invest in sukuk: Theory of planned behavior approach. International Journal of Economic Research, 14(15), 395-407.
Awn, A. M. & Azam, F. (2020). Libyan investors' intention to invest in Islamic sukuk: Theory of planned behavior approach. European Journal of Economic and Financial Research, 4(1).
Ayub, M. (2009). Understanding Islamic Finance. Copyright 2007 by John Wiley & Sons Ltd. (Trans.) Pribadi. W. A. Understanding Islamic Finance: A-Z Keuangan Syariah. Jakarta (ID), PT Gramedia Pustaka Utama.
Bananuka, J., Mukyala, V. & Tumwebaze, Z. (2020). The intention to adopt Islamic financing in emerging economies: Evidence from Uganda. Journal of Islamic Accounting and Business Research, 11(3), 610-628.
DeBard, R. (2004). Millennials coming to college. New Directions for Student Services – Willey Online Library, 106, 33-45.
[DJPPR] Directorate General of Budget Financing and Risk Management Ministry of Finance Indonesia. (2016). Hasil Penjatahan Sukuk Tabungan Seri ST-001 [online]. [accessed 2020 May 1]. Retrived from https://www.djppr.kemenkeu.go.id/page/load/1662.
[DJPPR] Directorate General of Budget Financing and Risk Management Ministry of Finance Indonesia. (2018). Hasil Penjualan Sukuk Tabungan Seri ST-002 yang Ditawarkan Secara Online [online]. [accessed 2020 May 1]. Retrived from https://www.djppr.kemenkeu.go.id/page/load/2304.
[DJPPR] Directorate General of Budget Financing and Risk Management Ministry of Finance Indonesia. (2019a). Hasil Penjualan Sukuk Negara Tabungan Seri ST-003 yang Ditawarkan Secara Online [online]. [accessed 2020 May 1]. Retrived from https://www.djppr.kemenkeu.go.id/page/load/2404.
[DJPPR] Directorate General of Budget Financing and Risk Management Ministry of Finance Indonesia. (2019b). Sukuk Tabungan ST004 Semakin Diminati Generasi Milenial [online]. [accessed 2020 May 1]. Retrived from https://www.djppr.kemenkeu.go.id/page/load/2521.
[DJPPR] Directorate General of Budget Financing and Risk Management Ministry of Finance Indonesia. (2019c). Penjualan Sukuk Negara Tabungan Seri ST005 Mencapai Keritelan Terbaik Sepanjang Penerbitan SBN Ritel [online]. [accessed 2020 May 1]. Retrived from https://www.djppr.kemenkeu.go.id/page/load/2581.
[DJPPR] Directorate General of Budget Financing and Risk Management Ministry of Finance Indonesia. (2019d). Green Sukuk Ritel Seri ST006 Sukses Menggaet 56% Investor Baru Millenial [online]. [accessed 2020 May 1]. Retrived from https://www.djppr.kemenkeu.go.id/page/load/2673.
[DJPPR] Directorate General of Budget Financing and Risk Management Ministry of Finance Indonesia. (2020). Di Tengah Kondisi Pandemi, Green Sukuk Ritel Seri ST007 Sukses Mencatat Sejarah Penjualan Terbesar Sepanjang Penerbitan Sukuk Tabungan. [online]. [accessed 2020 May 1]. Retrived from https://www.djppr.kemenkeu.go.id/page/load/2990.
Ebert, R. J. & Griffin, R. W. (1998), Business Essentials (2nd Ed.). New Jersey (US), Prentice-Hall.
Effendi, I., Murad, M., Rafiki, A., & Lubis, M. M. (2020). The application of the theory of reasoned action on services of Islamic rural banks in Indonesia. Journal of Islamic Marketing, 12(5), 951-976. https://doi.org/10.1108/JIMA-02-2020-0051.
[OJK] Otoritas Jasa Keuangan. (2020). Laporan Triwulan IV – 2020 [online]. [accessed 2020 May 1]. Retrived from https://www.ojk.go.id/id/data-dan-statistik/laporan-triwulanan/Documents/LAPORAN%20TRIWULANAN%20IV-2020.pdf.
Fauzi, R. U. A., Budiyanto, B. & Suhermin, S. (2020). The influence of religiosity, profit loss and sharing and corporate image toward consumer intentions of Muamalat Bank financing. Journal of Accounting, Finance and Auditing Studies, 6(2), 105-123.
Firdaus, Y. D. M., Amin, M. & Junaidi. (2018). Analisis faktor-faktor yang mempengaruhi minat investor terhadap sukuk. Jurnal Ilmiah Riset Akuntansi, 7(03).
Garson, G. D., (2016). Partial Least Squares: Regression & Structural Equation Models. Fargo (US), Statistical Associates Publishing.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Marko, S. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd Ed.). New York (US), SAGE Publications.
Hati, S. R. H., Wibowo, S. S. & Safira. A. (2020). The antecedents of Muslim customers' intention to invest in an Islamic bank's term deposits: evidence from a Muslim majority country. Journal of Islamic Marketing, 12(7), 1363-1384. https://doi.org/10.1108/JIMA-01-2020-0007.
Huda, N., Rifaldi, I., Alhifni, A. H., Hasan, E. S. S., Afrianti, S., & Noer, F. T. (2017). Ekonomi Pembangunan Islam. Jakarta (ID), Kencana.
Johan, Z. J., Hussain, M. Z., Mohd., R., & Kamaruddin, B. H. (2020). Muslims and non-Muslims intention to hold Shariah-compliant credit cards: A SmartPLS approach. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-12-2019-0270.
Kristiyadi & Hartiyah, S. (2016). Pengaruh kelompok acuan, religiusitas, promosi dan pengetahuan tentang lembaga keuangan syariah terhadap minat menabung di koperasi jasa keuangan syariah (studi kasus pada BMT Tamzis Wonosobo). Jurnal Ekonomi dan Teknik Informatika, 5(9), 44-63.
Kotler, P. & Armstrong, G. (2018). Principle of Marketing, United States Edition (17th ed.). New Jersey (US), Pearson Education.
Ministry of Finance Indonesia. (2018). Satu Dasawarsa Sukuk Negara Untuk Kemaslahatan Bangsa [online]. [accessed 2020 May 1]. Retrived from https://www.kemenkeu.go.id/publikasi/siaran-pers/keterangan-pers-satu-dasawarsa-sukuk-negara-untuk-kemaslahatan-bangsa/.
Lajuni, N., Winnie, P. M. W., Yuzman, Y., Hiram, T., & Alfera, J. (2017). Intention to use Islamic banking products and its determinants. International Journal of Economics and Financial Issues, 7(1), 329-333.
Nasution, M. E., Setyanto, B., Huda, N., Mufraeni, M. A. & Utama, B. S. (2012). Pengenalan Eksklusif Ekonomi Islam. Jakarta (ID), Kencana.
Newaz, F. T., Sharma. R. R. & Fam. K. S. (2016). Muslim religiosity and purchase intention of different categories of Islamic financial products. Journal of Financial Services Marketing, 21, 141–152.
Nugraheni. P. & Widyani. F. N. (2020). A study of intention to save in Islamic banks: the perspective of Muslim students. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-11-2019-0233.
Nurhayati, T & Hendar. (2020). Personal intrinsic religiosity and product knowledge on halal product purchase intention: Role of halal product awareness. Journal of Islamic Marketing, 11 (3), 603-620.
Peter, J. P. & Olson, J. C. (2017). Consumer Behaviour & Marketing Strategy, (9th ed.) Copyright by 2010 McGraw-Hill Education. (Trans.) Dwiandani, T. D. Perilaku Konsumen & Strategi Pemasaran. Jakarta (ID), Salemba Empat.
Shabrina, Z., Yuliati, L. N. & Simanjuntak. M. (2018). The effects of religiousity, pricing and corporate image on the attitude and the intention to use sharia micro financing. Indonesian Journal of Business and Entrepreneurship (IJBE), 4(2), 197-206.
Sharfia, R. (2019). Pengaruh Kualitas Produk dan Harga Terhadap Minat Beli Kosmetik Lokal (Lipstik Purbasari Color Matte) pada Generasi Milenial di Kota Padang. (Tesis, Universitas Andalas, Padang, Indonesia).
Sharma, R. R., Newaz, F. T. & Fam, K. S., (2017). Muslim religiosity, generational cohorts and buying behaviour of Islamic financial products. Australian Journal of Management, 42(3), 482–501.
Souiden, N. & Rani, M. (2015). Consumer attitudes and purchase intentions toward Islamic banks: The influence of religiosity. International Journal of Bank Marketing, 33(2), 143-161.
Sriminarti, N. & Nora, L. (2018). The role of product knowledge and attitudes toward purchasing intentions: The moderating effect of religiosity on halal cosmetics. KnE Social Sciences, 518–529.
Wahyuni, S. (2012). Moslem community behaviour in the conduct of Islamic bank: the moderation role of knowledge and pricing. Procedia - Social and Behavioral Sciences, 57, 290–298.
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, 93–100.
Zahri, Y. & Hafasnuddin. (2016). Pengaruh religiusitas terhadap minat beli produk/jasa bank syariah dengan sikap konsumen sebagai variabel mediasi (studi pada nasabah bank konvensional di kota Banda Aceh). Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 1(1), 75-91.
Yuliati. (2011). Faktor-faktor yang mempengaruhi minat masyarakat berinvestasi sukuk. Walisongo, 19(1), 103-126.