Islamic FinTech and MSMEs: The Role of Religiosity and Product Knowledge
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Published:
Dec 23, 2024
Keywords:
Financing, Islamic Fintech, MSMEs, product knowledge, religiosity
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Abstract
As the backbone of the national economy which is still struggling with the financing problem, prior studies on the intention to use Islamic FinTech for MSMEs are still rare. This study aims to examine whether both the religiosity (R) and product knowledge (PK) on Islamic FinTech products and services affect the intention to adopt it or not. A total of 100 responses were collected using an online questionnaire and then examined using structural equation modeling (SEM). The results show that subjective norm (SN), perceived usefulness (PU), as well as R, and PK significantly influence the intention to get financing and use the services offered. It is indicated that Indonesian MSMEs actors are getting aware and knowledgeable about sharia compliance of FinTech products. Likewise, the influence of social norms such as religious leaders and or the business environment also strengthens the intention. This means that there is a need for continuous efforts from the stakeholders by cooperating with sharia scholars in improving the Islamic financial literacy in order to eliminate the doubts on the practical side. This needs to be followed by strengthening consumer data protection as well as providing incentives in order to enlarge the industrial market share.
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Bananuka, J., Kasera, M., Najjemba, G. M., Musimenta, D., Ssekiziyivu, B., & Kimuli, S. N. L. (2020). Attitude: mediator of subjective norm, religiosity and intention to adopt Islamic banking. Journal of Islamic Marketing, 11(1), 81-96. https://doi.org/10.1108/JIMA-02-2018-0025.
Bank Indonesia and LPPI. (2015). Profil Bisnis Usaha Mikro, Kecil dan Menengah (UMKM). Jakarta (ID), Bank Indonesia.
Bhatt, K. (2022). Adoption of online streaming services: moderating role of personality traits. International Journal of Retail & Distribution Management, 50(4), 437-457.
Chetioui, Y. & Lebdaoui, H. (2021). COVID-19 cause-related campaigns and consumers’ purchase intention: Does religiosity matter?. Journal of Islamic Marketing, 13(11), 2496-2518. https://doi.org/10.1108/JIMA-09-2020-0305.
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Darmansyah, Fianto, B. A., Hendratmi, A., & Aziz, P. F. (2021). Factors determining behavioral intentions to use Islamic financial technology: Three competing models. Journal of Islamic Marketing, 12(4), 794-812. https://doi.org/10.1108/JIMA-12-2019-0252.
Dospinescu, O., Dospinescu, N. & Agheorghiesei, D.T. (2021). Fintech services and factors determining the expected benefits of users: Evidence in Romania for millennials and generation Z. E + M: Ekonomie a Management, 24(2), 101–118. https://doi.org/10.15240/tul/001/2021-2-007.
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Hendratmi, A., Ryandono, M. N. H. & Sukmaningrum, P. S. (2020). Developing Islamic crowdfunding website platform for startup companies in Indonesia. Journal of Islamic Marketing, 11(5), 1041-1053. https://doi.org/10.1108/JIMA-02-2019-0022.
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