Sharia Stocks and Muslim Millennials Investors in Indonesia: Between Religious and Economic Motives




Indonesian Stock Exchange, Islamic Stock Market, Islamic Stock, Muslim Millennial, Islamic Belief


Purpose: The objective of this study was to explore why Muslim millennials in Indonesia prefer to invest in Islamic stocks on the Indonesia Stock Exchange (IDX).


Theoretical framework:  Muslim millennials prefer stock investments that align with religion and align with the consistency and moral integrity upheld by the Muslim community, including investing.


Design/methodology/approach: This study was a qualitative research method with a case study approach. Data were collected through in-depth interviews with ten millennial Muslim investors who invest in Islamic stocks in the IDX. Data analysis was carried out using thematic descriptive analysis.


Findings: The findings of this study suggest that millennial Muslim investors in Indonesia prefer to invest in Islamic stocks for the following reasons: adherence to Islamic values and beliefs, ethical investment, risk management, diversification, and the potential for better returns.


Research, Practical & Social implications:  We suggest further studies to include a case study of a more specific group of Muslim millennials to determine the influence of previous investment experiences, personal characteristics, and financial situation on their preferences in investing in Islamic stocks. In addition, it can also conduct comparative studies among several different countries or cultures to identify the factors that influence sharia stock investment decisions to provide a broader and representative picture.


Originality/value: This study provides insights into the factors that drive millennial Muslim investors in Indonesia to invest in Islamic stocks. This study's findings could benefit investors, the capital market industry, and policymakers in developing targeted strategies to attract millennial investors. Additionally, this study contributes to the literature on the Islamic capital market and investment behavior in emerging markets


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How to Cite

Sudirman, S., Darwis, R., Rahman, A., Yusuf, S. D., Gunawan, E., Marwing, A., & Obie, M. (2023). Sharia Stocks and Muslim Millennials Investors in Indonesia: Between Religious and Economic Motives. International Journal of Professional Business Review, 8(5), e01829.