DIGITALIZATION OF SHARIA CAPITAL MARKETS AND THE CHALLENGES OF SHARIA INVESTMENT LITERACY IN MUSLIM COMMUNITIES IN INDONESIA
Keywords:
Digitalization, Sharia Capital Market, Sharia Investment Literacy, Maqashid Sharia, Indonesian Muslim CommunityAbstract
Digital transformation has substantially reshaped Indonesia's Islamic capital market, marked by the emergence of the Sharia Online Trading System (SOTS), mobile-based investment applications, sharia-compliant robo-advisory services, sharia equity crowdfunding, and blockchain-based sukuk issuance. These innovations have contributed to the growth of sharia stock investors and the market capitalization of sharia-compliant equities in recent years. However, this technology-driven accessibility has not been matched by an adequate understanding among Indonesian Muslims of the fundamental principles of sharia investment, as reflected in the gap between national sharia financial literacy and inclusion indices. This article presents a library research study employing a descriptive-analytical approach aimed at mapping the forms of Islamic capital market digitalization in Indonesia and analyzing the challenges of sharia investment literacy among Muslim communities, examined through the lens of maqashid al-shariah, particularly the dimensions of hifz al-mal (preservation of wealth) and tabyin (clarification/education) as part of the economic da'wah of the ummah. The findings are expected to contribute conceptually to the formulation of digital-based sharia financial education strategies that are contextually relevant to the needs of Indonesian Muslim society in the digital economy era.
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