Faith and Finance: How Religiosity Shapes Islamic Fintech Adoption in Indonesia
DOI:
https://doi.org/10.12928/jreksa.v13i1.14680Keywords:
Islamic Fintech, religiosity, intention to use, multigroup analysisAbstract
Islamic Fintech has developed in Indonesia over the past few years. This study examines Indonesians’ perceptions and intentions of both Muslim and Non-Muslim respondents on Islamic Fintech. Primary data was gathered through an online survey from 252 participants, who were chosen based on a convenience sampling method. Nine hypotheses were formulated and tested using SEM-PLS. The results show that perceived ease of use, perceived usefulness, trust, subjective norms, and religiosity significantly influence the intention to adopt Islamic Fintech. Furthermore, the interaction between trust and subjective norms in shaping usage intention was found to be moderated by religiosity. These findings suggest that individuals with stronger religiosity align their trust and social influence with religious values when evaluating Islamic Fintech adoption. To gain deeper insights, a multi-group analysis was conducted by dividing respondents into low and high-religiosity groups. For low religiosity users, only perceived ease of use and trust significantly affect intention. For high religiosity users, only religiosity does not have a significant effect on intention to adopt. No significant moderating effects were found across groups. The study contributes to understanding user behavior in the context of Islamic Fintech and highlights the importance of religiosity in shaping adoption decisions within a diverse religious society. Practically, it suggests that Islamic Fintech providers should focus on user-friendly platforms, trust-building mechanisms, and targeted strategies that account for varying levels of religiosity.
References
Afrizal, D., Luthfi, A., Bin Wallang, M., Hildawati, H., & Ekareesakul, K. (2024). Citizens’ Intention to Use E-Government Services in Local Government by Integrating UTAUT, TPB, and TAM Model. Journal of Local Government Issues, 7(2), 129–143. https://doi.org/10.22219/logos.v7i2.32437
Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Ajzen, I., & Fishbein, M. (1980). Understanding Attitudes and Predicting Social Behavior. Englewood Cliffs, NJ: Prentice-Hall.
Alam, Md. M., Awawdeh, A. E., & Muhamad, A. I. Bin. (2021). Using e-wallet for business process development: Challenges and prospects in Malaysia. Business Process Management Journal, 27(4), 1142–1162. https://doi.org/https://doi.org/10.1108/BPMJ-11-2020-0528
Alfani, D. S., Yuniarto, M. S. A., & Handrito, R. P. (2023). The effect of Perceived Ease of Use on Intention to Use on Bank Syariah Indonesia mobile banking users is mediated by E-trust and Religiosity as moderators. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 3(4), 1248–1259. https://doi.org/10.54443/ijebas.v3i4.1024
Alidar, E. M. K., Maulana, M., Ramly, A., & Filzah, N. (2024). The Shared Values of Sharia Banking: Non-Muslims Under the Qanun on Islamic Financial Institutions in Aceh. Ahkam: Jurnal Ilmu Syariah, 24(1), 167–179. https://doi.org/10.15408/ajis.v24i1.39188
Alrasyid, H., Rabbani, M. R., & Afifudin. (2023). Embracing the digital economy: Exploring the role of trust, perceived ease of use, and religiosity on intention to use Islamic peer-to-peer lending. JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen, 20(2), 284–306. https://doi.org/10.31106/jema.v20i2.9097
Amalia, R., & Setyono, J. (2023). Determinants of Hajj Saving Intention at Bank Syariah Indonesia. JPS (Jurnal Perbankan Syariah), 4(1), 35–50. https://doi.org/10.46367/jps.v4i1.1035
Argyros, I. K., Cho, Y. J., & Hilout, S. (2010). On the midpoint method for solving equations. Applied Mathematics and Computation, 216(8), 2321–2332. https://doi.org/10.1016/j.amc.2010.03.076
Ashfahany, A. El, Azzahra, F., Yayuli, & Unal, I. M. (2023). Intention to use sharia e-commerce: Applying a combination of the technology acceptance model and theory of planned behavior. Innovative Marketing, 19(2), 184–197. https://doi.org/10.21511/im.19(2).2023.15
Ashfahany, A. El, Mutmainah, D. A. S., & Isman. (2023). Why non-Muslims choose Islamic banking. Extended theory of planned behavior: a moderating factor of Islamic bank knowledge. Banks and Bank Systems, 18(3), 112–125. https://doi.org/10.21511/bbs.18(3).2023.10
Baharuddin, J., Supriyanto, A. S., Siswanto, & Ekowati, V. M. (2023). Understanding the drivers of interest in Fintech Adoption: Examining the moderating influence of Religiosity. Jurnal Aplikasi Bisnis Dan Manajemen, 9(3), 695. https://doi.org/https://doi.org/10.17358/jabm.9.3.695
Berakon, I., Aji, H. M., & Hafizi, M. R. (2022). Impact of digital Sharia banking systems on cash-waqf among Indonesian Muslim youth. Journal of Islamic Marketing, 13(7), 1551–1573. https://doi.org/10.1108/JIMA-11-2020-0337
Budiman, J., Hesniati, Candy, Vincent, Kho, C., Devin, & Kelly. (2023). Analysis Of Factors Affecting Gen Z Intention To Adopt Sharia Fintech. Management Studies and Entrepreneurship Journal, 4(2), 1944–1955. https://doi.org/10.37385/msej.v4i3.1411
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G. A. Marcoulides (Ed.), Modern Methods for Business Research (2nd ed., Vol. 8, pp. 295–336). Lawrence Erlbaum Associates.
Cohen, J. (1992). A Power Primer. Psychological Bulletin, 112(1), 155–159. https://doi.org10.1037/0033-2909.112.1.155
Cuandra, F., Susanto, S., Hesniati, H., & Candy, C. (2024). Deciphering Investment Decision in Fintech: The Role of Behavioral Bias and Risk Perception. Jurnal Organisasi Dan Manajemen, 20(2), 271–286. https://doi.org/10.33830/jom.v20i2.8248.2024
Darmansyah, Fianto, B. A., Hendratmi, A., & Aziz, P. F. (2020). 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
Daud, M. S. M., Wahid, H., & Noor, M. A. M. (2022). The Influences of Attitude, Religiosity, and Subjective Norm on Muslim’s Donation Intention During COVID-19 Lockdown in Malaysia. International Journal of Sustainable Development and Planning, 17(3), 915–923. https://doi.org/10.18280/ijsdp.170321
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
Fauzi, R. U. A., Saputra, A., & Ningrum, I. P. (2022). The Effect of Religiosity, Profit and Loss Sharing, and Promotion on Consumer Intention to Financing in Islamic Bank toward Trust as an Intervening Variable. Jurnal Ilmiah Ekonomi Islam, 8(1), 274. https://doi.org/10.29040/jiei.v8i1.4136
Febriandika, N. R., Harun, Hakimi, F., & Masrizal. (2023). Determinants of consumer adoption of Islamic mobile banking services in Indonesia. Banks and Bank Systems, 18(4), 30–43. https://doi.org/10.21511/bbs.18(4).2023.04
Fishbein, M., & Ajzen, I. (2010). Predicting and changing behavior: The reasoned action approach. Psychology Press. https://doi.org/10.4324/9780203838020
Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.2307/3151312
Ghozali, I. (2016). Structural Equation Modeling: Metode Alternatif dengan Partial Least Square (PLS) (4th ed.). Badan Penerbit Universitas Diponegoro.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, Marko. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (Second). SAGE Publications, Inc.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/MTP1069-6679190202
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hakim, M. A., & Supriyanto, A. (2024). Sharia Fintech and Gen Z: The Mediating Role of Perceived Usefulness. Share: Jurnal Ekonomi Dan Keuangan Islam, 13(1), 322–346. https://doi.org/10.22373/share.v13i1.22990
Hamzah, A., & Sukma, N. (2021). Factors that influence the interest in the utilization of Sharia Financial Technology of Millennials and Generation Z. Journal of Economics and Business of Islam, 6(2), 119–135. http://dx.doi.org/10.30984/tjebi.v6i2.1614
Hanif, M. A., & Santosa, P. B. (2023). TAM Construct, Trust, and Religiosity for Decision of Muslim Lenders to Use Funding Services on Sharia Peer-to-Peer Lending Platforms (Website and Apps). Jurnal Ekonomi Syariah Teori Dan Terapan, 10(2), 151–168. https://doi.org/10.20473/vol10iss20232pp151-168
Hariyanto, H., & Nafi’ah, B. (2022). Analysis of Factors Affecting on Saving Intention in Islamic Bank: The Case in Indonesia. Jurnal Ilmiah Ekonomi Islam, 8(1), 28. https://doi.org/10.29040/jiei.v8i1.4308
Henseler, J., & Fassott, G. (2010). Testing moderating effects in PLS path models: An illustration of available procedures. In V. Esposito Vinzi, W. W. Chin, J. Henseler, & H. Wang (Eds.), Handbook of Partial Least Squares: Concepts, Methods and Applications (pp. 713–735). Springer-Verlag. https://doi.org/10.1007/978-3-540-32827-8
Hesniati, H., & Limgestu, R. (2023). Determinants of Intention to Use Islamic Fintech during COVID-19 pandemic. EKUITAS (Jurnal Ekonomi dan Keuangan), 7(4), 587–604. https://doi.org/10.24034/j25485024.y2023.v7.i4.5860
Irimia-Diéguez, A., Albort-Morant, G., Oliver-Alfonso, M. D., & Ullah, S. (2024). Predicting the intention to use Paytech services by Islamic banking users. International Journal of Islamic and Middle Eastern Finance and Management, 17(1), 1–15. https://doi.org/10.1108/IMEFM-07-2022-0298
Kartika, E., & Santoso, I. H. (2023). The adoption of the Islamic banking service: non-Muslim communities perception and intention. Sebelas Maret Business Review, 7(2), 77–83. https://doi.org/10.20961/smbr.v7i2.60833
Majid, R. (2021). The Role of Religiosity in Explaining the Intention to use Islamic FinTech Among MSME Actors. International Journal of Islamic Economics and Finance (IJIEF), 4(2), 207–232. https://doi.org/10.18196/ijief.v4i2.11833
Mathieson, K. (1991). Predicting User Intentions: Comparing the Technology Acceptance Model with the Theory of Planned Behavior. Information Systems Research, 2(3), 173–191. https://doi.org/10.1287/isre.2.3.173
Melamaulidah, Pratama, B. C., Fitriati, A., & Pandansari, T. (2023). Electronic Tax Filling System Usage: The Role of Perceived Ease, Usefulness, Trust with Attitude as a Mediator. Jurnal Proaksi, 10(4), 555–569. https://doi.org/10.32534/jpk.v10i4.4955
Mnif, E., Zghidi, N., & Jarboui, A. (2024). The influence of religiosity on cryptocurrency users’ acceptance using search engines. Arab Gulf Journal of Scientific Research, 42(2), 424–441. https://doi.org/10.1108/AGJSR-02-2023-0062
Mosayebi, P., Mehrinejad, S., Minoei, M., & Mehrani, A. (2024). Evaluation of Financial Technology (FinTech) Indicators Using a Mixed-Methods Approach in the Banking Industry. Management Strategies and Engineering Sciences, 6(5), 52–58. https://doi.org/ 10.61838/msesj.6.5.7
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech Adoption Drivers for Innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4). https://doi.org/10.3390/joitmc8040208
Nurbaiti, N., Asmuni, A., Soemitra, A., Imsar, I., & Aisyah, S. (2023). Behavior analysis of MSMEs in Indonesia using fintech lending comparative study between sharia fintech lending and conventional fintech lending. 9(4), 92–99. https://doi.org/10.29210/0202312273
Nurfadilah, D., & Samidi, S. (2021). How the Covid-19 crisis is affecting customers’ Intention to Use Islamic Fintech services: Evidence from Indonesia. Journal of Islamic Monetary Economics and Finance, 7, 83–114. https://doi.org/10.21098/jimf.v7i0.1318
Oladapo, I. A., Hamoudah, M. M., Alam, M. M., Olaopa, O. R., & Muda, R. (2022). Customers’ perceptions of FinTech adaptability in the Islamic banking sector: Comparative study on Malaysia and Saudi Arabia. Journal of Modelling in Management, 17(4), 1241–1261. https://doi.org/10.1108/JM2-10-2020-0256
Otieno, O. C., Liyayla, S., & Odongo, B. C. (2015). Theoretical and Practical Implications of Applying Theory of Reasoned Action in an Information Systems Study. Open Access Library Journal, 2(12), 1–5. https://doi.org/10.4236/oalib.1102054
Otoritas Jasa Keuangan. (2025). Penyelenggara Fintech Lending Berizin di OJK per 31 Januari 2025.
Pahlevi, R., Zulpahmi, Z., Al-Azizah, U. S., & Hasibuan, A. A. (2023). Adoption of Fintech Services for Sharia Bank Users in Indonesia: An Extended TAM Approach. Equilibrium: Jurnal Ekonomi Syariah, 11(1), 27. https://doi.org/10.21043/equilibrium.v11i1.19641
Pardiansyah, E., Sobari, N., & Usman, H. (2022). The Determinants of Intention to Adopt Islamic Financial Technology in Indonesia. EQUILIBRIUM: Jurnal Ekonomi Syariah, 10(2), 347–380. https://doi.org/10.21043/equilibrium.v10i2.16539
Permana, D. A., Syihabudin, & Najmudin. (2024). Intention to use Islamic Fintech which is influenced by Sharia Compliance Variabels, Perceived Usefulness, Islamic Religiosity and Perceived Ease of Use. Jurnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 9(4), 2557–2573. https://doi.org/10.30651/jms.v9i4.23510
Permana, F., Saputra, R. F., Yusra, Suryadi, N., & Hamzah, Z. (2024). International Journal of Information System and Innovation Management The Integration of Islamic Finance in the Global Economy: Opportunities, Challenges, and Future Directions. International Journal of Information System and Innovation Management (IJISIM), 2(2), 42–48. https://doi.org/10.55583/ijisim.v2i2.955
Pew Research Center. (2022, December 21). Key Findings from the Global Religious Futures Project. Pew Research Center. https://www.pewresearch.org/religion/2022/12/21/key-findings-from-the-global-religious-futures-project/
Putri, G. A., Widagdo, A. K., & Setiawan, D. (2023). Analysis of financial technology acceptance of peer-to-peer lending (P2P lending) using extended technology acceptance model (TAM). Journal of Open Innovation: Technology, Market, and Complexity, 9(1). https://doi.org/10.1016/j.joitmc.2023.100027
Salim, A., Susanti, E., & Nofiansyah, D. (2024). Perception of usefulness and ease of interest in using Sharia FinTech. Research Journal on Islamic Finance, 10(1). https://doi.org/10.19109/aftpfe29
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2021). User innovativeness and fintech adoption in indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 7(3). https://doi.org/10.3390/joitmc7030188
Shaliha, A. I. P., & Marsasi, E. G. (2024). The Influence of Attitude and Perceived Risk to Optimize Intention to Adopt Based on Theory of Planned Behavior in Generation Z. Ekombis Review: Jurnal Ilmiah Ekonomi Dan Bisnis, 12(2), 1679–1694. https://doi.org/10.37676/ekombis.v12i2
Singh, S., Sahni, M. M., & Kovid, R. K. (2020). What drives FinTech adoption? A multi-method evaluation using an adapted technology acceptance model. Management Decision, 58(8), 1675–1697. https://doi.org/10.1108/MD-09-2019-1318
Sudarwanto, A. S., Kharisma, D. B., & Cahyaningsih, D. T. (2024). Islamic crowdfunding and Shariah compliance regulation: problems and oversight. Journal of Financial Crime, 31(4), 1022–1036. https://doi.org/10.1108/JFC-01-2023-0003
Suganda, D. A. (2025). Exploring the Influence of Knowledge and Sharia Financial Literacy on Student Preferences for Indonesian Islamic Banks. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 14(2), 455–478. https://doi.org/10.30588/jmp.v14i2.2101
Suhartanto, D., Dean, D., Ismail, T. A. T., & Sundari, R. (2020). Mobile banking adoption in Islamic banks: Integrating TAM model and religiosity-intention model. Journal of Islamic Marketing, 11(6), 1405–1418. https://doi.org/10.1108/JIMA-05-2019-0096
Sukmana, M. N. R., Fachrina, Q., Permana, G. I., Ulumuddin, M. H., Elisabet, T., & Siswajanthy, F. (2024). Kebijakan OJK dalam mendukung pertumbuhan industri FinTech: Studi perbandingan dengan negara lain. Jurnal Rectum, 6(2), 323–335. https://doi.org/10.46930/jurnalrectum.v6i2.4373
Sulaeman. (2021). Factors determining behavioral intentions to use Islamic crowdfunding platform in times of Covid-19 in Indonesia: Evidence from TAM approach. Jurnal Ekonomi & Keuangan Islam, 7(1), 31–44. https://doi.org/10.20885/jeki.vol7.iss1.art3
Tenenhaus, M., Vinzi, V. E., Chatelin, Y. M., & Lauro, C. (2005). PLS path modeling. Computational Statistics and Data Analysis, 48(1), 159–205. https://doi.org/10.1016/j.csda.2004.03.005
Usman, H., Mulia, D., Chairy, C., & Widowati, N. (2022). Integrating trust, religiosity and image into technology acceptance model: the case of the Islamic philanthropy in Indonesia. Journal of Islamic Marketing, 13(2), 381–409. https://doi.org/10.1108/JIMA-01-2020-0020
Utama, M. S., Nimran, U., Hidayat, K., & Prasetya, A. (2022). Effect of Religiosity, Perceived Risk, and Attitude on Tax Compliant Intention Moderated by e-Filing. International Journal of Financial Studies, 10(1). https://doi.org/10.3390/ijfs10010008
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward A Unified View. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
Wati, L., Huseno, T., Jatmiko, P., & Farhan, F. (2024). Sharia Banking Trust: Analyzing the Influence of Religiosity and Perceptions in Bank Sharia Bukittinggi Branch. International Journal of Current Science Research and Review, 07(03). https://doi.org/10.47191/ijcsrr/V7-i3-19
Wibowo, D., & Bakri, M. H. Bin. (2024). Determining factors in the adoption of fintech of sharia in Indonesia: analysis of the effect of utaut2, Es-qual, and religiosity. Edelweiss Applied Science and Technology, 8(4), 1333–1346. https://doi.org/10.55214/25768484.v8i4.1510
Widiatmo, G. (2021). Technology Acceptance Model Analysis of Adoption Intention to Use Indonesian Islamic Fintech Apps Amid the Covid-19 Pandemic. TIJARI International Journal of Islamic Economics, 1(3), 80–107.
World Population Review. (2022). Muslim Population by Country 2024. World Population Review. https://worldpopulationreview.com/country-rankings/muslim-population-by-country
Yuniati, T., Andriansyah, Y., & Martins, J. D. M. (2024). Factors influencing user interest in using Sharia-compliant Fintech services: A case study of SyarQ in Yogyakarta, Indonesia. Journal of Islamic Economics Lariba, 10(1), 513–542. https://doi.org/10.20885/jielariba.vol10.iss1.art27
Zein, A. S. (2022). Non-Muslim Determinants Using Islamic Financial Institutions. Al-Masharif: Jurnal Ilmu Ekonomi Dan Keislaman, 10(2), 274–283. https://doi.org10.24952/masharif.v10i2.6523
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Yulfiswandi, Vellia Licca, Hesniati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
- Authors retain copyright and grant the JURNAL REKSA right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material) the work for any purpose, even commercially with an acknowledgment of the work's authorship and initial publication in JURNAL REKSA.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in JURNAL REKSA.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
