Analysis of the Credibility of Digital Sharia Invesments through Sharia Compliance, Financial Literacy, and Public Trust

Abstract

This study analyzes the implementation of Islamic investment credibility by examining three key determinants: sharia compliance, financial literacy, and public trust in digital Islamic investment applications. The rapid development of sharia-based fintech in Indonesia has increased access to investment platforms such as Bibit Syariah, Ajaib Syariah, and Pluang Syariah. However, challenges persist regarding users’ understanding of sharia contracts, the transparency of investment mechanisms, and the consistency of sharia compliance monitoring. This study aims to evaluate the credibility of these applications through indicators based on DSN-MUI standards and OJK regulations. Using a quantitative descriptive approach supported by nonparametric analysis, data were collected from 35 active users of Islamic investment applications through an online questionnaire. The findings show strong and significant correlations between sharia financial literacy, sharia compliance, transparency, and user trust. Sharia compliance exhibits the strongest influence in shaping trust, followed by transparency and financial literacy. Moreover, Kruskal–Wallis analysis indicates no significant differences in perceived credibility among the various Islamic investment applications examined. These results highlight the importance of strengthening sharia governance, user education, and transparency to enhance the credibility and sustainability of digital Islamic investment platforms.