Social Media Marketing, Fintech Knowledge, Perceived Risk on Intention to Use Islamic Fintech: The Moderating Role of Sharia Compliance Among Generation Z

Authors

  • Salsabilla Firzinia Aulia Universitas Islam Malang, Indonesia
  • Harun Alrasyid Universitas Islam Malang, Indonesia https://orcid.org/0000-0001-9687-0657
  • Ratna Tri Hardaningtyas Universitas Islam Malang, Indonesia

DOI:

https://doi.org/10.30983/es.v10i1.11235

Keywords:

Fintech Sharia, Generation Z, Social Media Marketing, Fintech Knowledge, Sharia Compliance

Abstract

The rapid growth of Islamic financial technology (fintech) presents significant opportunities to enhance financial inclusion, particularly among Generation Z, who are highly exposed to digital platforms. However, the determinants of their intention to adopt sharia fintech remain insufficiently understood, especially when integrating social, cognitive, and risk-related factors. This study aims to examine the influence of social media marketing, fintech knowledge, and perceived risk on the intention to use Islamic fintech, with sharia compliance as a moderating variable. A quantitative approach was employed using survey data collected from 219 Generation Z respondents, analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that social media marketing and fintech knowledge significantly influence intention, while perceived risk does not. Furthermore, sharia compliance does not moderate the effects of social media marketing and fintech knowledge but plays a significant buffering role in reducing the negative impact of perceived risk. These findings suggest that digital exposure and knowledge are key drivers of adoption, while religious compliance enhances trust by mitigating perceived risk.

References

Abdurrahman, A., Athaillah, M. A., Janwari, Y., & Meiza, A. (2025). Examining Factors Affecting the Acceptance of Islamic Mobile Banking in Indonesia: Insights into Technology, Customer Behaviour, and Sharia Compliance. International Journal of Islamic Finance and Sustainable Development, 17(1). https://doi.org/10.55188/ijifsd.v17i1.924

Aisyah, S., Harahap, M. I., Nurbaiti, N., & Rokan, M. K. (2023). The Factors Influencing Behavioural Intention Fintech Lending (Paylater) Among Generation Z Indonesian Muslims and Islamic Consumption Ethics Views. EKONOMIKA SYARIAH : Journal of Economic Studies, 7(1), 01. https://doi.org/10.30983/es.v7i1.6233

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

Al Mustofa, M. U., Shophia, S. P., Muhibbin, Z., Ardiantono, D. S., Mawardi, I., Widiastuti, T., Fahmi, A., & Windiani, W. (2025). Risk perception on intention to pay zakat via financial technology (fintech). Journal of Islamic Marketing, 16(12), 3559–3590. https://doi.org/10.1108/JIMA-03-2024-0110

Alsmadi, A. A. (2025). Beyond compliance: Exploring the synergy of Islamic Fintech and CSR in fostering inclusive financial adoption. Future Business Journal, 11(1), 7. https://doi.org/10.1186/s43093-025-00430-z

Avrila Pradita, N. & Daryono. (2025). Islamic FinTech Adoption Sharia Compliance Gender Trust. Journal International Economic Sharia, 2(2), 129–144. https://doi.org/10.69725/jies.v2i2.291

Bajunaied, K., Hussin, N., & Kamarudin, S. (2023). Behavioral intention to adopt FinTech services: An extension of unified theory of acceptance and use of technology. Journal of Open Innovation: Technology, Market, and Complexity, 9(1), 100010. https://doi.org/10.1016/j.joitmc.2023.100010

Bhutto, S. A., Jamal, Y., & Ullah, S. (2023). FinTech adoption, HR competency potential, service innovation and firm growth in banking sector. Heliyon, 9(3), e13967. https://doi.org/10.1016/j.heliyon.2023.e13967

Br Siregar, K. V., Soma, A. M., & Sitorus, P. M. (2024). Factor affecting islamic fintech adoption by Gen Z in West Java with religion as moderating variable. Keynesia : International Journal of Economy and Business, 3(2), 129–140. https://doi.org/10.55904/keynesia.v3i2.1277

Cabeza-Ramírez, L. J., Sánchez-Cañizares, S. M., Santos-Roldán, L. M., & Fuentes-García, F. J. (2022). Impact of the perceived risk in influencers’ product recommendations on their followers’ purchase attitudes and intention. Technological Forecasting and Social Change, 184, 121997. https://doi.org/10.1016/j.techfore.2022.121997

Fahmi, Much. M., Suprayitno, E., Yuliana, I., Ekowati, V. M., & Rofiq, A. (2024). The Extended Theory of Planned Behavior to Measure Sharia Investment Intention Among the Z Generation. TSAQAFAH, 20(1). https://doi.org/10.21111/tsaqafah.v20i1.11280

Fahrunnisa, A., & Puspawati, D. (2025). Determinants of Behavioural Intention to Use Islamic Financial Technology in Generation Z. Proceeding ISETH (International Summit on Science, Technology, and Humanity), 253–262. https://doi.org/10.23917/iseth.5369

Ghozali, H. I., & Com, M. (n.d.). Dr. Karlina Aprilia Kusumadewi, M.Sc.

Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Evaluation of Reflective Measurement Models. In J. F. Hair, G. T. M. Hult, C. M. Ringle, M. Sarstedt, N. P. Danks, & S. Ray, Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R (pp. 75–90). Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7_4

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

Herzallah, F., Abosamaha, A. J., Salameh, S. M., & Alhayek, M. (2025). Social commerce attributes, customer engagement and repurchase intention in social commerce platforms: A stimulus–organism– response approach. Journal of Open Innovation: Technology, Market, and Complexity, 11(4), 100635. https://doi.org/10.1016/j.joitmc.2025.100635

Irimia-Diéguez, A., Velicia-Martín, F., & Aguayo-Camacho, M. (2023). Predicting Fintech Innovation Adoption: The Mediator Role of Social Norms and Attitudes. Financial Innovation, 9(1), 36. https://doi.org/10.1186/s40854-022-00434-6

Luqman Hakim, A., Zaerofi, A., & Mulyana, R. (2023). Analysis of Small Medium Enterprise’s Sukuk Investment Intention Through Financial Technology Securities Crowdfunding. Tazkia Islamic Finance and Business Review, 16(2). https://doi.org/10.30993/tifbr.v16i2.301

Muninggar, P., Azka, M. S. T., Haq, F., & Febriyanto, A. (2025). The Role of Islamic Financial Literacy in Shaping Economic Behavior: Evidence from Generation Z. Diponegoro Journal of Economics, 14(2), 81–97. https://doi.org/10.14710/djoe.48925

Muslihun, M. (2024). Transformasi Pemasaran Syariah Melalui Teknologi Financial (Fintech) dalam Ekonomi Digital. Revenue Journal: Management and Entrepreneurship, 2(1), 13–18. https://doi.org/10.61650/rjme.v2i1.630

Mustika, R., Sudirman, I. F., & Burhani, H. H. (2025). Literasi keuangan syariah dan transformasi digital: Analisis Perilaku Gen Z dalam pengunaan fintech. Journal of Accounting and Digital Finance, 5(1), 107–119. https://doi.org/10.53088/jadfi.v5i1.1870

Ningtyas, M. N., Fikriah, N. L., & Pradana, A. W. S. (2024). Muslim Gen Z Investment Decision: An Analysis Using Social Media Factors. Journal of Islamic Economic and Business Research, 4(1), 108–125. https://doi.org/10.18196/jiebr.v4i1.292

Nurfadilah, N., Aqidah, N. A., Hamida, H., Ginanjar, M., & Sukran, S. (2026). Trusting Innovation: How Sharia, Transparency, and Security Drive Islamic Fintech Adoption. In X. V. Vo & T. N. T. Phan (Eds.), Proceedings of the International Conference on Sustainable Economics and Finance in the Digital Business Transformation (INCOSEF 2025） (Vol. 380, pp. 464–485). Atlantis Press International BV. https://doi.org/10.2991/978-94-6239-624-1_35

Otoritas Jasa Keuangan. (2024). SP OJK dan BPS Umumkan Hasil Survei Nasional Literasi dan Inklusi Keuangan Tahun 2024.

Otoritas Jasa Keuangan. (2025). Penyelenggara Fintech Lending Berizin di OJK per 31 Januari 2025.

Permana, D. A. (2024). INTENTION TO USE ISLAMIC FINTECH WHICH IS INFLUENCED BY SHARIA COMPLIANCE VARIABELS, PERCEIVED USEFULNESS, ISLAMIC RELIGIOSITY AND PERCEIVED EASE OF USE. 9(4).

Putu Satya Dadi Saputra, & Sulindawati, N. L. G. E. (2024). Pengaruh Persepsi Kemudahan, Persepsi Kegunaan, Dan Persepsi Risiko Terhadap Minat Melakukan Pinjaman Pada Fintech Peer-To-Peer Lending: Studi Kasus Pada Pelaku UMKM di Kabupaten Buleleng. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 15(02), 330–341. https://doi.org/10.23887/jimat.v15i02.75083

Risza, H. (2024). The Intention of Young Muslim Generation to Use the Islamic E-Wallet Services in Indonesia. ETIKONOMI, 23(1), 219–232. https://doi.org/10.15408/etk.v23i1.37452

Samudra, D., & Tamamudin, T. (2025). Sharia-Compliant Digital Marketing: Trends and Challenges in Indonesia’s Financial Sector (2024-2025). Neo Journal of Economy and Social Humanities, 4(3), 358–368. https://doi.org/10.56403/nejesh.v4i3.342

Sultana, N., Chowdhury, R. S., & Haque, A. (2023). Gravitating towards Fintech: A study on Undergraduates using extended UTAUT model. Heliyon, 9(10), e20731. https://doi.org/10.1016/j.heliyon.2023.e20731

Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding FinTech Platform Adoption: Impacts of Perceived Value and Perceived Risk. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1893–1911. https://doi.org/10.3390/jtaer16050106

Zhao, H., & Khaliq, N. (2024). In quest of perceived risk determinants affecting intention to use fintech: Moderating effects of situational factors. Technological Forecasting and Social Change, 207, 123599. https://doi.org/10.1016/j.techfore.2024.123599

Downloads

Published

2025-06-30

How to Cite

Aulia, S. F., Alrasyid, H., & Hardaningtyas, R. T. (2025). Social Media Marketing, Fintech Knowledge, Perceived Risk on Intention to Use Islamic Fintech: The Moderating Role of Sharia Compliance Among Generation Z. EKONOMIKA SYARIAH : Journal of Economic Studies, 10(1), 34–51. https://doi.org/10.30983/es.v10i1.11235

Issue

Vol. 10 No. 1 (2026): June 2026

Section

Articles

Citation Check

License

Copyright (c) 2025 Salsabilla Firzinia Aulia, Harun Alrasyid, Ratna Tri Hardaningtyas

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. 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 this journal.
  3. 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).