Millennial and Islamic Financial Products

Abstract

Islamic financial products have quite different characteristic compare to conventional financial products, especially related to fundamental principle. Islamic finance should implement sharia law which consider Islamic rule in Quran and Hadist. The rise of Indonesian millennial awareness in Islamic products impact on how firms conduct their business, especially related to financial products because they are relatively complex. This paper attempts to provide an understanding related to millennial consideration in Islamic financial products which examine several aspects, such as Islamic financial literacy, Islamic lifestyle, perceive risk, and social influence. Smart PLS is used to analyze 600 data in order to provide statistical result. Purposive sampling is a technique that this paper used to classified research data. The finding indicates that all variables have strong relationship to determine Islamic financial products decision making. Most variables impact millennial behavior in using financial products, except perceive risk and social influence. The result of this study also provides practical implication for Islamic finance institution, government, academic, and business owner.

Millennial Experience in Islamic Banking: A Comparative Study between Clients and non-Clients

“…Also, their Islamic lifestyle affects their decision to use products. They tend to use Islamic products/services which are in accordance to their Islamic believe (Lestari, 2020).…”

Predicting intention to use QR code mobile payment among Malaysian Muslim millennials

“…Hence, this study focuses on the millennial generation because this generation is a dominant demographic in Malaysia (Agil et al, 2022). Millennials are characterised as adaptable, democratic, and open-minded to the challenges of modern society (Lestari, 2020), which makes them not only a large group in the market, but at the same time an attractive target for many marketers. Likewise, Muslims are also a target group in this study, as they are the largest ethnic group in the country.…”