The Role of Digital Transformation in Strengthening Indonesia’s Sharia Capital Market
DOI:
https://doi.org/10.24256/kharaj.v7i4.8521Keywords:
Digitalization; Islamic Capital Market; Customer Perception Sharia Banking; Financial TechnologyAbstract
This study aims to analyze the digital transformation of Sharia capital market services in Islamic banking institutions, focusing on their opportunities, challenges, and implications for customer perceptions. The research employs a systematic literature review (SLR) approach to synthesize national and international scholarly publications from 2015 to 2025 that discuss the digitalization of Islamic financial institutions. The findings indicate that digital transformation has improved operational efficiency, inclusiveness, and transparency in Sharia-based investment activities through the adoption of innovations such as mobile banking, Islamic mutual funds, sukuk, and Cash Waqf Linked Sukuk (CWLS). However, the transformation process still encounters several obstacles, including cybersecurity risks, limited human resource capacity, low levels of financial literacy, and a regulatory framework that has not fully adapted to technological progress. Furthermore, customer perceptions of digital Sharia services are shaped by perceived usefulness, ease of use, service quality, and the assurance of Sharia compliance, all of which influence customer trust and loyalty. The study concludes that the effectiveness of digital transformation in Islamic banking depends on the synergy between technological innovation, adaptive regulation, financial literacy enhancement, and adherence to maqasid al-shariah principles to reinforce the role of the Islamic capital market in achieving an inclusive and sustainable Islamic financial ecosystem.
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Copyright (c) 2025 Rinda Asytuti, Indah Naela Zulfa, Ina Rahmadani, Aisyah Fitriani, Ismi Nurhanifah
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