Reconfiguring Sharia Investment in the Digital Era: The Role of Investment Platforms in Strengthening Sharia Capital Market Literacy and Inclusion

Abstract

Indonesia's capital market has expanded rapidly alongside digital investment platforms, yet participation in the Islamic capital market remains thin relative to market depth and demographic potential. This study maps the literacy and inclusion gap in the Islamic capital market, analyses the mechanisms through which investment platforms may strengthen both, and proposes a conceptual model for the platform-based reconfiguration of Islamic investment. A qualitative descriptive-analytical approach was adopted, combining a structured narrative literature review with document analysis of the 2024–2025 National Survey of Financial Literacy and Inclusion (SNLIK), KSEI and IDX statistics, the regulatory framework, and studies published in 2021–2026, analysed thematically. The findings show that (1) for Islamic financial services, inclusion (13.41%) lags far behind literacy (43.42%), the reverse of the national pattern (inclusion of 80.51% above literacy of 66.46%), implying that the binding constraint is access, product distribution, and trust rather than knowledge alone; (2) platforms operate through four layers: digital access, Sharia-compliance assurance, embedded pedagogy, and trust governance; and (3) without careful design, platforms may foster participation without understanding, speculative behaviour, and algorithmic opacity. The study proposes a Platform-Enabled Literacy–Inclusion Loop with four testable propositions. Policy implications include Sharia-compliance transparency standards for platforms, the integration of literacy indicators into product design, and Sharia audits of robo-advisor algorithms.