Integration of Sharia Financial Technology and Psara Behavior: Empirical Analysis of Efficiency and Trust in the Indonesian Sharia Capital Market
Keywords:
Islamic Financial Technology; Islamic Capital Market; Market Efficiency; Investor Behavior; Sharia ComplianceAbstract
The rapid development of digital technology has significantly transformed the structure and behavior of financial markets, including Islamic capital markets. This study aims to examine the role of Islamic financial technology in shaping market behavior, efficiency, and investor trust within the Indonesian Islamic capital market. The research employs a systematic literature review combined with bibliometric analysis using VOSviewer to map research trends, dominant themes, and intellectual structures related to Islamic fintech and market behavior. A total of selected scholarly articles published between 2020 and 2025 were analyzed, sourced from reputable national and international journals indexed in major academic databases. The findings indicate that the integration of Islamic financial technology contributes to improved market efficiency through enhanced information dissemination, reduced transaction costs, and increased accessibility for investors. Furthermore, digital platforms influence investor behavior by facilitating more informed and timely investment decisions, particularly among retail investors. Investor trust is identified as a critical factor in the sustainable development of the Islamic capital market, strengthened by transparency, data security, and clear Sharia compliance mechanisms embedded in digital systems. However, the study also highlights several challenges, including disparities in digital literacy, cybersecurity risks, and regulatory limitations that may hinder the optimal impact of Islamic fintech. Overall, this study concludes that the sustainable growth of the Indonesian Islamic capital market in the digital era requires a balanced integration of technological innovation, robust governance, and Sharia principles to support an efficient, trustworthy, and resilient investment ecosystem.
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