Determinants of MSMEs' Intention to Use Sharia Securities Crowdfunding in North Sumatra: An Extended UTAUT Approach

Authors

  • Yeprian Aji Ratukarangga Universitas Islam Negeri Sumatera Utara
  • Sugianto Sugianto Universitas Islam Negeri Sumatera Utara
  • Muhammad Ikhsan Harahap Universitas Islam Negeri Sumatera Utara

DOI:

https://doi.org/10.37680/ijief.v6i1.9531

Keywords:

Performance Expectancy, Trust, Sharia Compliance, UTAUT, Securities Crowdfunding, MSMEs.

Abstract

The digitalization of Islamic financial technology has created new financing opportunities for Micro, Small, and Medium Enterprises (MSMEs) through Sharia-based Securities Crowdfunding (SCF). Despite the growing availability of SCF platforms, MSME adoption remains low, highlighting the need to understand the behavioral determinants of intention to use these instruments. This study aims to examine the factors influencing MSMEs' intention to utilize Sharia-based SCF in North Sumatra Province by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) framework to incorporate Sharia compliance as an additional construct — representing the novelty and theoretical contribution of this study. A quantitative approach was employed, with data collected from 110 MSME respondents using a purposive sampling technique. Data analysis was conducted using multiple linear regression with SPSS version 22. The findings reveal that performance expectancy, Sharia compliance, and trust have a significant positive effect on MSMEs' intention to use Sharia-based SCF, while effort expectancy, social influence, and facilitating conditions did not show significant effects. These results underscore the importance of integrating Islamic values into technology adoption models and have practical implications for SCF platform developers, regulators, and policymakers seeking to enhance MSME participation in the Islamic capital market.

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Published

2026-06-18

How to Cite

Ratukarangga, Y. A., Sugianto, S., & Harahap, M. I. (2026). Determinants of MSMEs’ Intention to Use Sharia Securities Crowdfunding in North Sumatra: An Extended UTAUT Approach. Indonesian Journal of Islamic Economics and Finance, 6(1), 233–248. https://doi.org/10.37680/ijief.v6i1.9531

Issue

Vol. 6 No. 1 (2026)

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Copyright (c) 2026 Yeprian Aji Ratukarangga, Sugianto Sugianto, Muhammad Ikhsan Harahap

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