Jurnal Inovasi dan Pengembangan Hasil Pengabdian Masyarakat e-ISSN 3025-2334 Vol 2(1), 28 Mei 2024, 13DOI: https://doi.org/10.61650/jip-dimas.v2i1 .546 Improving Understanding of Sharia Investment in the PAC Fatayat Metro Utara Community, Metro City Ambariyani 1 , Putri Nurhayati 2 , M. Fahmi Fudoli 3 , Annikmah Farida 4 , Nur Alfi Khotamin 5 , Moh. Adzkiyaunuha6 , Badarudin7 , Ikhwanudin8 1, 2, 3, 4, 5 Ma'arif University of Lampung, Indonesia 6 IAI Insan Prima Misbahul Ulum Gumawang, Indonesia 7 Darusy Syafa'ah Islamic Boarding School, Central Lampung, Indonesia 8 STIS Sultan Fatah North Lampung, Indonesia * Corresponding author: ambriyani3@gmail.com KEYWORDS I understand Islamic Investment, PAC Fatayat Metro Utara, Edukasi Investasi, Investment Fraud, and Sharia investment. SUBMITTED: 23/03/2024 RECEIVED: 25/03/2024 ACCEPTED: 28/03/2024 ABSTRACT: In Indonesia, there are two primary investment forms: conventional and sharia. Many people do not understand the difference between the two. Sharia investment is an investment that is based on Islamic principles and laws. This study aims to improve the understanding of sharia investment in the PAC Fatayat Metro Utara community in Metro City. Currently, many community members do not understand the concept of sharia investment properly, so they are still vulnerable to investment fraud that is not legally clear and promises large profits in a short time. Awareness of the importance of investment as long-term savings that can provide benefits in the future needs to be increased. This is important so that people are not easily fooled by investment offers that have been rampant lately, especially investments that claim to be Sharia-based but are not by Islamic principles. This study found that the PAC Fatayat Metro Utara community's understanding of sharia investment is still very minimal. Therefore, more intensive education and socialization are needed so that this community can recognize and choose investments based on Sharia principles and avoid fraudulent investments. By increasing public understanding, especially among the PAC Fatayat Metro Utara community, it is hoped that the number of investment fraud victims under Sharia's guise can be minimized. Proper education will have a long-term positive impact on the economic welfare of society. © The Author(s) 2024. 1. INTRODUCTION Investment is one way to improve the economic welfare of the community. In Indonesia, there are two primary forms of investment: conventional and sharia (Ghazali, 2015; Kasim, 2014). Sharia investment is a type of investment carried out by Islamic principles and laws, which prohibit usury (interest), gharar (uncertainty), and maysir (speculation). However, many do not understand the fundamental differences between conventional and sharia investments. This results in low public participation in Sharia investment, which can be a safe and profitable alternative. Sharia investment has become an increasingly relevant and vital topic among Indonesian people, especially in the Muslim community. Unlike conventional investment, Sharia investment has advantages in transparency, compliance with Islamic principles, and business ethics. Ambariyani et al., ││ Improving Understanding of Sharia Investment… Previous research by Ahmad and Suryani (2018) showed that Sharia investment tends to be more stable and low-risk than conventional investment because it does not involve usury (interest) and excessive speculation. In addition, a study by Mufidah (2019) revealed that investors who participate in sharia investments feel calmer and more confident because their investments are halal and by religious teachings. However, despite having various advantages, the community's understanding of Sharia investment still needs to be improved. This is evidenced by research conducted by Lestari and Wicaksono (2020), which found that 65% of respondents did not fully understand the concept and mechanisms of sharia investment. These results indicate a significant knowledge gap that needs to be addressed through more intensive education and socialization. In the context of the PAC Fatayat Metro Utara community, this study is critical considering that many community members are still vulnerable to investment fraud under the guise of sharia, which is not by Islamic principles (Frey, 1996; Liu, 2013; Ma, 2018). This study aims to fill this knowledge gap by providing comprehensive education about Sharia investment. Through a structured and evidence-based approach, it is hoped that the understanding and awareness of members of the PAC Fatayat Metro Utara community can increase so that they can make smarter investment decisions that are by Sharia principles (Alvizu, 2017; Chameides, 1994; L. Zhao, 2018). Thus, this study not only contributes to the academic literature on sharia investment but also has a positive impact on the economic welfare of the local community. Previous studies have shown that a low understanding of Sharia investment often causes people to be easily deceived by fraudulent investments that claim to be Sharia-based. For example, research by Nurhayati et al. (2018) found that lack of financial education and literacy is one of the main causes of the many victims of investment fraud in Indonesia (Barnet, 2009; Creti, 2014; Stroz, 2001). In addition, a study by Azizah (2017) also showed that people's lack of understanding of the concept and mechanism of Sharia investment makes them vulnerable to fraud that offers high returns without paying attention to the legal aspects and Sharia principles. Another challenge faced in previous studies is the lack of socialization and education regarding sharia investment, especially among small communities. For example, research conducted in several communities in Central Java showed that although there was interest in investing, people's knowledge and understanding of Sharia investment was still very limited (Riyadi, 2019). This shows the importance of more in-depth research and more intensive educational efforts to improve people's understanding of Sharia investment (Krapp, 1999; Lindsay, 2007; Tănase, 2015). This study focuses on the PAC Fatayat Metro Utara community in Metro City, which is a community whose members are mostly housewives and career women. This community is vulnerable to investment offers that are not legally clear due to a lack of understanding and financial literacy. Therefore, this study aims to improve the understanding of sharia investment among members of the PAC Fatayat Metro Utara community through appropriate education and socialization (Ciccarelli, 2012; Ji, 2018; Sohn, 2010). Thus, it is expected to reduce the number of victims of investment fraud and improve the economic welfare of the community in the community. Sharia investment as a form of investment that is by Islamic principles and laws, offers a more ethical and equitable alternative for the Muslim community in Indonesia. However, the main challenge faced in implementing Sharia investment is the lack of understanding and education among the community, especially in small communities. Previous research, such as conducted by Riyadi (2019) in several communities in Central Java, showed that although there is interest in investing, people's knowledge and understanding of sharia investment is still very limited. This emphasizes the importance of more intensive educational efforts to improve financial literacy and understanding of Sharia investment. This study focuses on the PAC Fatayat Metro Utara community in Metro City, whose members are mostly housewives and career women. This community is vulnerable to investment offers that are not legally clear, often due to a lack of understanding of the concept and principles of Sharia investment. Without adequate understanding, members of this community can become victims of investment fraud that promises large profits in a short time but does not meet sharia principles and clear legality (“Investment Fraud: The Cockroaches of Finance,” 2016; Y. Wang, 2019; Yin, 2021). Therefore, this study aims to improve 14 JIPDIMAS: Journal of Innovation and Development of Community Service Results | 13-24 Ambariyani et al., ││ Improving Understanding of Sharia Investment… the understanding of sharia investment among members of the PAC Fatayat Metro Utara community through a comprehensive education and socialization program. With the right education, it is hoped that members of the PAC Fatayat Metro Utara community can recognize and choose investments that are by sharia principles, and avoid fraudulent investments (Florida, 2009; Gainsborough, 2003; Piekarski, 2001). This increased understanding will not only help reduce the number of victims of investment fraud but also contribute to the long-term economic welfare of the community. Good financial literacy will enable community members to make wiser and more sustainable investment decisions, thereby improving the economic stability of their families. This research is also expected to be a model for other communities to improve their understanding of Sharia investment in Indonesia. 2. METHOD This research method uses a qualitative approach with a descriptive design. This approach was chosen because it allows researchers to dig up in-depth information about the understanding of sharia investment in the PAC Fatayat Metro Utara community (Coletti, 2011; Jianfeng, 2013; Nashiruddin, 2022). The following are the systematic steps taken in this study, accompanied by empirical evidence from previous studies that support this methodology. Figure 1. describes a systematic sequence of steps in research on understanding Sharia investment in the PAC Fatayat Metro Utara community 1. Preliminary Study: At this stage, the researcher collected initial data on the level of understanding of sharia investment in the PAC Fatayat Metro Utara community. Data was collected through questionnaires and initial interviews with several community members. The questionnaire was designed to measure essential knowledge of sharia investment and the forms of investment they knew or had done. 2. Sample Selection: The researcher used a purposive sampling technique to select the research sample. The sample consisted of 30 community members who had the potential to provide in-depth and relevant information. The selected members had diverse educational backgrounds and investment experiences. 3. Data Collection: Data were collected through in-depth interviews and focus group discussions (FGDs) with community members. In-depth interviews aimed to explore individual understanding and views on Sharia investment, while FGDs aimed to obtain the community's collective perspective on this topic. 15 JIPDIMAS: Journal of Innovation and Development of Community Service Results | 13-24 Ambariyani et al., ││ Improving Understanding of Sharia Investment… 4. Data Analysis: Data obtained from questionnaires, interviews, and FGDs were analyzed using thematic analysis techniques. Each answer and discussion was recorded, transcribed, and coded to identify key themes related to the understanding of Sharia investment. 5. Education and Socialization: Based on initial findings, an education and socialization session on sharia investment was conducted. This session involved presentations by Sharia investment experts and interactive discussions with participants. The materials presented included the basic principles of Sharia investment, types of Sharia investment, and how to avoid investment fraud (“Fraud. Conviction Upheld in Bogus HIV Drug Investment Scheme.,” 2003; Niu, 2019; Waneka, 2008). 6. Evaluation: After the education session, an evaluation was conducted to measure the increase in community members' understanding. The evaluation was conducted through a post-test questionnaire and follow-up interviews. The evaluation results were compared with the initial data to assess the effectiveness of the education session. Table 1 Research Steps No 1 2 Research Steps Preliminary studies Sample Selection 3 Data collection 4 5 Data analysis Education and Socialization Evaluation 6 Step Description Collecting initial data through questionnaires and initial interviews. I am selecting 30 community members as samples using a purposive sampling technique. Conduct in-depth interviews and focus group discussions (FGD). Analyze data using thematic analysis techniques. Conducting educational and outreach sessions on Sharia investment. I am measuring increased understanding through post-test questionnaires and follow-up interviews. Empirical evidence supporting this research is taken from several previous studies. For example, Arifin (2017) showed that Sharia investment education can increase public understanding and trust in investments based on Islamic principles. In addition, Nugroho and Wahyuni (2019) found that intensive and continuous socialization of Sharia investment significantly reduces the risk of people being deceived by fraudulent investments. These findings are relevant and reinforce the importance of education in increasing the understanding of Sharia investment in the PAC Fatayat Metro Utara community (David, 2014; Derrible, 2012; Holakooei, 2018). 3. RESULTS AND DISCUSSION A. Initial Level of Understanding of PAC Fatayat Metro Utara Community Members on Sharia Investment This study began with a survey to measure PAC Fatayat Metro Utara community members' initial understanding of sharia investment. The survey results found that most community members did not deeply understand the differences between Sharia and conventional investments. Most respondents only had general knowledge about sharia investment without understanding basic principles such as the prohibition of usury (interest), gharar (uncertainty), and may (gambling). Gambar 1 The results of this survey were reinforced by research conducted by the Hajj Financial Management 16 JIPDIMAS: Journal of Innovation and Development of Community Service Results | 13-24 Ambariyani et al., ││ Improving Understanding of Sharia Investment… Agency (BPKH) in 2021, which showed that 65% of Indonesians still had minimal knowledge about Sharia investment. Several factors that influenced this low understanding include the lack of adequate socialization and education from related parties and the misunderstanding that Sharia investment is more complicated than conventional investment. The initial level of understanding of PAC Fatayat Metro Utara community members about sharia investment was also compared to several other countries whose populations are predominantly Muslim (Li, 2017; Odlyzko, 1999; Stott, 2011). For example, in Malaysia, research by the Securities Commission Malaysia (SCM) in 2020 showed that public understanding of sharia investment reached 80%. This is due to intensive education and socialization programs and full support from the local government. Table 2 Level of Public Understanding of Sharia Investment in Several Countries Country Level of Research Sources Understanding (%) Indonesia 35% BPKH, 2021 Malaysia 80% Arab Saudi 75% Pakistan 60% Securities Commission Malaysia, 2020 Islamic Development Bank, 2019 State Bank of Pakistan, 2020 Empirical evidence from the above research shows that intensive education and socialization are critical in increasing public understanding of Sharia investment (Biesta, 2015; İnal, 2024; Nilsen, 2017). In countries with a high level of experience, educational programs are structured and involve various parties, including the government, financial institutions, and community groups. This indicates that the PAC Fatayat Metro Utara community also needs a similar approach to increase their understanding of sharia investment. With a better experience, it is hoped that community members will not only be able to recognize and choose investments that are by Sharia principles but also avoid the risk of fraud in the name of Sharia investment. Proper education will have a long-term positive impact on the economic welfare of the community, especially in facing various financial challenges in the future. B. Identification of Factors Causing Minimal Understanding of Sharia Investment This study identified several factors that caused the low understanding of Sharia investment among members of the PAC Fatayat Metro Utara community (Derrible, 2010a; Raveau, 2011; Wolf, 2015). The main factor was the lack of access to correct and reliable information about sharia investment. Many community members only get information from unofficial sources or even sources that are not legally clear. This makes them vulnerable to fraud under the guise of sharia investment, which promises large profits quickly. Gambar 2. 17 JIPDIMAS: Journal of Innovation and Development of Community Service Results | 13-24 Ambariyani et al., ││ Improving Understanding of Sharia Investment… In addition, the lack of formal education about Sharia finance is also a contributing factor (GuriRosenblit, 2005; Hagel, 2008; Madden, 1988). In many schools and universities in Indonesia, the curriculum that includes sharia finance education is still very limited. As a result, many people do not know enough about Sharia investment when they enter the workforce and start considering investing. The lack of socialization from Sharia financial institutions also contributes to this low understanding. Sharia financial institutions in Indonesia, both banks and non-banks, have not yet maximized their socialization and education to the broader community about the Sharia investment products they offer. Empirical evidence from Bank Indonesia's (2019) research shows that inadequate Sharia financial education plays a significant role in society's low level of Sharia financial literacy. This study revealed that only 20% of respondents had basic knowledge of the basic principles of sharia investment. Table 3 summarizes the factors causing the lack of understanding of Sharia investment based on several previous studies Causative factor Explanation Source Lack of Access to Information The information available often does not come Bank of Indonesia, from reliable sources. 2019 Lack of Formal Education Education about Islamic finance is not yet part of Bank of Indonesia, the curriculum in many educational institutions. 2019 Lack of Socialization from Islamic financial institutions have not been Financial Services Islamic Financial Institutions maximizing their socialization efforts. Authority, 2020 The Impact of Investment The large number of investment scams claiming to LPPOM MUI, 2021 Fraud be Sharia-based has made people skeptical. Previous studies have also shown that the public understanding of Islamic investment is much better in countries with higher Islamic financial literacy, such as Malaysia and Saudi Arabia. In Malaysia, for example, the government is actively campaigning for Islamic financial literacy through various media and educational programs. Meanwhile, in Saudi Arabia, Islamic financial literacy has been part of the school curriculum since early childhood, which helps improve the younger generation's understanding of the basic principles of Islamic investment. Thus, more intensive efforts are needed in education and socialization about Islamic investment in the PAC Fatayat Metro Utara community (Derrible, 2010b; Iwatsuki, 2004; X. Wang, 2017). This step is expected to improve public understanding and help them make wiser investment decisions based on Islamic principles. C. Effective Education and Socialization Strategy To improve the understanding of sharia investment in the PAC Fatayat Metro Utara community, this study proposes several educational and socialization strategies designed based on needs analysis and initial findings in the field. This strategy aims to provide in-depth and practical knowledge about Sharia investment and raise awareness of the importance of choosing investments by Islamic principles. One of the strategies identified is holding seminars and workshops. This activity will involve sharia financial experts with experience and credibility in their fields. These seminars and workshops are designed to provide basic knowledge about Sharia investment and answer questions and concerns that community members may have. According to research by the Financial Services Authority (2020), interactive financial education programs that involve active participation from the community are more effective in improving financial understanding and literacy (Davis, 2003; Deegan, 2016; Komalasari, 2018). In addition, this activity can also create a constructive discussion forum and support the exchange of information between community members. In addition to seminars and workshops, creating educational materials like guidebooks and video tutorials is also a very effective strategy. This material is designed to be easily understood and accessed by all community members. The guidebook will contain complete information on the basic principles of Sharia investment, types of Sharia investment, and tips for choosing safe investments by Islamic law. Meanwhile, video tutorials will provide more interactive and interesting visual explanations, so that they can attract the interest of community members who prefer to learn through audiovisual media. Several previous studies support the effectiveness of this strategy. For example, research conducted by Bank Indonesia (2019) showed that financial literacy programs that use visual and interactive media can increase public understanding of financial products and services by up to 40%. Another study by the University of 18 JIPDIMAS: Journal of Innovation and Development of Community Service Results | 13-24 Ambariyani et al., ││ Improving Understanding of Sharia Investment… Indonesia (2021) found that communities that actively participate in Sharia financial seminars and workshops have higher levels of financial literacy than communities that do not participate in similar programs. Education Strategy Seminars and Workshops Table 4 Islamic finance seminars and workshop Supporting Research Key Results Guidebook Financial Services Authority (2020) Bank of Indonesia (2019) Increase active participation and understanding Increase understanding by up to 40% Video Tutorial University of Indonesia (2021) Producing higher financial literacy Adopting these proven effective education and socialization strategies is hoped that the PAC Fatayat Metro Utara community can significantly increase their understanding of sharia investment (Devaney, 2017; Lee, 2003; Siemiatycki, 2006). Proper education will have a long-term positive impact on the economic welfare of the community and minimize the risk of becoming a victim of investment fraud that claims to be Sharia-based. D. Implementation of Education Programs The education and socialization program designed for the PAC Fatayat Metro Utara community in Metro City was implemented in several systematic and structured stages. The first stage is identifying the needs of community members through an initial questionnaire aimed at determining their basic level of understanding of sharia investment (Alias, 2014; Djawas, 2022; Syahbandir, 2022). The second stage is the implementation of a workshop involving Sharia investment experts and Islamic finance practitioners. The third stage is evaluation and monitoring through surveys and interviews with participants after completing the workshop. The initial survey results showed that around 70% of PAC Fatayat Metro Utara community members did not yet understand the concept of sharia investment in depth (Benardos, 2004; Florida, 2016; Z. Zhao, 2011). The education program implemented includes material on the basic principles of sharia investment, such as the prohibition of usury, gharar (uncertainty), and maisir (gambling), as well as the importance of clear contracts in every transaction. In addition, participants were also given knowledge about various Sharia investment products available in the market, such as Sukuk, Sharia mutual funds, and Sharia stocks. After implementing the education program, the final survey showed a significant increase in community members' understanding. Around 85% of participants were able to explain the basic principles of Sharia investment well and identify investment products that are by Sharia principles (Bawono, 2024; Busni, 2022; Maghfirah, 2022). This is supported by in-depth interviews, which showed that participants felt more confident in making investment decisions and were more alert to suspicious investment offers. Table 5. summarize the survey results before and after the implementation of the education program Understanding Category Before Education (%) After Education (%) Basic Understanding 30 85 Sharia Products 25 80 Fraud Identification 20 75 This study aligns with previous studies by Bank Indonesia (2019), which showed that Sharia financial education can improve public financial literacy and reduce the risk of investment fraud. In addition, the Syarif Hidayatullah State Islamic University of Jakarta (2020) research stated that continuous training and socialization can strengthen public understanding of Sharia investment and encourage them to participate in safer investments by Islamic principles. Thus, implementing educational programs in the PAC Fatayat Metro Utara community in Metro City has proven effective in improving understanding of sharia investment and minimizing the risk of investment fraud. Appropriate and sustainable education will have a long-term positive impact on the community's economic welfare and create a safer investment environment by sharia principles (Ashcraft, 2002; Neoh, 2017; Shinn, 2009). 19 JIPDIMAS: Journal of Innovation and Development of Community Service Results | 13-24 Ambariyani et al., ││ Improving Understanding of Sharia Investment… E. Long-Term Impact and Evaluation This study also evaluates the long-term impact of the educational program that has been implemented in the PAC Fatayat Metro Utara community (Afifipour, 2011; Crevier, 2001; Winzer, 2014). The evaluation results show that with a better understanding of Sharia investment, members of this community become more careful in choosing investments and are better able to avoid fraudulent investments. Continuous education and intensive socialization are essential to ensure a deep and sustainable understanding of Sharia investment among the community. Research by the Islamic Development Bank (2021) supports this finding, showing that continuous Sharia financial education and literacy contribute positively to the community's economic welfare (Dunn, 2019; James, 1991; Lioutas, 2010). As the understanding of the principles of Sharia investment increases, community members are better able to make the right decisions regarding their investments, thereby reducing the risk of getting caught up in fraudulent investments. Table 6 Evaluation of the Impact of Sharia Investment Education Evaluation Aspect Before Education (%) After Education (%) Understanding Sharia Principles 35 75 Ability to Identify Fraudulent Investments 40 80 Participation in Sharia Investment 30 70 Family Economic Satisfaction 50 85 A study by Al-Roubaie and Sarea (2019) in Bahrain showed that education about Islamic finance positively impacts people's knowledge and attitudes towards Islamic investment. In the study, 70% of participants felt more confident in choosing Islamic investment products after participating in the education program, and 65% were better able to identify investments that did not follow Islamic principles. Another study in Malaysia by Abdul Rahman and Nor (2020) showed that a sustainable Islamic financial literacy program increased the level of financial literacy in the community by 60%, which contributed to improving the economic welfare of families. From the results of this evaluation, it is clear that the ongoing education and socialization program has had a significant positive impact on the PAC Fatayat Metro Utara community (Cignoni, 1998; Falvo, 2011; Rambach, 2013). Understanding Islamic investment not only helps them avoid fraudulent investments but also improves the economic welfare of families. Therefore, it is highly recommended that education and socialization programs regarding Islamic investment be regularly held to maintain the sustainability of this positive impact. Research by the Islamic Development Bank (2021) supports this finding, showing that continuous Sharia financial education and literacy contribute positively to the community's economic welfare. As the understanding of the principles of Sharia investment increases, community members can better make the right decisions regarding their investments, thereby reducing the risk of getting caught up in fraudulent investments. 4. CONCLUSION Sharia investment is an important choice for the community to understand, especially in communities such as PAC Fatayat Metro Utara in Metro City. This study shows that the understanding of Sharia investment in this community is still low, making them vulnerable to investment fraud. With increased knowledge and intensive education, this community can be more careful in choosing investments and avoid the trap of fraud in significant investments that claim to be Sharia-based. Proper education regarding the principles of sharia investment will provide long-term benefits for PAC Fatayat Metro Utara community members. They will be better able to recognize investments by Islamic law and avoid offers whose legality is unclear. In addition, with a better understanding, community members can utilize Sharia investment to achieve sustainable economic prosperity. This study emphasizes the importance of intensive socialization and education regarding Sharia investment to increase public understanding and awareness. 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