Muslim Investors' Behavior in Deciding to Invest in Sharia Shares in the Period 2018-2023: A Systematic Literature Review

Purpose: The author's goal in this study is to investigate the factors that influence Muslim investors' decisions to invest in Sharia-compliant shares. This study aims to provide a detailed description of insider investor decision-making behavior. Methodology: Using the Scopus database and Google Scholar, the author analyzed 10 articles published between 2018 and 2023 to map the pattern of behavior of Muslim investors in deciding whether to invest in Sharia shares. Data was collected and reviewed before doing an analysis review, followed by a systematic literature review to support the next study. Results: Findings and results highlight that the behavior of Muslim investors is influenced by several factors, like investor ethics, motivation, patterns of investment, and religious factors. While the factors that influence the decision to invest in Islamic stocks are the level of return and investment risk. The implications of this research are to provide an understanding of the factors that influence Muslim investors' decisions in choosing Islamic equity investments, to provide insight into past investment experiences that influence Muslim investors' decisions, to improve perceptions of the risk of investing in Islamic equities so that investors can reduce risk and achieve better results from their investments. In addition, Islamic financial institutions can provide good services to Muslim investors and the government can take more appropriate steps to develop the Islamic financial market.


Introduction
The Islamic finance industry in Indonesia is growing well.The concept of Sharia-based finance is now widely accepted in the world as a good alternative market.One of the growing Sharia finance industries in Indonesia is the Sharia capital market industry (Irton, Khairawati, & Murtadlo, 2021).In order to use investments to achieve goals, decisions must be made that take into account expected returns and the impact of accepted risk.Obviously, equity investors need to consider a wide range of factors when making an investment decision.To buy, sell or continue to hold the share (Amirullah & Ratnasari, 2020).People have always believed that they are capable of making transparent and logical decisions.This is the basis on which people apply rationality to investment decisions.These conditions mean that investors must avoid bad stocks, i.e. stocks of companies involved in unethical or immoral activities such as gambling, alcohol or the production of firearms.(Purbowisanti, Kusuma, & Hanafi, 2021).
Movement investment Muslim seen Enough squirming; some research published earlier has researched investor behavior in the Islamic capital market.According to the findings of the study, investors in the Islamic capital market have good faith in the validity of the shares traded on the Islamic capital market, (Irton et al., 2021).Study about behavior in the field of investment Islam is still very limited.Referencestudy behavior in the field of Sharia finance and investment, especially in Indonesia, occurs rarely.With the condition that studying behavior very much in the field of Sharia is required, researchers want to see the development of the behavior of Muslim investors from 2018-2023, which can affect their decision to invest in the Islamic capital market.Because of it, through exploration and understanding various perspectives, (Mubarok, Rahmatika, Susetyo, Raharjo, & Mardiani).This study sought to answer two research questions (RQ), as follows: RQ1.What are some of the factors that influence the behaviour of investors in Islamic equities?RQ2.What are factors that influence investor decision-making to invest in Sharia shares?
In an attempt to address this RQ, we analysed the research evidence on this topic using the systematic literature review (SLR) technique of 10 articles published in Scopus and Google Scholar journals from 2018 to 2023.The aim of this analysis was to gain an in-depth understanding of the patterns, methodologies, theoretical foundations, leading journals and specific topics in this area of research (Abdullah Mubarok, 2022).This study aims to identify the factors that influence the behaviour of Muslim investors when deciding to invest in Sharia compliant stocks.This systematic literature review examines research on the characteristics of Muslim investors.Research on Islamic investment behaviour is still limited despite the fact that Indonesia has the largest Muslim population.Research references on behaviours and characteristics in the area of financial management and Islamic investment, especially in Indonesia, are still rare.Given these conditions, studies on the behaviour and characteristics of Muslim investors are still very much needed.In this study, the authors attempt to collect and analyse the factors that influence the behaviour of Muslim investors in making decisions to invest in Shariah stocks through literature review.This research is expected to provide a comprehensive picture of investor behaviour and help Muslim investors in their decision-making process to invest in Sharia compliant stocks.

Behavioural Finance Theory
Behavioural finance theory cannot be separated from the characteristics of Muslim investors, which is widely known as behavioural finance is the implication of psychology applied in the focus of financial disciplines, the purpose of the study of behavioural finance theory is used to provide understanding and take into account the implications of systematic financial markets from a psychological perspective (Amirullah & Ratnasari, 2020).Another view is that behaviour is an act of human rationality, with characteristics such as always thinking before deciding, having preferences, being able to choose the best alternative among available options, being able to pay attention to all information, being able to evaluate and compare information, and being able to find answers based on the results of rational information analysis (Irton et al., 2021).

Theory of Reasoned Action
This theory explains that behaviour is performed because individuals intend to do so, and is related to activities performed of their own volition (Hasan & Nurhuda, 2023) in (Septyanto, Sayidah, & Assagaf, 2021).This theory assumes that humans generally do things in a reasonable way, humans consider all available information and also take into account their actions, this attitude evaluates a person's positive or negative feeling beliefs in doing certain desired activities.Investor attitudes and intentions are one of the characteristics of Muslim investors, which is a predisposing factor or factor within a person who has learned to respond consistently whether he likes or dislikes evaluating certain objects (Septyanto et al., 2021).A positive attitude towards a behaviour occurs when individuals perceive that the consequences of the behaviour are positive.Conversely, if the consequences of the behaviour are perceived to be negative, a negative attitude will be attached to the individual.

Research Method
Different from reviewing narrative, the approach we use to analyze relevant literature in our study this is the SLR, which employs a scientific, transparent, and repeatable procedure.SLR allows systematization and classification of findings that are key in area research and emphasizes characteristics that are not known so that direction can be developed for future research (Di Vaio, Latif, Gunarathne, Gupta, & D'Adamo, 2023).This research methodology consists of two distinct research phases: a) identification, reading and interpretation of publication-related material; and b) appraisal of selected articles.In accordance with the procedure recommended by the Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA), authors should start at an early stage.The steps are: (1) identification of published articles from journals; (2) filtering of articles; (3) selection of relevant articles based on eligibility; and (4) finalisation and inclusion of an article for analysis.Figure 1 illustrates the data collection and analysis process for each stage of the study.This helps to ensure reliable methodology.

Figure 1. Data collection prosess
Writers start with database selection at this stage.In accordance with procedure, we selected the Scopus and Google Scholar databases.Scopus is the most comprehensive database of abstracts and citations available for scholars, government agencies, and organizations (Caniago, Meiliana, & Taufik, 2023;Di Vaio et al., 2023).The number of sources referenced since the 1970s is 1.8 billion.This includes 17.6 million profile authors, 84 million profile authors, and about 95 000 profile affiliates, who collectively represent 84 million recordings, furthermore helpful is this.Considering the h-index, the score shows the caliber of the journal, author, or article.The author's Scopus database search and our manual search on the Google Scholar website may be combined by authors to get more relevant results.The subject was selected in order to extend the reach because Scopus has greater coverage than other databases.
To compile all of the research on the characteristics and behavior of Muslim investors, the author chose a six-year study period, from 2018 to 2023.Besides it, to find all relevant articles, authors operate lots of searches through categories, as mentioned below: 1) "sharia stock" scopus 35 articles 2) "gender and sharia stock selection" google scolar 7 articles 3) "ethical investment and sharia stock" google scolar 42 articles 4) "behavior" and sharia stock" scopus 4 articles Election-relevant publications focus on merging the categories above to highlight the possibility of connections between the obtained results in the four groups rather than discarding important contributions.For a moderate problem, check Keywords specifically used on stage First, a theme study included "investor behavior ", " shariah investor perceptions" and "decisions to invest in Sharia shares ".With this in the title of articles, abstracts, or keywords, Sharia stocks, factors influencing investment in Sharia stocks and the behavior of Muslim investors can be identified.Keyword research yielded 88 articles, which were then filtered for "same article" (author and title) to reduce the number of articles to 76.
The second stage involves selecting pertinent publications based on factors like the author of the study and the analysis in the abstract of the article.Examine the content abstract in as much detail as you can.
In every article with a theme offered in our research, we repeated and then highlighted relevance in order to create ordered data.Consider the possibility that not all relevant articles are loaded into the Scopus database and that the author is manually searching Google Scholar for articles using the same search criteria to examine well-known top journals for articles about Muslim investor behavior, investment choices in Sharia stocks, and the traits of Muslim investors.Stage finished with studies This was centered on each scientific study, which was carefully analyzed by the author to identify areas that related to the subject under investigation.Article files are reviewed and downloaded by writers.to enhance the depth of the articles' material, yielding a final selection of 10 articles.

Results and Discussion
This study done for answers to two questions, factors affecting the behavior of Sharia stock investors and factors that influence investor decision-making to invest in Sharia shares, the following is a table evaluating the quality of an appropriate article with objective research: Qualitative From the study conducted on the answers of respondents (informants) it can be obtained that basically Islamic capital market investors who are among students have a risk character takers and risk averters.Risk takers dare to make investment decisions without being complicated, full of trust yourself, understand that in every investment there must be a potential for failure, and believe that investment Those who want to gain large profits are also faced with the risk of loss.While risk averse tend to be careful in making investment decisions, tend to avoid investing, when will buy or sell stocks will analyze first, consult with friends or partners who have information and experience, not ready to lose.Risk has become an important consideration when investing in Sharia stocks, (Widodo, 2022) this might affect how muslim investors behave and decide whether to buy Sharia-compliant stocks.Besides that, level return returns can also be taken into consideration, (Al-Nisa, 2018) mention the Sharia stock index is better in terms of its moving average compared to the conventional stock index, which indicates that Sharia stocks have better returns.Opinion the different with results research conducted by (Suryadi, Endri, & Yasid, 2021) mention that in 2019, the level of stock returns with conventional shares will be higher than with Sharia shares.So investors who will invest in the companies recommended for more notice level affecting risk and return index price share as reference appropriateness investment in the century future so no experiencing capital loss (Sumarmo & Yusuf, 2019).Also anticipated are investors.
Always look for the most recent information regarding shares to invest in because external factors might affect the price of shares in the market (Fatchurrohman & Saputri, 2023;Irton et al., 2021).

Conclusion
Investors in the Islamic capital market have good confidence in the validity of shares traded in the Islamic capital market.Based on the above studies and findings, it can be concluded that the behaviour of Muslim investors can be influenced by several factors such as: investor ethics, motivation, investment patterns and religious factors.While the factors that influence the decision to invest in Shari'ah stocks are return and investment risk, investment risk is an important consideration for Muslim investors.Therefore, before investing in the Shari'ah capital market, it is better to consider the level of risk and the level of return, as the risk is different for each person.
The limitations of the research lie in the data available, as there are still very few studies on the behaviour of Muslim investors when deciding to invest in Sharia-compliant equities.There may be different interpretations of the same data, as the interpretation of the data may be influenced by the researcher's interpretation.For further research suggestions, Islamic equity investment has unique characteristics and features, therefore empirical evidence is still needed to measure the behaviour of Muslim investors in deciding to invest in Islamic equities.

Figure
Figure 1.Design study

Table 1 .
Articles selected (Purbowisanti, 2021alysis conducted, a number of elements, including the study of investment ethics, which focuses on the characteristics of ethical investors, including motivation, investment patterns and the basis for making investment decisions, have been found to influence the behaviour of Muslim investors (ABDULLOH MUBAROK, 2022)(Mubarok et al.).Another finding is that religious factors can influence the behaviour of Muslim investors, because if he is able to bring himself closer to the Creator, he will engage in lawful transactions.Buying shares in companies that produce halal goods or avoiding non-halal products(Purbowisanti, 2021) (Rivo & Ratnasari, 2020).