UNDERSTANDING AND INTEREST IN SHARIA CAPITAL MARKET INVESTMENT OF PTKIN AND PTKIS STUDENTS

Understanding and Interest ….. Abstract Sharia investment is currently trending in the world of investment in Indonesia. Moreover, the current PTKI students are Generation Z, who are more familiar with the virtual world and the world of online investment. Thus, the understanding and interest of Generation Z in sharia investment needs to be analyzed in order to develop the Islamic capital market. The research article explains how high the understanding and interest of public and private Islamic university students towards Islamic capital market investment is. It uses a combination of quantitative and qualitative methods. Quantitative research is done by survey using Google Form, to 300 students at PTKIN/S in West Sumatra. The samples are 154 student respondents from 3 PTKIN and 129 students from 5 PTKIS. The effect of understanding on interest in investing in the Islamic capital market is significant. If understanding increases by 1 point, then interest will increase by 0.481 points. There is no difference in the investment interest of PTKIN students and PTKIS students. Qualitative research was conducted by collecting student arguments in FGDs related to the determinants and efforts to increase understanding and interest in investing in the Islamic capital market. Many determinants of understanding come from external, while interest is heavily influenced by internal factors. Efforts to increase understanding can be done by studying academically, using the internet more wisely, attending seminars and discussions. Meanwhile, to increase interest, it can be done by increasing understanding, motivation, and interacting with Islamic capital market investment figures.


INTRODUCTION
Many efforts can be made by companies to obtain funds to develop their businesses.
With the help of the two institutions tasked with bringing together the interests of those who have excess funds and those who need funds, namely banking and the capital market, collecting business funds can be made easier. Between the two institutions, the capital market is a more interesting area to research and develop. It is because many people have heard of the term investment in banking, but not many know how to invest in the capital market (Hana, 2019). According to data from the Indonesia Stock Exchange (IDX), the number of Single Investor Identification (SID) in the capital market reached 2,001,288 accounts as of Tuesday (16/2/2021), which is an increase from the end of 2020 which was 1,695,268 accounts (Utami, 2021). Meanwhile, the number of deposit accounts in early 2021 increased to 352,728,934 accounts from the previous 303,132,916 accounts in early 2020 (Shahnaz, 2021). Compared to the number alone, it can be seen that there is still a very small increase in the number of capital market investors when compared to the number of banking customers.
Conceptually, the capital market consists of two types, namely the conventional capital market and the Islamic capital market. According to Isnaini & Muslih (2020), the notion of a sharia capital market is a capital market that is in accordance with Islamic sharia or capital market instruments used based on sharia principles and the transaction mechanism used does not conflict with sharia principles. Meanwhile, the conventional capital market clearly does not value its instruments or transaction mechanisms with sharia principles.
Opportunities are wide open to invest in the Islamic capital market because the capitalization value is still low compared to the conventional capital market (Priyono, 2022). According to the Decree of the OJK Board of Commissioners Number KEP-63/D.04/2020 concerning the List of Sharia Securities, there are 436 companies that issue securities on the IDX which can be classified as sharia-based securities as of November 23 rd , 2020 (Decision of the OJK Board of Commissioners Number KEP-63/D.04/2020 concerning the List of Sharia Securities, 2020). Meanwhile, the number of companies listed on the IDX that issue conventional securities is 709 companies as of October 27, 2020 (Pratomo, 2020). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol. 5. No. 2 July 2022e-ISSN: 2621 Understanding and Interest ….. 443 The development of sharia shares which are considered quite significant has made investors begin to look at sharia-based shares, not only investors who do require sharia conditions to invest. Islamic stocks also have good resilience when the economy is in crisis, this is expressed by, because some investment instruments in the Islamic capital market have a more stable performance in the conventional capital market (Febrianti, 2018;Sholihah & Asandimitra, 2017). According to many researchers, the Islamic capital market in Indonesia has developed and performed very well (Khasanah & Worokinasih, 2018;Alwahidin, 2020;Lestari, 2016 with the virtual world and the world of online investment (Putra, 2017). Generation Z's understanding and interests need to be investigated, especially in relation to Islamic capital market investment, as well as supporters of Islamic capital market development.
Students' interest in investing in the Islamic capital market needs to be researched to be able to increase real interest in the future to invest in the Islamic capital market. That is why this research will explain the results on how high the understanding and interest of state and private Islamic university students towards Islamic capital market investment by using survey research. Furthermore, the reasons behind those findings will be explored through FGD analysis of factors behind the understanding and interest of PTKIN and PTKIS students in West Sumatera. Not only the factors, but the efforts also to increase then understanding and interest will be discussed through an FGD analysis.

REVIEW OF LITERATURE
Some of the concepts discussed in this study are the concept of the Islamic capital market, understanding of the Islamic capital market and interest in investing in the Islamic The capital market is a place intended for the sale and purchase of long-term financial instruments, in the form of debt securities or shares (Yuniarti & Litriani, 2017  Islamic capital market will benefit in the future; c) Preference is more interested in investing in the Islamic capital market; d) Actively seeking information about the Islamic capital market; e) Desire to identify the requirements to become an investor in the Islamic capital market; f) Accepting the risk of investing in the Islamic capital market.

Figure 2 Histogram
Heteroscedasticity test is carried out by observing the Scatterplot curve as follows: The average value of interest in student respondents from PTKIS in West Sumatra is 53.20, with a standard deviation of 9.783 and a variance of 95.709.  investments that promise future profits in the world and the hereafter; c) Motivation/desire to get a better future (economy); d) The desire to activate the capital owned, "the capital/ money must work"; e) The amount of capital owned "I am interested, but there is no capital yet"; Courage vs. anxiety facing "loss" and "fraud" in investing. Understanding and Interest ….. 455 the quantitative phase, that the understanding of sharia investment significantly influences the interest to invest. Therefore, to increase the interest in sharia investment, it is mandatory for the PTKI to include the sharia investment as a subject in curriculum. It can be done by organizing the PTKI to comply to higher educational organization that can set a rule about including sharia investment in curriculum.

CONCLUSION
The study concludes that understanding of Islamic investment is significantly related to investment interest. There is a difference in the level of understanding of Islamic investment between PTKIN and PTKIS students. There is no difference in interest in sharia investment between PTKIN students and PTKIS students. Many determinants of understanding come from external (academic processes, internet media) while interest is heavily influenced by internal factors (knowledge, encouragement of sharia values, and motivation to get a better future/ economy). Efforts to increase understanding can be done by studying academically, using internet media more wisely, attending seminars and discussions. Meanwhile, to increase interest, it can be done by increasing understanding, motivation, and interacting with Islamic capital market investment figures. The researchers recommend that the increase in understanding (cq. literacy) of Islamic investment for students, especially Generation Z, be made a national program, because they will be the ones who will control the sharia economy in the future.