%A - Darmawan
%A - Wansisca Putri Anggraini
%J Journal of Islamic Accounting and Business Research
%T Study on the market potential of digital sukuk and online trading platforms
%X Purpose – The purpose of this study is to examine the growth potential of Indonesia’s digital sukuk market by 
analyzing the roles of behavioral and technological drivers (product innovation, online trading platforms 
(OTPs) and public trust) and the moderating influence of institutional factors, including economic uncertainty 
and regulation. 
Design/methodology/approach – A quantitative, explanatory research design was used, using survey data 
from 320 respondents, comprising investors, issuers and users of OTPs. The model was tested through Partial 
Least Squares Structural Equation Modelling with SmartPLS 4, evaluating six main effects and six moderating 
paths. 
Findings – The results of this study indicate that OTPs and product innovation significantly drive digital 
sukuk growth, with online platforms emerging as the strongest determinant. Public trust does not exhibit 
a direct effect. Economic uncertainty weakens the impact of product innovation while marginally 
strengthening the role of online platforms. Regulatory support significantly amplifies the effect of 
product innovation but does not moderate other relationships. The model demonstrates strong 
explanatory power. 
Research limitations/implications – This study relies on cross-sectional and perceptual data from a single 
country, which may limit generalizability and causal inference. Nevertheless, the findings clarify boundary 
conditions for technology adoption theories in Islamic finance under varying regulatory and macroeconomic 
environments. 
Practical implications – Policymakers and regulators should prioritize robust digital trading 
infrastructure alongside supportive regulatory frameworks for sukuk innovation. Issuers and platform 
providers are advised to focus on platform quality, security and innovation rather than relying solely on 
trust-building narratives. 
Social implications – The development of digital sukuk supported by effective platforms and regulation can 
enhance financial inclusion, improve Islamic financial literacy and broaden access to Shariah-compliant 
investment instruments. 
Originality/value – This study develops an integrated behavioral–technological and institutional framework 
to explain digital sukuk growth in emerging Islamic capital markets. By embedding Technology Acceptance 
Model constructs within a Stimulus–Organism–Response logic and incorporating regulatory support and 
economic uncertainty as institutional moderators, this study extends existing theories by demonstrating how 
digital infrastructure and innovation translate into market growth under varying institutional conditions. The 
f
indings offer new empirical insights into the conditional role of trust and regulation during periods of digital 
transition and market volatility.
%K Digital sukuk, Product innovation, Online trading platforms, Public trust,  
Economic uncertainty, Regulation
%D 2026
%I Emerald Publising
%L digilib76175