Muhammad Alfarizi and Ngatindriatun, Determination of the Intention of MSMEs Owners Using Sharia Cooperatives in Improving Indonesian Islamic Economic Empowerment (2022)

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Research article by Muhammad Alfarizi and Ngatindriatun of BINUS Online Learning, Universitas Bina Nusantara, in Jurnal Ekonomi Syariah Teori dan Terapan, Vol. 9 No. 6, November 2022, pages 834-849. It studies how Islamic financial literacy affects attitudes, social influence and self-efficacy, and through them the intention of MSME owners to use Sharia cooperatives in Indonesia. The study uses an online survey of 280 prospective members of Islamic cooperatives who need financing and own MSMEs, analysed with PLS SEM. The authors report that financial literacy affects all three factors and that the results support the intention to choose Islamic cooperatives for MSME financing needs.

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“Muhammad Alfarizi and Ngatindriatun, Determination of the Intention of MSMEs Owners Using Sharia Cooperatives in Improving Indonesian Islamic Economic Empowerment (2022).” Original at e-journal.unair.ac.id. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/muhammad-alfarizi-and-ngatindriatun-determination-of-the-intention-of-5ab4f42cf6/, SHA-256 a08bd0df031c55a72f1f7dc6e49f7abf64ddf580de18a5573fd627883556bb3b.

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Jurnal Ekonomi Syariah Teori dan Terapan p-ISSN: 2407-1935, e-ISSN: 2502-1508. Vol. 9 No. 6
November 2022: 834-849; DOI: 10.20473/vol9iss20226pp834-849

Determination of the Intention of MSMEs Owners Using Sharia Cooperatives in
Improving Indonesian Islamic Economic Empowerment

Determinasi Niat Pemilik UMKM Menggunakan Koperasi Syariah dalam
Dorongan Pemberdayaan Ekonomi Islam Indonesia

Muhammad Alfarizi , Ngatindriatun
Program Studi PJJ Manajemen, BINUS Online Learning, Universitas Bina Nusantara, Indonesia
muhammad.alfarizi@binus.ac.id*, ngatindriatun@binus.ac.id

ABSTRAK Informasi Artikel
Penurunan profit bisnis kecil akibat implikasi ekonomi pasca pandemi Submitted: 15-08-2022
COVID-19. Persoalan struktur permodalan menjadi kendala dalam Reviewed: 18-10-2022
mempertahankan dan meningkatkan usaha seiring perubahan zaman. Koperasi Accepted: 22-11-2022
Syariah sebagai salah satu lembaga keuangan Islam yang keislaman lebih dekat Published: 30-11-2022
secara eksistensi maupun teritorial dengan masyarakat tingkat bawah sehingga *)
Korespondensi (Correspondence):
menjadi alternatif pengembangan usaha masyarakat secara syariah sesuai Muhammad Alfarizi
persyaratan yang diberikan. Studi ini bertujuan untuk untuk menganalisis
Open access under Creative
pengaruh literasi keuangan syariah dalam sikap, pengaruh sosial dan self- Commons Attribution-Non
efficacy terhadap perilaku pemanfaatan produk koperasi syariah di Indonesia. Commercial-Share A like 4.0
International Licence
Studi kuantitatif survey online dengan melibatkan 280 calon anggota koperasi (CC-BY-NC-SA)
syariah yang membutuhkan pembiayaan dan merupakan pemilik UMKM
dijalankan dengan teknik analisis SEM PLS. Hasil studi menunjukkan
pengaruh literasi keuangan terhadap sikap, pengaruh sosial dan self-efficacy
lalu dilanjutkan arah jalur dukungan hipotesis terhadap niat untuk memilih
Koperasi Syariah sebagai solusi kebutuhan finansial UMKM ditemukan.
Strategi manajerial khususnya pemasaran dikembangkan dengan
mempertimbangkan efek sikap positif, pengaruh sosial dan efikasi diri calon
anggota sebagai pemilik bisnis atau produk keuangan syariah yang akan
mereka tawarkan kepada pelanggan mereka akan berkontribusi pada
pertumbuhan sektor UMKM khususnya UMKM Generasi Millenial dan
UMKM Hijau di Indonesia melalui upaya promosi dan kerjasama.
Kata Kunci: ASE Model, Ekonomi Islam, Koperasi Syariah,
Pemberdayaan, UMKM.

ABSTRACT
The decline in small business profits due to the post-COVID-19
pandemic economy. The issue of capital structure is an obstacle in maintaining
and increasing development in line with the changing times. Sharia
cooperatives as one of the Islamic financial institutions are closer in existence
and territorially to the lower level of society so that they become an alternative
for community business development in accordance with the requirements
given. This study aims to analyze the effect of Islamic financial literacy on
attitudes, social influence and self-efficacy on the application of Islamic
cooperative products in Indonesia. Quantitative study of online surveys
involving 280 prospective members of Islamic cooperatives who need
financing and are MSME owners carried out with the PLS SEM analysis
technique. The results of the study show the effect of financial literacy on
attitudes, social influence and self-efficacy, then choosing the direction of
hypothesis support for the intention to find Islamic Cooperatives as a solution
to the financial needs of MSMEs. Managerial strategies especially marketing
that are developed taking into account the effects of positive attitudes, social
influence and self-efficacy of prospective members as owners or Islamic
financial products that they will offer to their customers will increase the
growth of the MSME sector, especially Millennial Generation MSMEs and
Green MSMEs in Indonesia through promotional efforts and cooperation.
Keywords: ASE Model, Islamic Economics, Sharia Cooperatives,
Empowerment, MSMEs.

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I. INTRODUCTION
COVID-19 has caused major disruptions to the economic sector with a sharp decline in
production and consumption activities that have caused a slump in world economic growth. Bank
Indonesia in its report on world economic performance predicts a 5.2% contraction in global GDP in
2020 (Dietrich et al., 2022). In fact, Indonesia must try to recover the economy so that it is not
threatened with a recession, which endangers the Indonesian economic situation (Hikmawati &
Muharam, 2022).
The MSME (Micro, Small, and Medium Enterprise) sector as business managers is most
affected by the Pandemic situation due to operational restrictions, making them have to take strategic
steps to maintain their business (Hartono & Ardini, 2022). Strengthening the capital structure is an
option at least to cover operational costs in order to maintain its business. The MSME capital structure
illustrates the balance between equity and long-term debt while at the same time encouraging
profitability (Nimfa et al., 2021). However, one of the classic problems faced by MSMEs is the lack of
access to banking capital. Non-banking financial institutions must help access MSME capital, one of
which is cooperatives according to the principle of cooperation to build community welfare.
Sharia cooperatives are Islamic financial institutions with the same principles as conventional
cooperatives in promoting economic independence (Firdaus, 2022). Sharia cooperatives are a
conversion of one meaning to conventional cooperatives with an Islamic sharia approach through the
Al-Quran and Hadith of the Prophet Muhammad and the example of the economic principle of
Rahmatan Lil Alamin (Syamsiyah et al., 2019). Sharia cooperatives as agents of asset distribution seek
to provide an alternative for developing sharia community businesses according to the requirements
given through MSME financial injections (Safe'i, 2012). Currently, there are 2,253 sharia cooperatives
with 1.4 million members. Own capital reached Rp 968 billion and foreign capital was Rp 3.9 trillion
with a business volume of Rp 5.2 trillion (Yuniar et al., 2021). However, the role of sharia cooperatives
until now has not been optimal in strengthening MSMEs with many loan lenders plus the online loan
phenomenon that ensnares MSME owners until they go bankrupt (Hakim & Kurnia, 2022). Sharia
cooperatives are required to encourage the empowerment of MSMEs through prioritizing loan capital
funding for MSMEs at least in local areas to give hope and confidence in business success without
excessive borrowing pressure. Sharia cooperatives have a potential role in empowering the
community's economy. With stronger cooperative regulations, it can facilitate its role as a financial
institution closest to the community where its operations also resemble Islamic banks. In addition,
sharia cooperatives can be a means of educating the prohibition of usury, gharar and other haram
elements in Islam.
In entrusting Islamic financial institutions as a solution to the MSME capital structure, the
owner considers various things including the level of financial literacy, especially Islamic finance that
is controlled and the growth of financial products offered by sharia cooperatives. Several studies
recorded in the literature state that individual financial behavioral intentions are under the influence of
factors such as the level of Islamic financial literacy (Al-Awlaqi & Aamer, 2022a; Albaity & Rahman,
2019; Takidah & Kassim, 2021), prejudice (Purwantini et al., 2020; Rokhman & Abduh, 2020), social
influence (Abourrig, 2021; Irwansyah & Alam, 2022), economic effects and financial self-efficacy
(Hoque et al., 2022; Srisusilawati et al., 2021). In addition, research on Islamic bank financing products
states that business owners will consider Profit and Loss Sharing in utilizing Islamic financial products
(Fauzi et al., 2022). Rasheed et al (2022) and Hernanik et al (2015) state that risk, awareness and types
of financing products are important factors in the adoption of Sharia BPR MSME micro products (Dwi
Hernanik & Pratikto, 2022; Rasheed & Siddiqui, 2022; Rini, 2022). In addition, there is institutional
legality and promotion is another consideration in the decision to use MSME credit products (Hasanah
& Lubis, 2022). However, none of the studies above highlight the considerations of business owners
on the scale of MSMEs on the intention to choose Sharia Cooperatives as an alternative business
funding. Therefore, this study tried to bridge the analysis of the factors that MSME owners choose
sharia cooperatives to overcome in overcoming limited access to funding.
This study aimed to analyze the effect of Islamic financial literacy on attitudes, social influence
and self-efficacy on the behavior of using sharia cooperative products with the support of the attitude-
social influence-self-efficacy (ASE) model. In this context, this study is distinguished from other studies

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in the relevant literature based on two aspects. First, this study raises the subject of sharia cooperatives
as the closest financial institution to the community, especially SMEs in the growing stage. The second
differentiating aspect is that the topic is analyzed within the framework of the Attitude-Social Influence
and Self-Efficacy (ASE) model which includes the unprecedented variables of Attitude (attitude),
Social Influence (social influence) and Self-Efficacy (self-efficacy). tested empirically in the context
of cooperative products, both general and sharia. The ASE model is a cognition-based model and
emphasizes consumer cognition. Third, this study raises the Islamic financial literacy variable as an
important concept for the success of financial contracts from the perspective of Islamic financial
institutions. Especially in the midst of developing religious issues and the level of awareness of the
Muslim community on the importance of halal in running business operations. This study was expected
to be a managerial recommendation in optimizing the function of sharia cooperatives to encourage the
growth of MSMEs when facing a crisis situation. In addition, this study will link the government's
function as a regulator that liaises the two parties to synergize in building the MSME business climate
with sharia cooperatives to recover after Covid-19.

II. LITERATURE REVIEW
Sharia Financial Literacy
The Organization for Economic Co-operation and Development (OECD) defines financial
literacy as a combination of awareness, knowledge, skills, attitudes and behaviors needed to make good
financial decisions and ultimately achieve individual financial well-being (Mirzaei & Buer, 2022). This
can be said simply as the ability to understand and use financial-related information. However, in
general, financial literacy is assumed to increase financial inclusion and circulation of funds, so that
economic performance becomes better. However, the concept of financial literacy is more developed
on the concept of interest-based finance (Madeira & Margaretic, 2022). Thus, it can be said that the
effort to introduce financial literacy aims to make the concept of interest acceptable to the public.
Whereas interest is strictly prohibited in Islamic sharia law because interest (riba) in the economy
focuses on aspects of savings and capital formation, profitability and productivity and unemployment
and inflation (Fessler et al., 2020). In addition, the concept of riba is criticized for the disparity of
income and wealth distribution, which results in deteriorating economic justice rather than social
welfare (Ouachani et al., 2021).
So that Muslims have their own terms in defining Islamic financial literacy as a Muslim's
understanding of finance, both acceptance of the origin of money and management attitudes in
accordance with Islamic teachings (Dewi & Ferdian, 2021). Awlaqi and Aamer (2022) in their research
wrote the definition of Islamic financial literacy as knowledge and awareness in Islamic finance so as
to base financial decisions based on the Al-Quran and Hadith (Al-Awlaqi & Aamer, 2022a). Islamic
financial literacy is a critical concept that is very important for Muslims to understand in order to keep
their faith protected.
There are ten factors that can influence Islamic financial literacy, which are basic Islamic
knowledge, knowledge of Islamic financial institutions and their financial products, views of Islamic
financial products, knowledge of Islamic finance costs and benefits, Islamic investment, views of
conventional financial products, personal financial management, knowledge wealth planning, wealth
management knowledge and attitudes towards Islamic financial products and services (Al-Awlaqi &
Aamer, 2022b; Albaity & Rahman, 2019; Rahman et al., 2018a). The bibliometric study of Islamic
financial planning shows that Islamic financial literacy is a measure of the extent to which a person has
a set of knowledge and skills to understand the importance of Islamic financial services that influence
their attitude regarding the intention to use Islamic finance. (Sevriana et al., 2022).
ASE Theory
There are various models used to explain behavioral intentions such as reasoned action theory
(TRA), planned behavior theory (TPB), technology acceptance model, integrated technology
acceptance and use theory and ASE model (Ajzen, 1991a; Im et al., 2011; Venkatesh, 2022). However,
TRA and TPB cannot explain the issue of intention to use Islamic financial products because these
limitations stem from behavioral control and neglect of individuals' capacities to perform the desired
behavior or do the desired thing. However, the ASE model is considered as a model that proposes that

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intentions and behavior are determined by three cognitive variables as attitudes, social influences and
self-efficacy expectations and it is estimated that this model is the one that can better explain the
intention to use Islamic financial products (Khairi & Baridwan, 2015; Saygılı et al., 2022a).
The ASE model theory is the result of the integration of TRA theory, social cognitive theory,
trans-theoretical model, precaution adoption model to explain behavior change and motivation, and
suggests that attitudes, cognition, and social influences can be used to predict behavioral intentions and
subsequently determine the likelihood of their occurrence. such behavior (De Vries & Mudde, 1998a).
In addition to the formation of individual attitudes as a result of social influences and the accumulation
of personal experiences, self-efficacy about life problems is developed (Gijsbers et al., 2006a).
According to the ASE Model, a person's attitude toward a particular behavior is the aggregation of all
the outcomes that the person expects from performing that behavior (Lechner & De Vries, 1995a). In
accordance with the abbreviation, the ASE model consists of attitude as a positive or negative
assessment of individuals regarding certain behaviors, social influence as opinions or expectations from
other people who are important in one's mind or life, as well as the surrounding environment and Self-
Efficacy as a person's ability to perform the desired behavior or do the desired thing and solve problems
due to the behavior performed (De Vries & Mudde, 1998b; Gijsbers et al., 2006b; Lechner & De Vries,
1995b; Nugroho et al., 2017a).
As demonstrated by the ASE model, individual behavior can be changed, and goals can be
achieved by changing individual attitudes, social influence, support, and self-efficacy. After
reconfiguration, the ASE model is used in various research fields, particularly in health research and
marketing (De Vries & Mudde, 1998b; Gijsbers et al., 2006b). However, not too many studies use the
ASE model as a test of the perspective of Islamic financial products. The study of determining factors
for choosing Islamic financial products stated that the variables of attitude, social influence and self-
efficacy had a statistically significant effect on consumer intentions to use Islamic financial products
(Saygılı et al., 2022b). Another study also showed the ASE model as a variable that affects the
utilization of Islamic banks in Indonesia (Nugroho et al., 2017b).
Hypothesis Development
Islamic financial literacy is the basis for prospective customers when deciding which financial
product to use according to their needs. Previous research history stated that Islamic financial literacy
significantly affects the attitudes of prospective Islamic bank customers (Albaity & Rahman, 2019;
Widityani et al., 2020), social influence of prospective Islamic banks (Rahman et al., 2018b; Takidah
& Kassim, 2021) and self-efficacy of customers who own MSMEs (Srisusilawati et al., 2021; Takidah
& Kassim, 2021). Zaman et al (2017) in their study highlighted the significant role of Islamic financial
literacy on attitudes to adopting Islamic banking services in Pakistan (Zaman et al., 2017). Daradkah,
Abdullah and Haitham (2020) stated that an understanding of Islamic finance including benefits and
several legal laws of Islamic banking encourages prospective customers to influence people around
them to express their opinions about Islamic banking services (Daradkah et al., 2020). Economic
psychology studies stated that financial literacy can clarify self-efficacy in Australian female
entrepreneurs (Farrell et al., 2016). The explanation above validates the influence of Islamic financial
literacy on the ASE theory variable so this study developed three hypotheses, namely:
H1. Islamic Financial Literacy has a significant positive effect on Attitude
H2. Islamic Financial Literacy has a significant positive effect on Social Influence
H3. Islamic Financial Literacy has a significant positive effect on Self-Efficacy
Although the relationship between attitudes and behavior is not necessarily strong all the time and
under all circumstances. This suggests that the use of behavioral attitudes in predicting behavioral
intentions has been advocated. Several studies have stated that there is a significant relationship
between prospective customers' attitudes towards Islamic banking practices, especially cash waqf
programs among the Indonesian millennial generation (Berakon et al., 2022), mudharabah funding
(Vidia Khairunnisa & Hendratmi, 2019), Sharia Microfinance (Shabrina et al., 2018) and Islamic home
financing partnerships (Razak & Abduh, 2012a).
The concept of social influence discussed in this study refers to subjective norms or normative
pressure (Izuma, 2017). Subjective norm which is referred to as another determinant of behavioral
intention is a social component that shows the perceived social pressure that influences whether an

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individual performs a behavior or not (Ajzen, 1991b). When viewed from this perspective, subjective
norms relate to the perception of others, who are considered important by individuals, about whether
the behavior to be carried out is appropriate or not (Cristea & Gheorghiu, 2016).
Therefore, according to Venkatesh and Davis (2000), an individual will perform a behavior under
significant social influence and social pressure even if they are actually reluctant to perform this
behavior (Venkatesh, 2022). The extent to which the influence of social influence on intention is
significant is also indicated by this point. The variable "social influence" which is one of the main
variables of the ASE model in this study has been the topic of several studies conducted based on
Islamic financial products, and researchers have found a statistically significant effect on intentions to
use Islamic finance (Abourrig, 2021; Atal. et al., 2022; Dzuljastri Abdul Razak and Muhamad Abduh,
2012b; Mindra et al., 2022; Mukti et al., 2022b; Saygılı et al., 2022b). Therefore, in this study, it was
expected that consumers' intentions to use sharia cooperatives will be influenced by social influences.
When individuals make financial decisions, they take steps based on their experience and
educational background. An individual's financial knowledge base, developed through experience or
formal education, plays a major role in shaping individual financial behavior (Nugroho et al., 2017b).
Several researchers have suggested that there is a positive relationship between financial behavior and
the concept of Islamic financial literacy, which also indicates an individual's Islamic financial
knowledge base that raises self-efficacy including when there is a possibility of problem arise (Mamman
et al., 2016; Purwantini et al., 2020; Saygılı et al., 2022b; Ziky & Daouah, 2019).
As mentioned above, in many studies conducted on Islamic finance, it has been found that attitudes,
social influences and self-efficacy influence intentions. Likewise, in this study, it hoped that the
intention of prospective cooperative members to use sharia cooperative products will be influenced by
their attitudes, social influence and self-efficacy. Therefore, the proposed hypothesis is as follows:
H4. Attitude has a significant positive effect on the intention to choose sharia cooperatives.
H5. Social influence has a significant positive effect on the intention to choose sharia cooperatives.
H6. Self-Efficacy has a significant positive effect on the intention to choose sharia cooperatives.

III. RESEARCH METHOD
This study chose an explanatory research method with a quantitative approach to find an
explanation of the relationship between variables in the hypothesis testing that has been determined.
The research model framework was formed from the ASE (Attitude, Social Influence and Self Efficacy)
theory. This study added the variable of Islamic financial literacy with a strong consideration that all
financial transaction steps of the Muslim community, including in choosing a financial institution, will
consider knowledge of Islamic finance, only to be accompanied by other factors outside of this study.
The research model framework is shown in Figure 1 below.

Source: Albaity & Rahman, 2019; Hutomo Mukti, 2020; Lechner & De Vries, 1995a; Nugroho et al., 2017a;
Rahman et al.,
Figure 1.
Research Model Framework
This study chose an online survey data collection technique with a predetermined research
instrument. This study targeted the population of MSME owners in Indonesia with a purposive
sampling technique. In connection with the sampling technique, the criteria were set for MSME owners,
the maximum age limit was 2 years of establishment on researcher identifies the study problem and the
target will provide information (Etikan, 2016). In addition to the nature of the problem, the reason
grounds that after more than 2 years, MSME owners prefer to borrow from banks (Sitepu & Hasyim,

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2018). Etikan (2016) said that the purposive sampling process begins when for selecting a purposive
sample instead of using a probability sampling technique because of its simplicity, rules, and cost, in
contrast to the probability sampling technique (Rai & Thapa, 2015). The determination of the minimum
sample following the theory of xxx stated that the minimum sample is based on a calculation of sample
four or five times the number of question items so that with 23 questions, a minimum of 115 respondents
is obtained. In total, 400 questionnaires were distributed and 300 were returned, and after the screening
process, 280 valid survey data were used in the final data analysis.
The data collection procedure was carried out through the distribution of online questionnaires
via Microsoft Forms via social media and research partner BPR Syariah channels with a collection
period between May 2022 to June 2022. Our data analysis technique chose Structural Equation
Modelling (SEM) to be used to test the proposed research model. The basis for the selection is because
of its ability to predict, better theory development than theory testing with one concurrent test (Hair Jr.
et al., 2017). The scope of the variable indicator dimensions that clarify the research variables are
described in table 1:
Table 1.
Variable Indicators Dimension
Variable Indicators Measurements Method
Sharia Financial Literacy Knowledge of Islamic reputation and Likert Scale Questionnaire
(Albaity & Rahman, 2019; Islamic Economic concepts 5
Rahman et al., 2018b) Knowledge of Islamic financial institutions
and their financial products and financial
prohibitions in Islam
Views and awareness of Islamic financial
products
Understanding the costs and benefits of
Islamic finance
Investment and Sharia insurance
View of conventional financial products
Personal financial management
Financial Profit Development, Especially in
Micro Business Development
Attitude A sense of urgency in using sharia Likert Scale Questionnaire
(De Vries & Mudde, 1998b; cooperative products 5
Gijsbers et al., 2006b; Lechner & Trust on returns obtained from Sharia
De Vries, 1995b; Nugroho et al., Cooperative products
2017b; Saygılı et al., 2022b) Stipulation on the use of sharia cooperative
products
Positive view of Sharia Cooperative
products
Social Influence Positive feeling of surrounding in seeing Likert Scale Questionnaire
(De Vries & Mudde, 1998b; Sharia Cooperative products 5
Gijsbers et al., 2006b; Lechner & Sharia Cooperative Subjective Norms
De Vries, 1995b; Nugroho et al., Image of Sharia Cooperative for people
2017b; Saygılı et al., 2022b) surrounding
Self-Efficacy Understanding the various kind of Sharia Likert Scale Questionnaire
(De Vries & Mudde, 1998b; Cooperative 5
Gijsbers et al., 2006b; Lechner & Understanding Sharia Cooperatives offers
De Vries, 1995b; Nugroho et al., financial leasing opportunities
2017b; Saygılı et al., 2022b) Basic understanding of profit and loss
sharing in sharia cooperatives
Understanding the regulation of sharia-
based MSME financing opportunities
Understanding the concept of Qard Hassan
(good loans) and regulatory compliance
Intention to choose Sharia Use of Sharia Cooperative products for Likert Scale Questionnaire
Cooperative MSME business capital 5
(Hutomo Mukti, 2020; Purwantini Certainty of sharia regulations in the use of
et al., 2020; Saygılı et al., 2022b) sharia cooperative products

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Efforts to be sensitive to Sharia Cooperative
products
Be careful of fraudulent and fraudulent
actions on behalf of the Sharia Cooperative
Efforts to recommend Sharia Cooperatives
to local people

IV. RESULTS AND DISCUSSION
Respondents' Characteristics
This study managed to get 280 respondents with most of the surveys being followed by women
because the tendency of Indonesian women to choose a career as a businessman is now quite large.
Respondents on average came from the age of 31-50 years, while in terms of domicile the majority
came from the islands of Java, Sumatra and Bali-Nusa Tenggara. Then based on the education of the
majority of undergraduate and high school graduates. The respondent's business age was in the range
of 7 months – 1.5 years, which is the average age for applying for a cooperative class loan. The majority
of respondents who own MSMEs earn income ranging from Rp. 1.000.000 up to Rp. 6,000,000 per
month. The complete results are described in detail in table 2.
Table 2.
Respondents' Characteristics
Characteristics Total Percentage
Gender
Male 100 36%
Female 180 64%
Age
20-30 55 19%
31-40 95 34%
41-50 86 31%
>50 44 16%
Demographics Area
Java 61 22%
Sumatera 58 21%
Kalimantan 35 12%
Bali dan Nusa Tenggara 50 18%
Sulawesi 49 17%
Maluku dan Papua 27 10%
Education
Junior High School 48 17%
Senior High School 63 22%
Bachelor/Associate Degree 117 42%
Magister/Doctor 52 19%
Business age
2-6 months 64 23%
7-12 months 71 25%
1-1,5 years 84 30%
1,6-2 years 61 22%
Business Income / Month
≤ Rp. 1.000.000 35 12%
Rp. 1.000.000 – Rp. 3.000.000 63 23%
Rp. 4.000.000 – Rp. 6.000.000 85 30%
Rp. 7.000.000 – Rp. 10.000.000 59 21%
> Rp. 10.000.000 38 14%
Research Validity and Reliability (Outer Measurement Model)
This study uses an analytical effort with SEM (Structural Equation Modeling) based on Partial
Least Square (PLS) which consists of two stages. The Outer Measurement Model as a measure of
validity and reliability and the Inner Structural Model as a hypothesis tester and the strength of the
model structure (J. F. Hair et al., 2019). The SmartPLS Version 03 analysis tool was used in this study.
The first stage of validity and reliability testing uses the PLS Algorithm feature by producing Loading

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Factor and Average Variant Extracted (AVE) outputs as an assessor of the validity of the model
construct with threshold criteria of 0.7 for Loading Factor and 05 for AVE (Duong & Duc Le, 2021; J.
Hair). et al., 2017). While construct reliability can be measured through Composite Reliability and
Cronbach's Alpha with a minimum standard of 0.7 as required in the PLS SEM methodology theory
(Duong & Duc Le, 2021; Rigdon et al., 2017).
The outer model analysis in table 3 shows that the loading scale output of each indicator
question shows the loading value has exceeded the threshold value of 0.7 and the variable AVE value
is above 0.5 indicating an acceptable level of validity of the measurement model. The reliability results
in table 3 show the Composite Reliability and Cronbach's Alpha values that meet the standards so that
they meet the reliability requirements of the research measurement model.
Table 3.
Outer Measurement Model Results
Variable Item Loading Cronbach Composite AVE
Scale Ouput Alpha Reliability
Islamic Financial IFL1-IFL17 0.707-0.931 0.924 0.932 0.511
Literacy
Attitude AT1-AT6 0.731-0.814 0.845 0.886 0.566
Social influence SI1-SI3 0.760-0.855 0.754 0.759 0.672
Self efficacy SE1-SE7 0.741-0.769 0.862 0.865 0.584
Intention to choose ITU1-ITU6 0.714-0.889 0.926 0.974 0.681
Sharia Cooperative
R-Square and Hypothesis Testing (Inner Structural Model)
The inner stage of the PLS SEM structural model becomes the basis for the decision on the
significance of the research hypothesis through the Bootstrapping process to determine the significant
level of the path coefficient results (Sarstedt et al., 2019). Structural model assessment is carried out to
assess the significance of the path according to the formulated hypothesis. Figure 2 illustrates the path
of the hypothesis which is analyzed by the Bootstrapping procedure according to the proposed research
model.

Source: SmartPLS Output
Figure 2.
Inner Model Structural Output
Before discussing the results of hypothesis testing, it is necessary to explain how strong the
research model, especially for each research variable is influenced by other variables through the R-

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Square Results can be seen in Table 4. The R-Square category is divided into three namely strong
(0,700-1,000), moderate (0,400- 0,600) and small (0,100-0,400) (Purwanto & Sudargini, 2021). The
results of the analysis show that the attitude and influence variables as endogenous variables of Islamic
financial literacy show a strong category, Self-efficacy as an endogenous variable of Islamic financial
literacy is in the moderate category. While the final endogenous R-Square, namely the intention to
choose sharia cooperatives, is in the strongest and highest category.
Table 4.
Result of R=Square Analysis
Endogen Variables R-Square R-Square Adjusted
Attitude 0.736 0.634
Social influence 0.758 0.757
Self-efficacy 0.693 0.690
Intention to choose Sharia Cooperative 0.964 0.960
A systematic evaluation of the structural model was carried out to evaluate the significance of
the path coefficients by examining the T-statistics. The criterion for the accepted hypothesis lies in the
results of T-statistics showing an acceptable t-value of more than 1,96 at a 95% confidence interval
with a P-Value of less than 0,05 (Leguina, 2015; Memon et al., 2021). The results of the Path
Coefficient test through the Bootstrapping SEM PLS procedure in table 5 show that all hypotheses
successfully meet the criteria for supporting the influence of exogenous variables on endogenous
statistically quantitatively. The explanation of interpretation of the hypothesis will be explained further
in the next subchapter.
Table 5.
Path Coefficient Analysis Results
Hypothesis T-Test P-Value Results
IFL🡪AT 76,039 0.000 H1 Verified
IFL🡪SI 19,185 0.000 H2 Verified
IFL🡪SE 115,996 0.000 H3 Verified
AT🡪ITU 38,763 0.000 H4 Verified
SI🡪ITU 7,960 0.000 H5 Verified
SE🡪ITU 3,648 0.000 H6 Verified
Result Interpretation
This study aimed to analyze quantitatively the influence of Islamic financial literacy on
attitudes, social influences and self-efficacy on the behavior of using sharia cooperative products. This
study shows that the results of Islamic financial literacy have a significant positive effect on attitudes
which indicates the higher the understanding of MSME owners as prospective members of Islamic
cooperatives, the higher their attitudes toward Islamic banks. These results support the previous study
literature which made research about the relationship between the influence of the same variables both
quantitatively and qualitatively phenomena (Albaity & Rahman, 2019; Widityani et al., 2020). Islamic
financial literacy is important to increase the acceptability of Islamic banking services and products.
This is because some review studies stated that religious people tend to question the suitability of
Islamic financial institutions with sharia principles (Budiono, 2017; Mardian, 2019; Sumiyati et al.,
2021a). They point out that skepticism about the services of Islamic financial institutions is due to the
customer's lack of knowledge about the services provided. This is exacerbated by the emergence of
sharia cooperatives that only use the name "Sharia" but still run the loan shark interest system, cases
like this arise in fake Sharia cooperatives that do not follow cooperative principles targeting Facebook
and Instagram social media users who do not understand how the value of sharia cooperatives should
work (Sumiyati et al., 2021b).
The results of the PLS SEM analysis accept the second hypothesis stating the significance of
the positive influence of Islamic financial literacy on social influences so that it supports the previous
literature (Rahman et al., 2018a; Takidah & Kassim, 2021). A basic understanding of Islamic finance
can encourage prospective members to just have casual discussions with other people, both families
and in further exploring Islamic financial products to determine their desire to use Islamic financial
products. The discussion process must at least understand the concept of sharia in finance, this result
is related to the fifth hypothesis that will be discussed. In addition, the level of Islamic financial literacy
will be another person's assessment of how well the prospective members understand sharia law, which

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should be controlled by a Muslim.
Islamic financial literacy has a positive effect on the self-efficacy of prospective members of
Islamic cooperatives with the similarity of the results of the previous literature (Srisusilawati et al.,
2021; Takidah & Kassim, 2021). Mastery of understanding Islamic financial literacy encourages the
trust and confidence of prospective members in good Islamic financial behavior, including seeking to
obtain business capital through sharia cooperative loans that meet the contract and do not violate
religion. Testing the first to third hypotheses provides policy implications for stakeholders to seek to
increase literacy levels in cooperatives, especially sharia cooperatives through education and synergy
between institutions in accessing information channels through mass-social media, libraries as a source
of literacy and educational institutions as financial education for students. Sharia cooperatives also
need to carry out education and socialization of sharia financial literacy in the community to be able to
take advantage of sharia financial products and improve understanding of the features, benefits and
rights and obligations of prospective members in utilizing sharia cooperative loan products. Active
Islamic financial literacy education programs through field socialization by involving the community
around the office or directly in business areas such as the location of MSMEs with the integration of
CSR programs can be carried out as a form of contribution of sharia cooperatives in building an Islamic
economy in the community as well as the implementation of SEOJK Number 1/SEOJK.07 /2014
concerning the Implementation of Education in the Framework of Improving Financial Literacy in the
Community (Hayati, 2019). Moreover, the potential market share of sharia cooperatives is MSME
owners who need capital to build their businesses. Based on the results of this study, as a country where
the majority of the population is Muslim, to create awareness of sharia financial literacy in general,
especially the existence of sharia cooperatives, it is recommended to organize a sharia financial literacy
education program that applies at every level of education starting from elementary school. education,
especially in religious education schools and Islamic higher education institutions (PTKI).
The fourth hypothesis proposed in this study has been successfully verified, so the attitude of
the MSME owners has an effect on the intention to use sharia cooperative products. In a study
conducted by various researchers in the field of Islamic finance (Albashir et al., 2018; Berakon et al.,
2022; Dzuljastri Abdul Razak and Muhamad Abduh, 2012a; Hendrik et al., 2018; Hutomo Mukti, 2020;
Jaffar & Musa, 2014, 2016; Rokhman & Abduh, 2020; Shabrina et al., 2018; Vidia Khairunnisa &
Hendratmi, 2019), researchers revealed that attitude is a significant determinant of intention. The
results obtained in this study are analogous to the results of the previous studies above.
The results of this study indicate that social influence is one of the determinants of the intention
to choose sharia cooperatives in meeting the business needs of prospective cooperative members,
especially capital. In previous research conducted on Islamic finance, it has been found that social
influences influence intentions (Abourrig, 2021; Atal et al., 2022; Dzuljastri Abdul Razak and
Muhamad Abduh, 2012a; Mindra et al., 2022; Mukti et al., 2022a).; Saygılı et al., 2022a). The results
obtained in this study are in accordance with the results of other studies in the relevant literature.
Another result of this study is that the effect of self-efficacy on behavioral intentions to use
Islamic financial products is statistically significant. Although the affective aspect of the concept of
self-efficacy has been explored in the relevant literature (Mamman et al., 2016; Purwantini et al., 2020;
Saygılı et al., 2022a; Ziky & Daouah, 2019), the focus is placed on the cognitive aspect in this study.
So, depending on their level of self-efficacy, individual performance to solve problems varies according
to their cognitive understanding of sharia cooperatives. In this context, the assumption that the level of
Islamic financial literacy which is raised to increase overcoming financial problems will also increase
the level of self-efficacy of adopted Islamic cooperatives. On the other hand, the influence of primary
relationship groups such as relatives and friends and secondary relationship groups other than this on
the intention of business owners in utilizing sharia cooperatives is related to increasing entrepreneurial-
based economic welfare through sharia cooperative capital programs.
Managerial strategies, especially marketing, are developed by considering the effects of
positive attitudes, social influence and self-efficacy of prospective members as business owners or
Islamic financial products that they will offer to their customers will contribute to the growth of the
sector. The step of cooperation between Sharia Cooperatives and MSMEs under the guidance of the
government can be a new solution. In addition, Sharia cooperatives can strengthen the symbols of

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sharia cooperative excellence through promotions with social media. The Sharia Cooperative Program
must also touch millennial business owners who currently choose to become entrepreneurs. This is
intended as a form of support for sharia cooperatives for the creative entrepreneurship of the millennial
Muslim generation in Indonesia. The priority of sharia cooperatives can also be aimed at green business
in accordance with the direction of the green economy launched by the government and also the
encouragement of Islamic financial institutions that love the environment.
In addition, the government's consideration of this effect while supporting sharia cooperatives
as the closest leaf of the Islamic Economy that builds the Indonesian economy and develops appropriate
policies will contribute positively to the access of institutions in this sector to their stakeholders and the
widespread use of sharia cooperative products. In addition, social influences as other factors that play
a role in the development of attitudes include the environment of parents and close friends, with whom
the individual interacts socially, and factors such as films, TV series, and advertisements that are
presented through both conventional and virtual mass communication media. However, at this
time the name of sharia cooperatives is in a period of difficulty due to the Covid-19 pandemic.
Moreover, there are currently many fake sharia cooperatives that offer halal loans but are ultimately
deceived by power in the name of sharia and are entangled in a chain of debt with moneylenders who
damage the positive attitude of sharia cooperatives to become bad issues that develop in the community.
This is a fear and negative perception that appears in the community. So that the role of the government,
especially the Ministry of Cooperatives and MSMEs in Indonesia, to review cooperative data in
Indonesia needs to be carried out at the same time as collaborating with the Ministry of Religion of the
Republic of Indonesia in an effort to ensure that the function of cooperatives with a sharia basis is
carried out. In addition, it is necessary to cooperate with the Department of Cybercrime, and Criminal
Investigation Agency of the Indonesian National Police in supervising the movement of fake
cooperatives, especially those on behalf of sharia cooperatives and providing fast and sharia-compliant
lending. The fulfillment of sharia legality and standards must be fulfilled by sharia cooperatives as well
as fully socialized by the marketing team in order to prove that sharia cooperatives are legally
transparent and encourage a positive attitude towards prospective members. This socialization effort is
also accompanied by the promotion of the value of sharia cooperatives as a service excellence that
attracts prospective members to join as members as well as take advantage of sharia lending in
cooperatives. Therefore, it is hoped that sharia cooperative products can become a tool for developing
Indonesian MSMEs and become evidence of sharia economic empowerment in Indonesia.

V. CONCLUSION
This study concludes that Islamic financial literacy affects attitudes, social influence, and self-
efficacy in the intention to choose Islamic cooperatives as the choice of MSME owners to get access to
capital. This study highlights the importance of a collaborative strategy between sharia cooperatives
and stakeholders needed to empower Islamic financial institutions in Indonesia as a form of the role of
Islamic economic empowerment for community welfare. Sharia cooperatives are also a means of
Islamic symbols in the educational role of the prohibition of riba, gharar, and other elements. Sharia
cooperatives have a position as a balancer for the social, religious, and economic elements of the
community. Improving the performance and operational quality of Sharia Cooperatives needs to be
encouraged to add human resources that further improve performance in general, especially
empowering Indonesia's small economy. Sharia cooperatives must implement a more massive
marketing strategy to encourage public knowledge about the advantages of sharia cooperatives in order
to attract prospective members, in this case, the owners of SMEs, to join as members while taking
advantage of lending in sharia cooperatives.
Since only the ASE model with the basic variable in which Islamic financial literacy was tested
in this study, the results of this study were limited to the model variables. Another important limitation
of this study is the sampling method required by the COVID-19 pandemic period and the need to use
online surveys. Since the purposive sampling method used in this study is a nonprobability sampling
method and it is not known whether the sample accurately represents the characteristics of the
population, the interpretation of the findings of the recent study is limited to the sample. The
generalizability of the findings will depend on further studies to be carried out on this topic.

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