Crypto, fintech, and Gen-Z in sharia capital market: A systematic review (2015–2025)
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Abstract
The digital transformation has significantly impacted the global financial landscape, including the Islamic capital market. This study systematically reviews literature from 2015 to 2025 on the integration of cryptocurrency, Islamic fintech, and Generation Z (Gen-Z) financial behavior in driving the transformation of the Sharia-compliant capital market. Using a Systematic Literature Review (SLR) approach based on PRISMA protocols, 20 relevant articles were identified from Scopus, Web of Science, Google Scholar, DOAJ, and SSRN. The findings highlight that Gen-Z, as digital natives, tend to favor technology-based financial services, particularly those aligned with Islamic values. Islamic fintech has grown through halal P2P lending, Islamic crowdfunding, and digital sukuk. Conversely, cryptocurrency remains controversial due to concerns over gharar and maysir, although asset-backed stablecoins show halal potential. The study identifies literature gaps such as limited integration between variables, lack of global Shariah standards for digital assets, and dominance of descriptive rather than empirical research. Theoretically, the study expands the Technology Acceptance Model (TAM) within a digital Islamic finance framework. Practically, it provides recommendations for regulators, practitioners, and scholars to design Shariah-compliant, inclusive, and tech-adaptive financial solutions aligned with Gen-Z behavior and the principles of maqashid shariah. This research emphasizes ethical innovation as key to the future of the Islamic capital market
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