REFORMULATING THE APPLICABLE STRATEGIES IN IMPROVING FINANCIAL LITERACY AND INCLUSION INDEX TOWARD ISLAMIC CAPITAL MARKET

Indonesia’s financial inclusion and literacy index level in the Islamic capital market sector is quiet low at around 0.02% and 0.01%, although Indonesia known as a country with the largest Muslim population in the world with more than 85%. Furthermore, the fact of Indonesia is the 4th highest growth country in the capital market industry in Asia-Pacific throughout 2017. The potential for growth and development of the Islamic capital market in Indonesia is very high, but this fact is not followed by the growth rate of financial literacy and inclusion index especially in the capital market sector. The aim of this paper is to identify the new applicable strategic approach to improve Islamic financial literacy and inclusion in term of Islamic capital market sector. This research uses qualitative methods with a literature review from the article journal, government report, news report, and others in reviewing, identifying, and knowing the strategies that will be implemented. The results show there are six specific strategies used in improving Islamic capital market literacy and inclusion indexes namely, rebranding investment negative stereotype, building a sustainable promotion and campaign through offline and online platform, creating an online integrated marketplace for Islamic capital market products, improving corporate Sukuk and introducing a new SRI Sukuk product, forming agents & groups of Islamic capital market lovers, and monitoring & evaluating the applied strategy.

Financial literacy and inclusion are elements that complement each other. When an individual or household is well-literate about finances, they can understand and choose a suitable financial product or service for their financial goals properly. In addition, more higher the level of financial literacy, the more cunning and meticulous it in managing and investing money wisely in order to meet financial needs in the future.
Financial literacy and inclusion is a very important element for a country to assess the growth of public finances. Both are closely related to how people know, access, use the financial products properly. The high level of financial inclusion in one country proves that the level of users of financial services and products in the country is high. In other words, people have used a lot of financial products and services to meet their financial needs such as accessing education, health, saving, transacting, and investing. In addition, financial inclusion provides many benefits for each rank of the economic elements of a country, so that it ultimately contributes to economic growth 1 . First of all financial inclusion helps in facilitating transactions for economic actors in each rank, starting from individuals, households, government, and institutions. For the middle-low class community, they can access financial products to improve the quality of their lives through access to health, education and other financial needs. For financial institutions it useful for financial stability. Employers, business owners or entrepreneurs use credit or funds to invest in productive assets in creating jobs for the people of a country to increase income and contributing to the government to increase tax revenues and reduce unemployment. Achievements, potential, and growth of the capital market industry in Indonesia will be insignificant if not followed by the enhancement of financial literacy and inclusion indexes in the capital market sector. Therefore, strategies and efforts are needed from all stakeholders, government, policymakers, and involved institutions in creating a new strategy and ecosystem in order to improve the level of financial literacy and inclusion indexes on Islamic and conventional capital market sector. It aims to make Indonesian society are able to enjoy the growth of the capital market industry and support the country's economic growth through effectively and efficiently investment fund management. Eventually, it can create great benefits for the community, nation, and country.

Financial Inclusion
Many studies are conducted regarding strategies for enhancing financial inclusion.
This study was also conducted at the government level in order to improve the index of financial management skills and also access to financial products and services by the community. To understand the financial inclusion concept, we must know first about the definition of it. Based on the definition of the concept, the World Bank (2013) has defined financial inclusion as the proportion of individuals and firms that use financial services.
Accion International (2009) defines financial inclusion as a situation that people have access to quality financial services, provided at affordable prices, in a convenient manner, and with dignity for the clients. The Rangrajan Commite (2008) added that financial inclusion talked about the access to financial products and services for low-income groups with an affordable cost. From definitions above can be concluded that the financial inclusion is discussed about the individual, household, or firms have accessed to a quality financial product and services with affordable cost 4 .
Financial inclusion includes at least two main dimensions: (1) financial inclusion refers to an individual having access to financial products and services from the lowest level such as accessing credit services and saving to complex financial services such as insurance and pension fund; (2) financial inclusion shows that users can access more than one type of financial products or services in any different kind of providers. In addition, another dimension lies in the ease of accessing financial and low-cost services so that it can be 4 Rangjaran Commitee, "Report of the Committee on Financial Inclusion" (Government of India, 2008). accessed by middle-income communities 5 . Furthermore, to asses and measure the level of financial inclusion generally, at least three dimensions are required, namely; (1) access to financial services, (2) usage of financial services, and (3) the quality of financial products and delivery. In the context of Islamic financial inclusion, the main focus is the financial products and services provided must be in accordance with sharia principles 6 .

Financial Literacy
Financial literacy is strongly related to an individual's ability and capability in managing finances to merit with financial needs and wants. Because financial literacy incorporates skill, knowledge, competence, and confidence in deciding and managing the financial decision at the same time. Financial literacy is strongly pillared to enhance financial inclusion. To understanding the role of financial literacy in designing a strategy to improve financial inclusion index, for this reason, the definition of financial literacy is explained first. (2011) defined financial literacy as knowing and understanding money and finance and be able to apply the knowledge confidently to make an effective financial decision 7 .

Australian Securities & Investment Commission
Moreover, the Financial Services Authority (2014) in the guide book of national financial literacy and strategy in Indonesia explain that financial literacy is a series of processes to elevate knowledge, ability, skill, dan confidence of the customer and community to manage a better financial 8 . Emmons (2005) explain that financial literacy is the ability to manage the situation of cash and payments, knowledge about opening a saving account and obtaining credit, a basic understanding of health and life insurance, ability to compare offers and plan for future financial needs 9 . The purpose of applied financial literacy among consumer and wider community is the enhancement of ability to decide a better financial decision making and to change the way of thinking in managing financial properly in order to achieve the financial wellbeing. Meanwhile, Remund (2010)  confidently in term of short and long time planning, taking into consideration the economic events and changing conditions 10 .
In nutshell, from definitions above can be concluded that financial literacy be grouped into four dimensions: (1) financial knowledge regarding financial product and services; (2) financial management's ability; (3) financial behavior to use any various kind of financial instrument; and (4) financial confidence in taking financial decision.
Furthermore, in the Islamic religion, sharia financial literacy means that someone might be able to understand well and correctly about Islamic financial products and services that are free of elements prohibited by Islam such as usury, gharar, masyir, and other elements. In addition, investors in the Islamic capital market are only allowed to invest in shariah-compliant business companies. Sharia-compliant means that the business does not contain elements of usury such as banks and conventional financing, companies that produce goods containing liquor or pork, pornographic businesses, and so forth. All of these include in financial literacy aspect ability to be well literate in the Islamic capital market 11 .

Strategy for improving sharia financial inclusion and literacy in term of sharia capital market
In a previous study conducted by several researchers, it was found that there were several approaches and strategies used in enhancing the financial literacy and inclusion index in Islamic capital market sector. Mubarok (2018)  Meanwhile, a study conducted by Khotiawan (2017)  Islamic Capital Market specifically in order to gradually increase financial inclusion in this sector towards a better and more appropriate direction.
The main focus of this paper is reviewing the strategies and approaches used by OJK to improve financial literacy and inclusion in the Indonesian Islamic capital market sector. It is necessary for finding new approaches and strategies that are applicable in accordance with the current situation and conditions that occur in the midst of the Indonesian community. The gap taken in this study is to reconstruct the approaches and strategies used in order to increase the literacy and inclusion of Islamic finance in the Indonesian capital market sector so that the index increases gradually.
This study intended to be a reference for those who have an interest in improving the financial literacy and inclusion index, namely the OJK, in formulating strategies that are appropriate to the context, situation, and challenges facing the Indonesian community today.
Including strategies that have not been approved by the OJK, but have a great opportunity to be applied. This research also contributing to the academic world in order to know what financial inclusion and literacy is and why it is important to study. In addition, this research is beneficial for the community as a source of information and publications regarding the strategies implemented in order to increase shariah financial inclusion and literacy, especially in the capital market sector.

C. METHODOLOGY
This study uses the sets of secondary data such as journals, books, newspapers, magazines, literature, editorials, internets, articles, chapter in the book, government surveys, and other library-based documents with the aim of obtaining information that related to the objectives of the research. Moreover, The analysis approach used in this study is qualitative analysis. Qualitative data analysis is a process of finding and understanding some information that comes from different sources in order to make sense a recent phenomenon, which all of them are interpreted into a complete picture that is able to explain the phenomenon. In sum, it is a process where the researcher takes descriptive information and offer interpretation or explanation. Besides that, this research is a case study that examines the real situation happened in the context of a strategic program in enhancing financial literacy and inclusion indexes in Indonesia. In order to get a complete framework of strategy that will design to improve both of indices, the first is to detail the developing and current situation regarding investment and Islamic capital market in Indonesia as generally. Secondly, reviewing strategy that applied by Indonesia Financial Authority in improving both of indices especially in Islamic capital market. Thirdly, constructing several new strategic approaches that are applicable to increase the value of the literacy and inclusion index of the Islamic capital market for the Indonesian community.

Issues and challenges in Investing in Indonesia
Indonesia In addition, the investment image in Indonesia is a big matter. The word "investment" has a negative stereotype in Indonesia. This happened because there were a lot of fake investment cases that took many casualties among the Indonesian people. There are many fraudulent of investment motives that promise abnormal return, regardless of whether the company offering investment product is legally listed or registered at Indonesia Financial Authority Services (OJK) or not 14 . Data were collected by OJK starting from 2008-2018 shows that the estimated losses suffered by Indonesian people due to fake investment are at around Rp 88,8 trillion. Even the victims were also from highly educated communities. Not only the problem of the "investment" stereotype, but the Indonesian people are also afraid to invest in the capital market for fear of losing capital or doubting the practice is halal or not.
There are few people think that investing in the capital market is the same as gambling because it plays on something that is not clear and depends on luck 15 .

National Strategy for Indonesia Sharia Finacial Literacy and Inclusion
National strategy for Indonesia Financial Literacy and Inclusion is a vision that contains a strategy for Indonesian in managing finance properly, ability to understand financial risk and how to mitigate it, and ability to utilize existing financial products (both sharia and conventional financial products) to achieve financial well-being. Indonesia Financial Services Authority (OJK) has designed several strategies to improve sharia financial literacy and inclusion based on a conducted survey in 2016, namely will describe down below: Moreover, not only those strategies used by OJK but also the specific strategy especially to Islamic capital market in order to enhance the level of awareness, knowledge, and financial product and services so that it can be improving the rate of both indices. These applied strategies focus on: (1) strengthening regulations on Islamic capital market products, institutions and professions; (2) supply and demand Islamic capital market products; (3) the development of human resources and information technology in the Islamic capital market; (4) education and promotion campaign of Islamic capital market; (5) coordination with government and related regulators in order to create a synergy policy of Islamic capital market (OJK, 2015). From those strategies above, OJK just explains the general situation and strategy approached that will develop in the future to improve a better ecosystem for the Islamic capital market. creation of variations of products and services, the participation of business actors to access a fund from the Islamic capital market, increasing the number of investors by building trust in the community regarding the Islamic capital market, continuing education and promotion of the Islamic capital market, risks, benefits, and so on must be studied more critical to gain insight and better knowledge to design an applicable strategy to enhance financial literacy and inclusion in Islamic capital market sector. These are examined in order to produce a new strategy that can foster interest, desire, and knowledge about the Islamic capital market so that it can ultimately increase the literacy and inclusion indices in Islamic capital market sector.

Rebranding with The Islamic Capital Market
The current situation regarding investment and condition indexes through Islamic capital market in Indonesia has proven practically that a new strategic approach is needed to foster awareness among of Indonesian community about how to invest properly and correctly so a not to be pledged by promises of high investment returns and how to choose a legal financial products and services provided by a legitimate and registered financial services institutions in running their business. To harmonize with the problem, a rebranding strategy about the negative stereotype of investment connotes to fake investment must be implemented by Indonesia Financial Services Authority, government, stakeholders, and financial institutions as a company that provides financial products and services among communities. Rebranding strategies contains several information, campaign, risk and benefit regarding investment and its universe about the ability of communities to interpret how the investment should be done, the skills in determining an appropriate investment, the competency to recognize and understand the risks in investing, and what kind of financial products are available in the market and adjusted with the investing character of each individual in the community. On the other side, community understanding about the law of investing in capital market must be stated clearly as the activity which is lawful and free from speculation and depends on luck. The positive stereotype with islamic capital market branding is important to race the problem.
The existence of the Islamic capital is able to answer the doubts of the community and foster trust to invest within, so that the public has capabilty and knowledge to avoid illegal investment practices that might be harmful for themselves.

Sustainable Promotion and Campaign through Two Channel (Offline and Online)
Furthermore, after the rebranding strategy of investment has been done, the next level is building a sustainable promotion and campaign program regarding investment benefits, opportunities, and changes in the Indonesian Islamic capital market. This is done by creating a campaign material about the direct and indirect benefits of investing in the Islamic capital market. Educational material was also included in promotion and campaign programs. The strategy is carried out by working with several formal and nonformal educational institutions, the mainstream media, government agencies, Islamic financial institutions, and also companies who listed in Islamic securities board. No less important is by collaborating with the content creator on various social media platforms to target youth people or millennials to be more aware of the importance of investing in the Islamic capital market. This strategy has become a suitable strategy in introducing the benefits of investing in Islamic capital market among Indonesian people, especially young people, because the level of dependency on the internet among of them is quite high, as we see at figure one down below.

Integrated Online Marketplace for Islamic Capital Market Products and Services
Associated with the promotion of Islamic capital market throughout the internet to improve user access regarding the information of Islamic capital market products and services, an integrated innovation strategy is needed to reach the target market (young generations) of islamic financial literacy and inclusion program. The integrated innovative approached that will be designed is by establishing a special marketplace containing the Islamic capital market products and services from various financial service providers which are initiated by government agencies or private companies. This platform is necessary to socialize Islamic financial product and services among communities who want to invest and knowing well about investment in Islamic capital market industry. The situation is similar to a community who can easily access products according to their need through e-commerce or online shopping sites. Moreover, the marketplace also contains educational material and direct introduction of all types, forms, and benefits of each product by Islamic capital market experts and Islamic financial services providers. The products that might be integrated into this marketplace such as Islamic mutual funds, corporate Sukuk, and government Sukuk. Meanwhile, the Islamic fintech companies in providing the innovative sharia financial products and services through a technology platform based on the internet are very important too in the situation described above. Therefore, the role of financial services institutions that have extensive operational networks throughout the country such as a bank is really needed in providing education about the Islamic capital market and its instruments. In a nutshell, the combination of online and offline networks can simultaneously create an integrated ecosystem so that literacy and financial inclusion in this sector can be improved.

Increasing Supply of Islamic Capital Market Products with SRI (Social Responsibility Investment), Sukuk Ihsan, And Corporate Sukuk
In addition, increasing supply and demand of Islamic capital market products are needed to improve community interest, product reference, demand, and availability of products in the market. One of strategy can be applied in order to increase the supply of

Community Based Program and Agency System to Increase Product Deemand
On the demand side, aside from promotions, campaigns and taglines that are designed to invite all levels of society to invest in the Islamic capital market, the community-based program of Islamic capital market lovers can be developed in various regions by cooperating with several influencers, content creators, and students in various regions that are trained and educated by Indonesia Financial Services Authority . Both communities or individuals who are trained also encouraged to become agents who facilitate potential investors to buy Islamic capital market products and services, for which they would get a commission from it. The scheme above is more effective because it is mutually beneficial to both parties. Furthermore, this program aims to foster public awareness of the importance of investment and to give a chance in public area in getting additional income and knowledge about Islamic capital market, so it is expected that demand for Islamic capital market products and services can increase properly. This scheme can be used by investment banks or security company by using wakalah bil ujrah while they succed in selling each islamic capital market product to potential investor.

Evaluation and Monitoring
Eventually, the final step from all of these is monitoring and evaluating the strategy applied in various ways in order to get response and measurements. This is done to assess the strengths and weaknesses of the programs that have been implemented, as well as to find out the extent to which the program has been successful or not. Finally, an in-depth review of programs and strategies that have been designed can be carried out simultaneously in order to find the most effective way to improve the literacy and inclusion index in the Islamic capital market sector.

E. CONCLUSION
This research is trying to review the strategies carried out by Indonesia Financial Services Authority in enhancing and improving the financial literacy and inclusion indices in the Islamic capital market sector. This strategy is very important to realize because the facts in the field prove that the capital market is the lowest level sector of literacy and inclusion compared to other financial sectors such as banks, insurance, pension funds, and so forth. All of these strategies are outlined in the National Strategy for Indonesia Financial Literacy (SNLKI), National Strategy of Financial inclusion, and Indonesia's Islamic capital market roadmap in 2015-2019. This study of strategies designed by OJK is intended to formulate a SYAFWENDI SYAFRIL 78 | Jurnal Ilmiah ISLAM FUTURA new strategic approach that is more specific and applicable that can be applied to improve literacy and inclusion indexes in accordance with the targets set by OJK.
The results show that rebranding strategy is needed for the first time against the investment stereotype itself by providing education about what is healthy, legal, good and right investment, including on understanding investment risk. Secondly, by building a sustainable promotion and campaign program regarding investment benefits, opportunities, and changes in the Indonesian Islamic capital market from all lines both online and offline.
This also includes involving content creators, public figures, and social media influencers to create sharia capital market content regularly on social media platforms to target young people and millennials who interact the most with the internet. Thirdly, by creating a special integrated marketplace that contains Islamic capital market products that can be easily accessed by users or potential investors. Fourthly, increasing the supply and availability of Islamic capital market products in Indonesia by encouraging companies to issue corporate Sukuk. In addition, by presenting SRI Sukuk products that are in line with the principles of sharia and maqashid shariah. Fifth, increasing product demand by forming a group of sharia capital market lovers consisting of influencers, content creators, students or community leaders who are also become as agents in marketing sharia capital market products and services. Finally, doing some monitoring and evaluating the strategies are applied.
This study has several limitations. First of all the data collected and analyzed comes from journal articles, books, government reports, or news related to financial inclusion and literacy in general. Second, not many specific scientific works have been found regarding financial literacy and inclusion in the Islamic capital market sector. This is a follow-up recommendation for further research to examine more deeply with a comprehensive approach and analysis. Future research might increase the scope or conduct several comparative studies in finding different strategies and approaches used by other countries to improve financial literacy and index inclusion in the Islamic capital market sector.