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International Journal of Accounting & Business Management
www.ftms.edu.my/journals/index.php/journals/ijabm
Vol. 7(No.1), April, 2019
ISSN: 2289-4519 DOI: 10. 24924/ijabm/2019.04/v7.iss1/1.32
This work is licensed under a Creative Commons Attribution 4.0 International License.
The Determinants of Customer Patronage in the
Case of Islamic Finance Products in the Maldives
Aishath Imthisal Ahmed MBA Alumni,
FTMS Global Malaysia [email protected]
Ismail Nizam, Ph.D
MBA Academic Head, FTMS Global Malaysia [email protected]
Abstract
This thesis identifies and analyses the determinants of customer patronage in the case of
Islamic finance products in the Maldives. The independent variables used for this study are
religiosity, subjective norm, level of knowledge and relative advantage. The dependent
variable is customer patronage of Islamic finance products. The supporting theories used for
this study are theory of reasoned action (TRA), theory of planned behaviour (TPB) and
Diffusion of Innovation (DOI). This study uses primary data collection method of computer-
administered questionnaires based on 5-point Likert scale with 263 responses received and
analysed. The collected gather was recorded and coded and analysed by SPSS and AMOS. The
finding of the study indicates that religiosity, subjective norm and relative advantage have a
positive significant impact on Islamic finance customer patronage, with religiosity having the
biggest impact. However it was revealed that level of knowledge has no impact on Islamic
finance customer patronage. The results of this study will contribute to further grow and
expand the Islamic finance industry of the Maldives.
Keywords: Customer patronage, Islamic finance, Religiosity, Subjective Norm, Relative
advantage, Level of Knowledge, Theory of reasoned action (TRA), Theory of planned
behaviour (TPB), Diffusion of Innovation (DOI)
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1.0 Introduction 1.1 Research Background A country’s economic success greatly depends on the performance of their financial sector. It acts as an intermediary to different parties such as individuals, businesses and the government to conduct
their financial activities such as borrowing and deposits (Mariadas and Murthy, 2017).
Apart from the conventional financial products, Islamic finance is establishing their presence and
gaining popularity around the world for various reasons. Islamic finance promotes financial
inclusion for those who, for cultural and religious reasons are excluded from the traditional
financial system (Theworldfolio, 2017). Therefore, more and more Islamic financial institutions are
been established in Muslim countries around the world. Moreover, after the global financial
meltdown, people are seeking alternative forms of financing which is more ethical, discourages
speculation and are less crisis-prone, and Islamic finance meets these criteria and because of this
Islamic finance has gotten recognition even among non-Muslims and countries such as United
Kingdom and Germany offers Islamic finance products (MoneyGulf, 2016). It is reported that there
are 1407 Islamic financial institutions globally and in 2016 Islamic finance industry was worth at
$2.2tn of assets and it is forecasted to grow to $3.7tn of assets by 2022 (Murray, 2018).
Similar to global growth of Islamic finance, this industry in the Maldives has also been developing.
Maldives is a 100% Muslim country located in the Indian Ocean, with 1192 coral islands with an
estimated population of 350,000. The countries first conventional bank, Bank of Maldives (BML)
was inaugurated in 1982 while Islamic finance was introduced in 2003 with Amana Takaful
Maldives, which is an Islamic Insurance company. Following this the first Islamic bank Maldives
Islamic Bank (MIB) was opened in March 2011 and Bank of Maldives (BML) opened their Shari’ah
compliant window, four years after the launch of MIB (Amlôt, 2015). Currently variety of Islamic
finance products is available in the Maldives.
This research attempts to identify the main reasons people choose Islamic finance products over
conventional financial products, therefore recognising the main determinants of customer
patronage in the case of Islamic Finance products in the Maldives.
1.2 Research Rationale As the Islamic finance sector grows it is prudent to compare it with the conventional finance
products currently offered in the Maldives. The Maldives Islamic Bank (MIB) is the largest provider
of Islamic finance products currently in the Maldives. They have a reported net profit after tax in
2017 of 40 million Maldivian rufiyaa (MIB, 2017) while the biggest commercial bank in the country
Bank of Maldives (BML) reported net profit is MVR 1,416 billion (BML, 2017). Therefore, it is evident that the growth of Islamic finance sector is significantly lower than conventional financing.
Maldives being a Muslim country it is logical to expect inherent demand for Islamic finance
products. But with the slow growth in the Islamic finance products certain questions are risen such
as if the public is aware of Islamic finance products available to them, why are they facing difficulty
adopting these products or are they reluctant to adopt due to lack of knowledge or awareness
regarding Islamic finance products and principles.
Currently as Islamic financing institutes in Maldives are attempting to attract more customers to
improve their market share and gain competitive edge over their competitors the conventional
financial sector, this research will enable them to identify what customers want by understanding
the customer’s perception towards Islamic finance products.
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1.3 Research Aim and Objectives The aim of this study is to examine the determinants of customer patronage in the case of Islamic
finance products in the Maldives
Specific objectives of this study is as follows
1. To examine the impact of religiosity on Islamic finance products customer patronage
2. To examine the impact of subjective norm on Islamic finance products customer patronage
3. To examine the impact of level of knowledge/awareness on Islamic finance products
customer patronage
4. To examine the impact of relative advantage on Islamic finance products customer
patronage
1.3 Research Questions 1. What is the impact of religiosity on Islamic finance products customer patronage?
2. What is the impact of subjective norm on Islamic finance products customer patronage?
3. What is the impact of level of knowledge/awareness on Islamic finance products customer
patronage?
4. What is the impact of relative advantage on Islamic finance products customer patronage?
1.4 Research Scope The purpose of this research is to identify the factors that would influence people to adopt Islamic
finance products in the Maldives and carry out an analysis of these factors; this study will include
customers of financial sector in the Maldives.
1.5 Significance of Research Even though many researches have been conducted in this area in different countries around the
world, sufficient literature are not available in the context of the Maldives, therefore this research
would be an important theoretical contribution. As Islamic financing has only been introduced in
the Maldives quite recently compared to conventional financing and as the growth of the industry is
significantly slow the finding of this research would be useful for relevant institution in their future
business developments. It can also assist other scholars who are interested in carrying out further
research in this area.
2.0 Literature Review This chapter reviews the related literature on Islamic finance and customer patronage and
conceptual framework which provides the basis of this research. The chapter explores the relevant
theories of Islamic finance and the customer patronage. Furthermore, it analyses set of variables
extracted from reviewing various theories which are interrelated to provide detailed
understanding of this research’s conceptual framework.
2.1 Definition of Key Concepts
2.1.1 Islamic Finance Islam is a comprehensive system providing guidelines for human behaviour throughout their lives.
Finance is the money that makes it possible to acquire wealth either as consumption or input in a
production process. It can also be referred to as the flow of funds from those who have (surplus) to
those who need (deficit) it. If these financing activities is carried out within the Shariah (Islamic
Law) principles, it is known as Islamic finance (Marifa, 2014).
The main features of Islamic finance are, it is free from Riba, Gharar and avoidance of trading
unlawful goods and services. Further principles include justice and equity (Marifa, 2014). Due to
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these fundamental principles, Islamic finance differs from conventional financing and have certain
salient features, these features included;
Interest-free (Riba) All Islamic banking business and activities are free from all and any elements of interest, while mainstream banking is based on lending money for a premium-interest. Riba is prohibited because in its simplest sense it gives an advantage to one party at the expense of the other without appropriate consideration
Need for underlying assets It is required that all banking businesses based on sale or lease must have an underlying asset. Islamic bank acts as a seller, vendor or lessor, the asset is crucial.
The avoidance of uncertainty (Gharar) or gambling
Gharar can be defined as lack of knowledge of uncertainty which can result an unfavourable outcome to one party. All transaction in Islamic finance should refrain from any element of uncertainty (Gharar) and gambling (Maisir). As Gharar could lead to disagreements due to unjust terms arose because of misrepresentation or fraud. Gambling is an action that always benefits one party at the expense of the other.
Profit and loss sharing Profit and loss sharing is done in some Islamic banking activities. The bank shares profit made with its customers on a proportionate basis or on an agreed ratio. In case of loss, it is either borne by the bank or by both parties proportionately.
Rights and liabilities of banks and customers
A significant feature of Islamic banking is the new perspective it gives to the relationship between banks and their customers. Islamic bank is not a lender or a borrower, but can be a trader under banking law.
Shariah Compliance The main focus of Islamic finance is Shariah compliance, thus to ensure this one of the distinctive feature of Islamic finance is that a Shariah advisory or supervisory board is established to advice different products of Islamic finance
Unlawful goods and services All Islamic finance activities should only pertain lawful goods and services. Unlawful goods and services include non-halal foods, intoxicating drinks, entertainment and pornography, tobacco- products and weapons
Overriding principles of Islamic law
In addition to being Shariah compliant, Islamic finance products should not contradicts already established legal principles.
Table 1 - Salient features of Islamic finance products (CIMA, 2014)
2.1.2 Islamic finance products
Profit-sharing financial products Musharakah This is joint venture, where all partners contribute funds and have the right to
participate in managing the business. Profit sharing is by agreed ratio, and losses are shared in the ratio of capital invested.
Mudarabah Here one party provides all of the capital and another party manages the investment project. Profits are shared in an agreed ratio and losses are borne by the investor only.
Qard Hasan Charitable loans with no interest and a profit sharing margins, repayments done by instalments and modest service charge is allowed
Wakalah Where a bank is authorized to conduct business on a customer’s behalf
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Hawalah An agreement between bank and customer to undertake some of customer’s liability for a service fee.
Advance Purchase financial products Murabahah This is asset based and cost plus financing. Bank purchases the commodity and
resells to the customer at a predetermined and disclosed profit margin. The customer pays in deferred payments over a period of time.
Istithna Bank takes on a production project which is made according to agreed specification at a specified price and a date of delivery. Bank makes a contract with a manufacturer and then charges the customer the manufacturer’s price plus a reasonable profit (monetary instalments) and takes the risk of manufacturing.
Bay Bithaman al Ajil This is a repurchase agreement used in hire purchase, where the bank buys the client’s asset and then resells to the customer with the purchase price plus a profit
Mu’ajjal Sales contract allowing purchase with deferred delivery Ijarah Ijarah can be categorised as asset based and leasing. Bank buys the assets and
leases it out for a fee which includes the purchase price and the profit margin. Ownership remains with the bank in case of operating lease and transferred on pre-determined terms in finance lease.
Tawarruq This is adopted by banks to lend cash to customers to buy commodity from the bank under Murabahah, then sold to a third party at a below purchase price.
Deposit Products Wadi’ah Deposit, such as current accounts Mudarabah Deposit products based on revenue-sharing between the customer and bank,
which includes saving products that customer, can withdraw any time. Qard-al-Hasanah Deposit products which are unremunerated, generally for charitable purpose Insurance products Takaful Takaful is a cooperative insurance where members contribute a specific
amount of money into the same pool, every policyholder pays his subscription and in turn help those in need of assistance. Losses are divided and liabilities are spread according to the pooling system
Islamic bond Sukuk Sukuk is similar to conventional bonds, but these are backed with assets and
represent proportionate beneficial ownership in the underlying asset.
Table 2- Islamic finance products (Seibel and Imady, 2006; Zaid et al., 2011)
2.1.3 Islamic finance in the Maldives Since the introduction of Islamic finance in 2003 by Amana Takaful, Islamic finance has been in
existence in Maldives in some form or another. Following Amana Takaful, Maldives Islamic Bank
was established in 2011 and recently the main conventional bank of Maldives Bank of Maldives
(BML), also opened an Islamic finance window. The current services offered by the Islamic banks
targeting individuals and businesses include current, savings and general investment accounts,
financing services for wide varieties goods and services falling under the concept of Murabaha
which includes financing for consumer goods, motorcycle and car. Based on the concept of Ijarat-ul-
Askhas education financing is also offered. Targeted to business profit-sharing finance product;
Musharaka is also available along with business Istisna project financing.
As Islamic finance grows, many other conventional financial institutions also started offering
Islamic finance products. Such as Housing Development Finance Corporation (HDFC) establishes
separate window “Amna” offering products which are fully Shari’ah compliant. Allied Insurance
Company offers Shariah complaint insurance under “Ayady Takaful”, further to this Maldives
recently established Islamic capital market by listing Shariah compliant equity, Sukuk.
The Islamic financing Institutes and Islamic finance products offered by conventional financing
institutes are overseen by Shariah Advisory Council established by Maldives Monetary Authority
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(MMA), validating all Islamic banking and finance operations to ensure their compatibility with
Shariah principles.
2.1.4 Customer Patronage Customer patronage means a person who buys goods and services for personal consumption or use
(Adiele, 2015). Patronage behaviour is the process of identifying factors customers look for in
selecting a product or service (Andrew et al., 2015). Furthermore, customer patronage precedes
loyalty. Patronage comes from the desire to be committed to a good/service either based on its
service quality or customer perception (Adiele, 2015).
2.1.5 Religiosity Religiosity is implicated by religious affiliation, activity and belief. Furthermore, expression of
religiosity is both personal (intrinsic or internal) and public (extrinsic or external) (Bjarnason,
2007). Islamic finance works on the principle of Islamic law (Rahman and Anwar, 2016), and due to
religious values Islamic consumers would prefer Islamic financing products rather than
conventional products (Roy, 2014).
2.1.6 Level of knowledge According to (Gerrard & Cunningham, 1997) Muslims are more aware of the principles of Islam;
however both Muslims and Non-Muslims have a limited knowledge regarding the culture and
concepts of Islamic banking and its products. However, customers have fundamental knowledge of
Islamic finance terms. It is further demonstrated through research by (Haron et al., 1994) that
higher level of knowledge and awareness about Islamic finance products encourages customers to
adapt Islamic finance products.
2.1.7 Relative Advantage Relative advantage is the extent to which the new product is better than the one it replaces (Yahya
and Junaina, 2017). Consumers wanting to buy a new product or service expect that the benefit
they receive from it to be greater than the cost of obtaining this new product or service. Customers
religious consideration will affect how customers perceives relative advantage of Islamic finance
products (Ezeh and Nwankwo, 2014).
2.1.8 Subjective Norms Subjective norms is the perception of the most important people for an individual, which either
motivates the individual to either perform or not perform a particular behaviour (Ajzen, 1991). In
the context of Islamic finance, subjective norm suggests that people are more likely to accept and
adapt these products if a large number of other people in the society already are utilizing these
products or have a positive view regarding Islamic finance (Ibrahim et al., 2017).
2.2 Critical review of Theoretical Getting a new idea adopted even with obvious advantages is often very difficult. For much
innovation it requires a long period of time from the time it is available for use to the time when
they are widely accepted and adapted. Therefore, a main problem for individuals and organizations
is how they can speed this rate of diffusion of innovation. Diffusion is the process of the innovation
being communicated to the members of the society through certain channels over a period of time
(Rogers, 1962). Diffusion of innovation theory sees change as being mainly about the evolution or
reinvention of the products and behaviour to fit the needs of the consumers rather than focusing on
persuading individuals to change (Wani and Ali, 2015). As per this theory the rate of adaption of the
innovation depends upon five characteristics of innovation; relative advantage, compatibility,
complexity, trial-ability and observability (Rogers, 1995).
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Relative Advantage The new product or service will only be adapted if it is a better option than the one currently in practice.
Compatibility This is the degree to which the innovation matches with customer’s needs, values and beliefs
Complexity If the innovation is simpler the greater the rate of adaption Observability Easiness to which the results of the innovation is visible to the
consumers and the communication to the prospective users Trial-ability Degree of examining or testing the before adapting it
Table 3 - Diffusion of Innovation characteristics (Wani and Ali, 2015)
As Islamic Finance is relatively new concept in the Maldives, Diffusion of Innovation is a suitable
theory to be applied in this context to introduce and expand Islamic finance products in the
Maldives. Diffusion of innovation is a very well-established theory in both academics and in
practice. It has been theoretically and empirically tested in many fields of human endeavour. In this
paper, the conceptual constructs are derived from Diffusion of Innovation Theory. However, the
Diffusion of Innovation Theory is not fully tested in this paper. The theory is partially adopted to
develop the conceptual framework.
2.3 Critical Review of Empirical Research Empirical researches assists in collecting evidences and to understand key variables that would in
turn support to formulate the theoretical framework for current study. There are several empirical
studies conducted on the subject of customer patronage or customer adoption of different Islamic
finance products.
Recently, research was conducted to determine customer intention on Islamic home financing
products by (Ibrahim et al., 2017). This research was targeted to bank customers in Alor Setar,
Kedah, Malaysia. The research applies the theory of planned behaviour and tests attitude,
subjective norm, perceived behavioural control, level of knowledge or awareness and religiosity as
independent variable to identify their impact on customer’s intention in choosing Islamic home
financing products. The survey was conducted by questionnaires and a total of 421 respondents
participated in the survey. The researcher intends to fill the gap by targeting bank customers who
are working in government sector, private sector and also who are self-employed in the Alor Setar
Kedah area in Malaysia. The researcher believes that this combination is important for better
understanding of customer intention in choosing financing of housing in their desired home. Similar
study was conducted by (Bassir et al., 2014) to identify factors influencing the adoption of Islamic
home financing in Malaysia, by exploring customers perception towards Islamic home financing.
The study identifies the demographic profile of Islamic home financing customers and their
adoption profile. The study is supported by theory of reasoned action and the independent
variables used to explore their effects on adoption are religiosity, price or cost, brand or reputation
and level of awareness. The data was collected via survey questionnaires where 143 responses
where collected from Klang Valley, Malaysia. However, these studies are confined into specific
locations in the Malaysia, and it cannot be used to understand the factors contributing towards
Islamic home financing in Malaysia as a whole, as the perception towards adoption could be
different in other parts of the country such as rural or outside urban areas.
Research by (Yahya and Junaina, 2017) attempted to identify the influential factors that are
associated with Islamic banking adoption among Muslims and non-Muslims in Sarawak, Malaysia.
The framework for this study includes adoption of Islamic banking as the dependent variables to
study its relationship with seven independent variables; relative advantage, compatibility,
observability, complexity, perceived risk, perceived trust and customer innovativeness.
Furthermore, this study uses Diffusion of Innovation as its supporting theory. Self-administered
questionnaires were used to collected data and it was collected from 436 respondents in Sarawak,
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Malaysia and the research found that relative advantage, compatibility and complexity have
significant relationship with customer adoption of Islamic banking products. Another similar study
was conducted more recently by (Selvanathan et al., 2018) to determine and identify the factors
influencing consumers to choose Islamic bank products and services. The research was targeted
around Selangor area is Malaysia. This research investigated cost and benefit, bank reputation,
convenience and religious value and the analysis showed that bank reputation, religious value and
cost benefit are significant factors influencing customer’s selection. These researches assist in
development of the right approaches to attract more customers to adopt Islamic banking services.
There are researches conducted in other geographical areas such as in Bangladesh where (Roy,
2014) conducted a research to study the customer awareness and attitude towards choosing
Islamic banking. The paper also paves the way for the opportunities and chances for Islamic
banking to develop into a main stream banking system in their financial market. The research was
conducted via in-depth interviews and thematic analysis. The factors analysed were religious
sentiments, recommendation, abundance of Islamic economy and brand value. The research finding
of this study suggests that Bangladesh’s Islamic banking system has great potential to grow as
customers have an attraction towards Islamic banking mainly due to religious sentiment. Further to
this, research was also conducted in Bingol city, Turkey by (Aslan, 2017) to identify the reasons for
choosing Islamic banking. Questionnaires were used to collect data from 500 customers of Turkey
Finance Bank in Bingol city. While many factors were investigated it was it was found that they
choose Islamic banking due to close relationship with bank personnel, religious sensibility, friendly
and helpful personnel, image and popularity of banking.
The table 4 below present the empirical studies which assisting in formulating the basis of this
research
Authors Purpose Supporting theory
Methodology Theoretical Framework
(Yahya and Junaina, 2017)
Identify the factors that influence customer’s adoption of Islamic banking products and services offered by banks in Sarawak
Diffusion of Innovation (DOI) Theory, Rogers
structured questionnaire through Convenient sampling.
Relative Advantage Compatibility Observability Complexity Perceived risk Perceived trust Customer innovativeness Adoption of Islamic banking
(Kishada and Wahab, 2013)
Degree to which customers are loyal towards their Islamic banks in the Malaysian context
Not specified ordinary self-administered questionnaires distributed by hand to individuals
Service encounter Social value Service experience Trust Reliability Service dependability Satisfaction Expectation Convenience Value Loyalty
(Roy, 2014) Identification of key factors that influence the customers of Bangladesh in
Not specified in-depth interviews and thematic analysis
Religious sentiments Recommendation Abundance of Islamic economy Brand Value
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choosing Islamic bank system
(Selvanathan et al., 2018)
Determine and identify the factors that influence the consumers to choose Islamic bank products or services
Not specified non probability simple random sampling around Selangor area
Bank reputation Convenience Religious value Cost and benefit Customer selection on Islamic banking
(Mariadas and Murthy, 2017)
Determine factors influencing the adoption of Islamic Banking in Malaysia
Not specified survey questionnaire
Compatibility Consumer satisfaction Risk perception Consumer knowledge Adoption of Islamic banking
(Aslan, 2017)
Identifying reasons for choosing Islamic banking in Bingol city
Not specified Survey questions
Orientation of my religious sensitivities Friendly and helpful Staff Image and popularity as a participation bank and interest-free institution The checks/controls made by the state (due to Islamic conformity) are sufficient
(Bassir et al., 2014)
Explore the consumers’ perception towards Islamic home financing as the selection criteria in Malaysia.
Theory of reasoned action
Questionnaire survey
Religiosity Price or cost Brand and reputation High level of knowledge and awareness Adoption of Islamic home financing
(Haque et al., 2009)
Assess the degree of customer perception and awareness towards Islamic Bank by Malaysians
Not specified Self-administered questionnaire
Availability of services Quality of services Social and religious perspective Confidence in bank Customer perception and preferences
(Ibrahim et al., 2017)
Determine customer intention on Islamic home financing products in Malaysia
Theory of Planned Behaviour
Questionnaire Attitudes toward behaviour Subjective norm Perceived behavioural control Level of knowledge or awareness Religiosity Customers intention in choosing Islamic home financing products
Table 4 - Empirical Studies
2.4 Literature Gap There were various studies conducted on customer patronage or adaption of Islamic finance
products using different variables in many geographical regions. Studies such as (Bassir et al., 2014;
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Haque et al., 2009; Ibrahim et al., 2017) conducted research in Malaysia regarding customer
intention on adapting Islamic banks and Islamic finance products such as home financing. Research
by Roy (2014) identified the key factors influencing customers to choose Islamic banking in
Bangladesh. Moreover similar researches has been conducted in Africa (Ezeh and Nwankwo, 2014;
Siddiqi, 2000). This research enables the financial institute to identify what influences the
customers to choose the products and helps the Islamic financing to grow in these areas. However,
there has been no identifiable research conducted in Maldives to identify determinants of customer
patronage or adaption of Islamic finance. Therefore, viewing above mentioned gap, this research
seeks to provide the determinants of customer patronage in the case of Islamic finance products in
the Maldives. The date from this research can contribute to grow the Islamic financing sector in the
Maldives.
2.5 Conceptual Framework From the analysis above of the relevant theories and empirical studies, the following conceptual
framework is developed for this study,
Figure 1 - Conceptual Framework
Religiosity can be defined as the quality of religious life (Ibrahim et al., 2017). Religiosity is
important because it affects individual’s cognitive and behavioural aspects (Alam et al., 2012).
Religion needs to be considered as a long-term phenomenon rather than a short-term change by the
marketers, and need to be considered as a valuable construct in understanding consumers (Fam et
al., 2004). Based on past studies, many researchers have concluded that religiosity is one of the
main factors of customers choosing Islamic finance products (Bassir et al., 2014; Ibrahim et al.,
2017; Rahman and Anwar, 2016; Roy, 2014; Selvanathan et al., 2018). Therefore, it is evident that
customer patronage for Islamic finance products positively correlated with religiosity.
H1: Religiosity has a positive impact on Islamic finance products customer patronage
Subjective norm is defined by theory of reasoned action and theory of planned behaviour. An
individual will intend to perform behaviour when it is positively evaluated and when they believe
people important to them think they should perform it (Ajzen & Fishbein, 1980). There are many research conducted on the influence of subjective norm on behavioural intention and the results
are found out to be conflicting (Reni and Ahmad, 2016). In some fields (Chau and H, 2001; Davis
and Bagozzi, 1989) subjective norm was found to be insignificant towards behavioural intention.
Customer Patronage
Islamic Finance
Products Level of
knowledge
Relative
advantage
Religiosity
Subjective norm
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However, in the context of Islamic finance, subjective norms was evident to have a direct impact on
customer intention (Amin et al., 2011; Taib et al., 2008). Thus, the next hypothesis for this research
is as follows
H2: Subjective norm has a positive impact on Islamic finance products customer patronage
Level of knowledge indicates the form of information that is ready to be applied to decisions and
actions (Ibrahim et al., 2017). By various researches it has been evident that the level of knowledge
or awareness encourages customers to choose a particular product or service. In one of the pioneer
research in Malaysia on bank patronage, customers were more inclined to have a relationship with
the bank if they had a more complete understanding of how the Islamic financing system works
(Haron et al., 1994). Furthermore, research by (Marimuthu et al., 2010) supports this as many
participants perceived that they do not accept Islamic banking and finance products due to lack of
information and understanding regarding the products. Therefore, this proves that level of
knowledge or awareness is an important aspect in customer patronage.
H3: Level of knowledge has a positive impact on Islamic finance products customer patronage
Relative advantage is introduced in Rogers Diffusion of innovation theory, which is how much the
new product is better than the one it replaces (Rogers, 1962). In this context it is how Islamic
finance products are better than conventional finance products. The main advantage Islamic
finance has over conventional financing is Shariah law compliance, moreover it is also perceived
that Islamic financing products are less risky, more convenient, more transparent in their
transaction and also more convenient (Siddiqi, 2000). When customer evaluates a new product to be adapted, if the perceived benefits overweighs the perceived costs consumers are more likely to
adapt the product or service (Ezeh and Nwankwo, 2014). Therefore, the hypothesis is formulated
as below
H4: Relative advantage has a positive impact on Islamic finance products customer patronage
3.0 Research Methodology 3.1 Research Design and Approach Explanatory research design is used for this study, as quantitative research is carried out through
questionnaire, to identify the link between the dependent and independent variables, furthermore
this type of research design involves the research having research hypothesis, which is the case in
this study (Saunders, et al., 2009). Using explanatory research design, in this study researcher will
employ religiosity, level of knowledge, subjective norm and relative advantage factors and identify
the determinants of customer patronage of Islamic financing in the Maldives. For this empirical data
will be collected from Maldivian customers and it will be studied and analysed to establish the
relationship between the dependent and independent variable, which will be essential to come up
with an effective and trustworthy conclusion.
The research approach for this study is deductive approach as this approach involves theoretical
testing of research strategy only designed for the purpose of research testing (Wilson, 2010). By
using deductive approach it is possible to forecast the time plan more accurately has it as lower
strategy risk such as questionnaires not been filled, as according to (Saunders, et al., 2009) research
can be completed more quicker with deductive approach if enough time is contributed to formulate
the study before data collection and analysis. Moreover, deductive approach is also implemented
because this research comprises of collection and conversion of data into numerical form to enable
statistical manipulation to make relevant and valid conclusions (Wilson, 2010).
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3.2 Research Method This research will use primary data, where original data is collected from the field. Primary data
will be important to fill the existing literature gap identified for the Islamic finance sector of the
Maldives. Moreover, by using primary data the researcher is in full control of the data collection
process where it can be ensured that only relevant data is collected. Primary data also means that
the most recent data is collected and the findings and conclusion of this research would be suitable
for the needs of the current environment.
3.2.1 Instrument Development Research instrument is a device to gather relevant information regarding the research topic. Survey
questionnaire for this research has two section; Socio-demographics section and research
instrument questions. Socio-demographic section has 6 questions, where fixed option is provided to
avoid unstructured responses. Research instrument questions are questions related to the variable
chosen for this research and this section contains 25 questions, and it is answered using 5-point
Likert Scale, requiring the participant to assign rank from strongly disagrees to strongly agree. The
items included to test the variables are mostly adapted from previous studies as follows;
Construct Description Measures Reference Religiosity Different aspects
of religiosity impacts the customer patronage of Islamic finance products
Religiosity1 - Suitability with values and beliefs
(Bassir et al., 2014; Haron et al., 1994; Ibrahim et al., 2017; Kishada and Wahab, 2013)
Religiosity2 - well-suited to lifestyle Religiosity3 – Adopting Islamic finance makes you feel good Religiosity4 - Trust in institute due to religious principle Religiosity5 - Confidence that the products are in line with Islamic principles
Subjective Norm
Different aspects of subjective norm impacts the customer patronage of Islamic finance products
SubjectiveNorm1 – Makes good impression on others
(Amin et al., 2014; Ibrahim et al., 2017; Kishada and Wahab, 2013)
SubjectiveNorm2 – provides social approval SubjectiveNorm3 – important people can influence to adopt SubjectiveNorm4 – People using Islamic finance encourages adoption SubjectiveNorm5 – earns social prestige
Level of Knowledge
Different aspects of level of knowledge impacts the customer patronage of Islamic finance products
Knowledge1 – Have Islamic finance knowledge in general
(Bassir et al., 2014; Ibrahim et al., 2017)
Knowledge2 – aware of how Islamic finance products function Knowledge3 – familiar with key Islamic finance products Knowledge4 – Know institutes providing Islamic finance products in the Maldives Knowledge5 – Have enough information regarding benefits of Islamic finance
Relative Advantage
Different aspects of relative advantage impacts the customer patronage of Islamic finance products
RelativeAdvantage1 – More secure investments
(Kishada and Wahab, 2013; Yahya and Junaina, 2017) RelativeAdvantage2 – financing as
partnership basis is more beneficial for both parties RelativeAdvantage3 – More profitable than conventional products RelativeAdvantage4 – lower cost than
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conventional products RelativeAdvantage5 – More attractive than conventional products
Customer Patronage of Islamic finance products
Determine the readiness of customers adopting Islamic finance
CustomerPatronage1 – Meets expectation
(Haron et al., 1994; Kishada and Wahab, 2013) CustomerPatronage2 – deeply loyal to
Islamic finance CustomerPatronage3 – intend to adopt in the future CustomerPatronage4 – frequently use Islamic finance products CustomerPatronage5 – Encourage others to adopt
Table 5 - Instrument table
3.2.3 Population and Sample The target population for this research is the general public of the Maldives, who are either current
or potential customers of the financial sector. As the study focuses on adoption of Islamic finance
products it was assumed that the respondents are generally aware of Islamic finance. The reason
for choosing the general public of the Maldives is to get a broader understanding of the factors
affecting different demographics and also because no previous studies have been conducted for this
target population.
Estimation of an adequate number of respondents is crucial for the success of a research (Chuan,
2006). Therefore, Krejcie & Morgan (1970) sample size formula for finite population is used to
determine the sample size of 250 respondents, which will offer enough statistical strength for data
analysis. The survey questionnaire was sent to respondents online targeting 250 responses and a
total of 263 responses were collected.
There was no definite manner to select a particular type of participants for this study therefore
non-probability convenience sampling method used for the sampling (Kothari, 2004), where the
participants the practical criterions of easily accessible, availability at the time of data collection,
geographical proximity and the willingness to participate in the study (Showkat & Parveen, 2017).
3.2.4 Data Collection Method Data for this research is collected through self-administered online questionnaires constructed in
English. Questionnaires are an effective way of determining opinions and also as due to anonymity
of questionnaires the responses received are more accurate (Murgan, 2015). The data collection
was conducted in the month of January 2019. Likert’s scaling is used in the questionnaires to seek
agreement of disagreement from the respondents. The questionnaire informs the purpose of the
study to the participants of the research and also assures that the information they have provided
will only be used for the purpose of this research. Furthermore, the researcher thanks the
respondents for their participation in the research.
3.3 Data Analysis Plan Data analysis will be conducted using Statistical Package for Social Science (SPSS) software version
22 and AMOS tool will be used for the analysis of the variables to establish relationships between
dependent and independent variables. Primary data gathered through questionnaires from the field
will be input into SPSS and AMOS for analysing and various analyses will be generated as follow;
3.3.1 Demographic Analysis To analyse the socio-demographic data descriptive statistic method is going to be utilized. This will
be presented in graphical mode, which will demonstrate the different demographics of the people
who participated in the study such as age group, level of profession and education, measuring the
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trend and distribution of the sample. However, the data relating to socio-demographics will not
impact the results or conclusion of the research hypothesis
3.3.2 Description and Normality Analysis The central tendency and the variability are measured using descriptive and normality analysis.
Central tendency is measured with mean, median and mode, and standard deviation, skewness and
kurtosis measures variability (Rawlings and Dickey, 1998).
This analysis determines the normality of distribution of the data set (Hair, et al., 2010). The
standard assists in showing the relationship of the scores with the mean of the sample. By
calculating the skewness it shows the irregularities of the probability distribution of a variable
about its mean (Thode, 2002). The normality analysis of the data is considered normal if the
skewness is between +/- 1 (George & Mallery, 2005).
3.3.3 Reliability Analysis Reliability analysis enables the researcher to analyse the extent to which the analysis process and
the data collection techniques will generate consistent findings (Hair, et al., 2010). The researcher
will use Cronbach’s Alpha calculated from SPSS to ensure reliability of the data. The rule of
Cronbach’s Alpha is that the value must exceed 0.7 to be acceptable for further analysis (Hair, et al.,
2010). Table 6 below shows the rule of thumb for Cronbach’s Alpha Coefficient Size when the alpha
value is closer to 1, the higher the internal consistency reliability.
Alpha Coefficient Range Strength of Association
< .5 Unacceptable
> .5 Poor
> .6 Questionable
> .7 Acceptable
> .8 Good
> .9 Excellent
Table 6 - Cronbach’s Alpha Coefficient Rule of thumb
3.3.4 Assumptions for Multiple Regression Autocorrelation shows the degree to which a value of a variable during a particular time (t) is
correlated to its value of a previous time period (t _ 1) (Saunders, et al., 2009). To test the
autocorrelation Durbin Watson Statistics will be used, in this method the value ranges from 0-4.
When the value is 2, it indicates no autocorrelation. Whereas when the value is closer to zero it
means positive autocorrelation and when it is closer to four it is negative autocorrelation
(Anderson, et al., 2003).
Multicollinearity occurs when between two or more of the variables correlation is missing, and this
would make it challenging to identify the specific effects of each variable (Saunders, et al., 2009).
This will be tested using tolerance value and its converse, the Variance Inflation Factor (VIF). It is
high collinearity when the tolerance value is 0.10 or lower, or if the VIF value is 10 or higher (Hair,
et al., 2010).
The equal variances of error through the data values of dependent and independent variables are
shown by homoscedasticity and the unequal variance is shown by heteroscedasticity (Osborne &
Waters, 2002; Saunders, et al., 2009).
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Sample adequacy predicts whether the collected data factors well according to the correlation. This
is measured with Kaiser Meyer Olkin (KMO) statistics. The overall KMO statistics is supposed to be
.60 or higher to continue with factor analysis (Kaiser, 1974).
3.3.5 Regression Analysis Model Fitness
Regression analysis calculates the regression equation and coefficient of determination (Saunders,
et al., 2009). Correlation between observed and predicted values is measured by the R value and R
Square (R2) and further explained the percentage of variation along the regression line from the
total variation. Rule of thumb for R Square (R2) values is 0.75 is considered substantial, 0.50
moderate and 0.25 weak for endogenous latent variables. In addition to R Square value, adjusted R
square measures the overall model fitness accuracy (Hair, et al., 2010)
Model Significance
Model Significance testing is conducted to test probability of an outline, for example the
relationship happening among the variables only by chance. Model significance can be tested by
using the variance, comparing the means within the groups of data and between them. F ratio or F
statistics represents these variances. A high F ratio with probability (p-value) of lower than 0.05 is
considered as statistically significant (Saunders, et al., 2009).
Hypothesis Testing
To test the hypothesis, this research will be using Pearson correlation. Furthermore, the framework
of the research will be tested with linear regression model. A statistically significant relationship is
established when the probability test value is 0.05 or lower (Saunders, et al., 2009).
4.0 Results, Analysis and Discussion 4.1 Analysis of the Demographic Profile of Respondents The demographic profile from the data collected from 263 responses depicted in the below table
shows that 64% of participants were female and 34% were male and 1.5% of the participants did
not specify their gender. The majority age group who participated in the survey is 25-35 years
group, which represents the general population of the Maldives where the majority of the
population is the youth. Following that 30% are 18-24 years age group and 18% are of 36-45 years.
Only 4.6% are above 45 years of age, and the reason for this could be that the data was collected
online. Furthermore, half the population of the participants work at government/public sector
followed by 17% working in private sector and 12.5% are students. 28% of the participants are
diploma holders and both undergraduate degree holders and post graduates are both at 20.9%.
16% of the participants have secondary education and 11.4% holds a professional qualification.
60% of the participants currently do not use Islamic Finance and looking at the current finance
methods used by participants’ majority uses conventional method with 45% and only 15.6% uses
Islamic finance and 33% uses both Islamic and conventional Islamic Finance products.
Frequency Percent
Gender
Undefined 4 1.5
Female 169 64.3
Male 90 34.2
Age
Undefined 7 2.7 18-24 years 78 29.7 25-35 years 119 45.2
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36-45 years 47 17.9 above 45 years 12 4.6
Profession
Undefined 4 1.5
Government/Public sector 129 49.0
Private sector 45 17.1
Self employed 23 8.7
Student 33 12.5
Unemployed 29 11.0
Educational qualification
Secondary 44 16.7
Diploma 74 28.1
Undergraduate 55 20.9
Professional qualification 30 11.4
Post graduate 55 20.9
Undefined 5 1.9
Currently using Islamic Finance?
No 156 59.3
Yes 101 38.4
Undefined 6 2.3
Method of Finance currently using?
Conventional 118 44.9
Islamic 41 15.6
Both 87 33.1
Undefined 17 6.5
Total responses = 263
Table 7 - Demographic profile of respondents
4.2 Descriptive & Normality Analysis
4.2.1 Descriptive Statistics . The mean of the variables are between 2.8 – 3.6, where the level of knowledge scored the least
mean value with 2.8 and customer patronage scored highest value with 3.6. Moreover the standard
deviation for all the variables are below the mean value, therefore the descriptive analysis for this
study is adequate.
Descriptive Statistics
Minimum Maximum Mean Std. Deviation
Knowledge 1.00 5.00 2.8656 1.08514
Religiosity 1.00 5.00 3.5837 1.01386
Subjective Norm 1.00 5.00 3.2624 1.00590
Relative Advantage 1.00 5.00 3.4340 .90000
Customer Patronage 1.00 5.00 3.6660 1.04598
Table 8 - Descriptive statistics for aggregated constructs
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Statistic Statistic Statistic Statistic Statistic
Knowledge 1 263 1.0 5.0 2.886 1.2052
Knowledge 2 263 1.0 5.0 2.738 1.2121
Knowledge 3 262 1.0 5.0 2.519 1.3122
Knowledge 4 261 1.0 5.0 3.310 1.3125
Knowledge 5 263 1.0 5.0 2.878 1.3019
Religiosity 1 263 1.0 5.0 3.593 1.2833
Religiosity 2 263 1.0 5.0 3.555 1.1802
Religiosity 3 261 1.0 5.0 3.755 1.2654
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Table 9 - Descriptive statistics for each of the construct
4.2.2 Normality Analysis Based on the 263 responses, the normality test for this study is an average of -0.254 of skewness
and kurtosis of -0.668 with reference to the table below. The skewness and kurtosis is within the
range of +/- 1 and therefore it is considered normal distribution. (Hair, et al., 2010). Another
measure to identify the normal distribution of the data is by dividing the score of skewness or
kurtosis with its standard error and if the results are higher than +/- 1.96 indicates that the data is
not normally distributed. For this study, skewness and kurtosis of all the variables shows normal
data distribution.
Religiosity 4 262 1.0 5.0 3.737 1.2392
Religiosity 5 263 1.0 5.0 3.281 1.1610
Subjective Norm 1 262 1.0 5.0 3.515 1.2402
Subjective Norm 2 262 1.0 5.0 3.447 1.1593
Subjective Norm 3 262 1.0 5.0 3.332 1.2926
Subjective Norm 4 263 1.0 5.0 3.034 1.3087
Subjective Norm 5 263 1.0 5.0 2.981 1.1994
Relative Advantage 1 263 1.0 5.0 3.567 1.1731
Relative Advantage 2 262 1.0 5.0 3.542 1.0377
Relative Advantage 3 263 1.0 5.0 3.335 1.0639
Relative Advantage 4 262 1.0 5.0 3.271 1.0824
Relative Advantage 5 261 1.0 5.0 3.456 1.1176
Customer Patronage 1 261 1.0 5.0 3.502 1.0906
Customer Patronage 2 263 1.0 5.0 3.525 1.1748
Customer Patronage 3 263 1.0 5.0 3.802 1.1685
Customer Patronage 4 261 1.0 5.0 3.709 1.1699
Customer Patronage 5 263 1.0 5.0 3.806 1.2092
Valid N (list wise) 250 Normality Analysis
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Table 10 - Normality analysis with skewness and kurtosis for each of the constructs
4.3 Reliability Analysis The below table shows the “Cronbach’s Alpha coefficients” the variables of this research and its
individual constructs. The reliability of all variables with all the 25 constructs is 0.957, which is
considered excellent reliability (Hair, et al., 2010). The individual variables Alpha coefficients are
also at adequate level with level of knowledge and customer patronage at excellent results and
religiosity, subjective norm and relative advantage with good results. Therefore, no significant
alterations were made to the survey questionnaires.
Reliability Statistics
Measurement Cronbach's Alpha No of Items Strength of Association
All Variables .957 25 Excellent
Knowledge .906 5 Excellent
Religiosity .885 5 Good
Skewness Kurtosis
Statistic Std. Error Statistic Std. Error
Knowledge 1 .063 .150 -.756 .299
Knowledge 2 .192 .150 -.842 .299
Knowledge 3 .409 .150 -.944 .300
Knowledge 4 -.373 .151 -.979 .300
Knowledge 5 -.013 .150 -1.033 .299
Religiosity 1 -.416 .150 -.974 .299
Religiosity 2 -.456 .150 -.501 .299
Religiosity 3 -.666 .151 -.604 .300
Religiosity 4 -.669 .150 -.502 .300
Religiosity 5 -.167 .150 -.754 .299
Subjective Norm 1 -.412 .150 -.761 .300
Subjective Norm 2 -.248 .150 -.725 .300
Subjective Norm 3 -.316 .150 -.945 .300
Subjective Norm 4 -.053 .150 -1.045 .299
Subjective Norm 5 .117 .150 -.687 .299
Relative Advantage 1 -.433 .150 -.554 .299
Relative Advantage 2 -.051 .150 -.668 .300
Relative Advantage 3 .008 .150 -.437 .299
Relative Advantage 4 -.045 .150 -.461 .300
Relative Advantage 5 -.239 .151 -.493 .300
Customer Patronage 1 -.184 .151 -.490 .300
Customer Patronage 2 -.373 .150 -.569 .299
Customer Patronage 3 -.694 .150 -.278 .299
Customer Patronage 4 -.621 .151 -.354 .300
Customer Patronage 5 -.718 .150 -.357 .299
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Subjective Norm .871 5 Good
Relative Advantage .880 5 Good
Customer Patronage .941 5 Excellent
Table 11 - Reliability coefficient
4.4 Analysis of the Assumptions for Multiple Regression
4.4.1 Analysis of the Autocorrelation The assumption is that there should be no autocorrelation. This is indicated with Durbin-Watson
statistics with the scale 0 – 4, where 2 mean no autocorrelation (Hair, et al., 2010). The below table
shows Durbin-Watson statistics of this research is 2.016 which indicates no auto correlation.
Model Summary b
Model R R Square Adjusted R Square
Std. Error of the Estimate
Durbin-Watson
1 .866a .750 .746 .52725 2.016
a. Predictors: (Constant), Relative Advantage, Knowledge, Religiosity, Subjective Norm
b. Dependent Variable: Customer Patronage
Table 12 - Autocorrelation analysis
4.4.2 Analysis of Multi-collinearity Multicollinearity level is determined by the Variance Inflation Indicator (VIF) and Tolerance. If the
VIF is between 5 and 10 it indicates that some level of correlation exists and it the VIF is higher than
10 it shows high multicollinearity. When the multicollinearity is high it is considered unfavourable
(Hair, et al., 2010; Saunders, et al., 2009). As shown in the below table VIF is within the range of 1.4-
2.7 indicating no multicollinearity. Considering the Tolerance level, the tolerance coefficient should
be less than 0.90, for there to be no multicollinearity. The Tolerance Level for the research is
between 0.36-0.71 which means there is no multicollinearity.
Coefficients a
Model
Unstandardized Coefficients
Standardized Coefficients
t Sig. Collinearity Statistics
B Std. Error Beta
Tolerance VIF
1
(Constant) .090 .137 .656 .512
Knowledge -.054 .036 -.056 -1.523 .129 .710 1.409
Religiosity .455 .051 .441 8.939 .000 .398 2.515
Subjective Norm .131 .054 .126 2.434 .016 .364 2.748
Relative Advantage .487 .059 .419 8.216 .000 .372 2.685
a. Dependent Variable: Customer Patronage
Table 13 - Multicollinearity analysis
4.4.3 Analysis of Normality of the Dependent Variable
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For this study histogram is used to show normal distribution. Histogram graphically displays single
variable presenting its data distribution, and it shows visual evaluation whether the normal
distribution is achieved (Hair, et al., 2010). Rule of thumb of normal distribution is that it only
applied to the disturbance term and not to the independent variables. Normality is when there is
random error in between the relationship of dependent and independent variable in the regression
model (Byrne, 2010). In this study, the dependant variable is Customer Patronage, and its
distribution disturbance is considered normal based on below histogram. There is no possible
normality assumption violation.
Figure 2 - Normality of dependent variable histogram
4.4.4 Analysis of Normality of the Residuals This model predicts the values that are higher and lower than the equal probability of the actual.
Graphical method of normal probability plot is shown to identify if the data is normally distributed.
The data is normally distributed if the points follow the diagonal line all the way through
(Chambers , et al., 1983). Below normal p-p plot shows, the points are almost in the straight line on
the diagonal line indicating strong correlation among actual results and the model predictions.
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Figure 3 - Normality of residuals probability plot
4.4.5 Analysis of Homoscedasticity From the plots below, it is evident that for the current study customer patronage is positively
associated with all the dependent variables. When there is a great variation is the size of the
scatterplot, it shows that the variability of the size of error is different from the independent
variable. The dependent variable charts below shows that the normality is met with the
standardized residual and equally distributed points for the variables except for subjective norm.
For subjective norm the points are not equally distributed and are in a cluster and therefore the
normality is not met for this variable (Kline, 2011).
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Figure 4 - Homoscedasticity analysis scatterplots
4.4.6 Sample Adequacy The adequacy of the ratio of the sample in the research is essential to avoid possible discrepancy
with the coefficient of the samples. Kaiser-Meyer-Olkin (KMO) provides a suitable scale and it
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identified as a requirement in measuring if the sample is adequate for further analysis of the
factors. KMO of this study is 0.949 which is above 0.60 (Kaiser, 1974). The Bartlett’s Test of
Sphericity is at 0.000 and the recommended value is below 0.05. Therefore, it indicates suitability
and validity in the current study and it ensures the study’s ability to achieve the research objectives
and its ability to tackle the research question.
Table 14 - Sample adequacy
4.5 Regression Analysis
4.5.1 Model Fitness Model fitness is identified by assessing R, R square and the adjusted R square. The higher the value,
it is considered higher coefficient between observed and predicted value. The R square value for
this study is 0.750, and when the R square value ranges above 0.75 it is considered to be
substantial, it also indicates that the data is 75% to the fitted regression line, the coefficient
determination (Hair, et al., 2010). Moreover, the adjusted R square value is 0.746, which specifies
the good model fitness of this study.
Model Summary b
Model R R Square Adjusted R Square
Std. Error of the Estimate
Durbin-Watson
1 .866a .750 .746 .52725 2.016
a. Predictors: (Constant), Relative Advantage, Knowledge, Religiosity, Subjective Norm
b. Dependent Variable: Customer Patronage
Table 15 - Model fitness
4.5.2 Model Significance The rule of thumb for model significant is p value should be less than 0.05 for the model to be
statistically significant (Hair, et al., 2010). The ANOVA table below shows the sig value for this study
was 0.000 which means that the model is statistically significant which suggests that there is 99%
chance of obtaining similar results if study is repeated.
ANOVAa
Model Sum of Squares df Mean Square
F Sig.
1
Regression 214.926 4 53.731 193.283 .000b
Residual 71.722 258 .278
Total 286.648 262
a. Dependent Variable: Customer Patronage
b. Predictors: (Constant), Relative Advantage, Knowledge, Religiosity, Subjective Norm
Table 16 - Model significance - ANOVA
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .949
Bartlett's Test of Sphericity
Approx. Chi-Square 5230.013
Df 300
Sig. 0.000
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4.5.3 Hypothesis testing The covariance matrix is used to test the hypothesis. The sig value of each independent variable
should be less than 0.05, for the hypothesis to be accepted. If the sig value is over 0.05 then the
hypothesis is considered to be rejected (Saunders, et al., 2009). The other measurement used is the
Standardized Beta Coefficient value, which measures how significantly the independent variables
influence the dependent variable (Hair, et al., 2010). The higher the value, stronger the correlation and more significant the impact to the dependent variable.
From the table below, it is evident that religiosity, subjective norm and relative advantage are
accepted as the sig value for these variables are lower than 0.05. However, level of knowledge was
rejected as the sig value for this variable is 0.129 which is greater than 0.05.
Coefficients a
Model
Unstandardized Coefficients
Standardized Coefficients
t Sig.
Collinearity Statistics
B Std.
Error Beta
Tolerance
VIF
1
(Constant) .090 .137 .656 .512
Knowledge -.054 .036 -.056 -1.523 .129 .710 1.409
Religiosity .455 .051 .441 8.939 .000 .398 2.515
Subjective Norm .131 .054 .126 2.434 .016 .364 2.748
Relative Advantage .487 .059 .419 8.216 .000 .372 2.685
a. Dependent Variable: Customer_Patronage Table 17 - Hypothesis coefficient table
Table 18 - Hypothesis summary table
4.6 Discussion
4.6.1 Religiosity and Customer Patronage
Hypothesis Sig Value
Standardized Beta Coefficient
Result Interpretation
H1: Religiosity has a positive impact on Islamic finance products customer patronage
0.000 0.441 Accepted
Religiosity is accepted with 0.000 sig value, and beta coefficient of 0.441 indicates that religiosity has a 44% positive impact on Islamic finance products customer patronage. Therefore it is concluded that Religiosity is a significant factor for customer patronage of Islamic Finance products
H2: Subjective norm has a positive impact on Islamic finance products customer patronage
0.016 0.126 Accepted
Subjective Norm is accepted with 0.016 sig value, and beta coefficient of 0.126 indicates that subjective norm has a 12.6% positive impact on Islamic finance products customer patronage. Therefore it is concluded that Subjective Norm is a significant factor for customer patronage of Islamic Finance products
H3: Level of knowledge has a positive impact on Islamic finance products customer patronage
0.129 -0.056 Rejected Level of Knowledge is rejected with 0.129 sig value, and beta coefficient of -0.056 indicates that Level of knowledge does on have an impact on Islamic finance products customer patronage. Therefore it is concluded that Level of knowledge is not a significant factor for customer patronage of Islamic Finance products
H4: Relative advantage has a positive impact on Islamic finance products customer patronage
0.000 0.419 Accepted
Relative Advantage is accepted with 0.000 sig value, and beta coefficient of 0.419 indicates that relative advantage has a 42% positive impact on Islamic finance products customer patronage. Therefore it is concluded that relative advantage is a significant factor for customer patronage of Islamic Finance products
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Religiosity is the first independent variable selected for this research. The aim is to investigate
whether the inherent religious value people possess has an impact on the customer patronage of
Islamic finance products.
The descriptive analysis of religiosity showed a mean on 3.58 and a standard deviation of 1.014,
showing that majority of the participants of the survey agreed to Religiosity related questions.
Moreover, the overall reliability of Religiosity is good with 0.885. Further to this the
multicollinearity analysis for this variable shows a VIF of 2.515 indicating no multicollinearity and
thus there is adequate level of accuracy in the model.
In addition, the hypothesis is accepted with a p value 0.000, indicating religiosity has a significant
impact in Islamic finance products customer patronage. Respondents agreed that religiosity has a
positive impact of 44% on customer patronage of Islamic finance products. Many of the
respondents considered Islamic finance products more trustworthy due to the Islamic principles
applied. Furthermore, they also believe that Islamic finance is line with their values and beliefs and
it is well-suited for their lifestyle. Therefore, it is evident that religiosity is a major factor for
customers choosing Islamic finance products. This finding is supported by previous studies where
this variable was tested (Aslan, 2017; Bassir et al., 2014; Haque et al., 2009; Ibrahim et al., 2017;
Rahman and Anwar, 2016; Roy, 2014; Selvanathan et al., 2018).
Subjective norm
Subjective norm is the next variable tested in this research. Subjective norm attempts to identify if
the influence or view of other people in the society impacts the customer patronage of Islamic
finance products.
Reliability test for this variable shows good reliability with 0.871 Cronbach’s Alpha coefficient.
Further to this with an overall mean of 3.26 it is evident that participants mainly agree to the
subjective norm constructs in the questionnaires. Multicollinearity level for subjective norm is at
2.75 VIF, indicating no multicollinearity.
The hypothesis of subjective norm is accepted as the p value is 0.016. The beta coefficient for the
variable is 0.126, which indicates respondents believe that subjective norm is an important factor
in Islamic finance customer patronage and it has 12% positive impact on customer patronage. This
value is lower comparatively to other accepted variables, but it can be concluded that even if it is
not a large impact, subjective norm has a positive impact on customer patronage of Islamic finance
products. It was found out that people believe that adopting Islamic finance products makes a good
impression on others and it can also provide social approval. Moreover, it was also revealed that
recommendation from friends & relatives will encourage people to adopt Islamic finance products.
However, this result is contradicted by researches conducted by (Ibrahim et al., 2017; Kishada and
Wahab, 2013) in Malaysia, where it was found that there is no significant affect between subjective
norm and customers choosing Islamic finance product.
Level of knowledge
Level of knowledge was tested as one of the independent variables to identify whether the level of
knowledge people have about Islamic finance contributed in them selecting Islamic finance
products.
Many previous researchers have also used this variable to test its effect on Islamic finance adoption
(Bassir et al., 2014; Ibrahim et al., 2017; Mariadas and Murthy, 2017). Finding of research by
(Mariadas and Murthy, 2017) investigating factors influencing the adoption of Islamic banking in
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Malaysia, showed level of knowledge have a direct significant influence on adoption of Islamic
banking, but studies by (Bassir et al., 2014; Ibrahim et al., 2017) contradicts these finding and by
these researches it was found out that level of knowledge did not significantly impact people
choosing Islamic finance products.
Similarly, the hypothesis of level of knowledge for this study was rejected with a p value of 0.129.
Therefore, it is concluded that level of knowledge does not have a positive impact on Islamic finance
customer patronage. From the survey questionnaire it was identified that while Maldivians are
aware of institutions offering Islamic finance products, they have limited knowledge regarding
Islamic finance products, its principles and benefits.
Relative Advantage
The fourth variable of this study is relative advantage. Relative advantage identifies whether the
advantages Islamic finance have over conventional financing providers impacts the customer
patronage of Islamic finance products.
Relative advantage scored a mean of 3.4, which shows mainly participants agrees with questions
related to relative advantage. Cronbach’s Alpha coefficient for relative advantage is 0.880, which
indicates good reliability. Furthermore, no multicollinearity was found with a VIF score of 2.68.
The sig value of relative advantage is 0.000, thus the hypothesis is accepted. Also beta coefficient of
0.419 indicates according to the respondents relative advantage has 42% positive impact on
customer patronage of Islamic finance products. The many respondents believe that Islamic finance
products are more attractive and profitable than conventional products. They also responded that
in Islamic finance their investments are more secure and that Islamic finance products are of lower
cost than conventional products in the market. Therefore, it is evident, relative advantage is a
significant factor influencing people to choose Islamic finance products. This finding is supported
by research conducted in Sarawak, Malaysia to study the factors influencing customer’s adoption of
Islamic banking products and services offered by (Yahya and Junaina, 2017), where relative
advantage was the second significant factor influencing customers adoption of Islamic banking.
5.0 Conclusion, Recommendation and Implication 5.1 Conclusion This research was conducted to identify the determinants of customer patronage of Islamic finance
products in the Maldives. There are many factors which could contribute to this, and from relating
theories and empirical study four variables were selected and tested; religiosity, subjective norm,
level of knowledge and relative advantage. In conclusion, it was found that religiosity is the most
driven factor in customers adopting Islamic finance, which implies that people are adopting Islamic
finance mainly due to Islamic laws and principles. The next most influential factor was relative
advantage, where customers chose Islamic finance because they believe that the products offered
by Islamic finance are relatively better than what is offered by conventional institutes. Subjective
norm was also found to have a positive impact on customer patronage of Islamic finance; therefore
people’s recommendation also can influence customers to choose Islamic finance. However, level of
knowledge was rejected and it was identified as to not have an impact on the customer patronage of
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Islamic finance in the Maldives, which indicates that people lack Islamic finance knowledge and it
also does not affect their decision to choose Islamic finance products.
This finding can further be proven, when looked into the Maldivian society’s lifestyle. Maldivians
lifestyle and culture is very much founded on values and teachings of Islam. Therefore, the way they
conduct themselves, things they consume and buying pattern of the Maldivian society is very much
dependent on this. Thus, this supports religiosity being the most influential factor in adoption in the
case of Islamic finance. Further to this, Maldivians also hold a strong value for family, and their
opinions and recommendations are considered valuable and therefore subjective norm has a
positive impact on customer patronage. Maldives local syllabus has a very limited content on
Islamic finance therefore generally people do not possess the knowledge about Islamic finance
products or principle. This backs up the finding that level of knowledge does not have an impact on
customer patronage of Islamic finance.
5.2 Recommendation Based on the findings of this study, several recommendations can be drawn to increase the
customer base of Islamic finance products offered in Maldives. Firstly, as religiosity has the biggest
impact on customers adopting Islamic finance products, managements of Islamic finance institutes
should thrive to make their products Shari’ah compliant and along with that they also need to
communicate to the public the authenticity of these products through marketing efforts such as
promotional campaigns. They also should emphasize the fact that the Institutions offering Islamic
finance services are continuously monitored by the “Sharia Board”. Moreover, Islamic financing
institutes should introduce and offer products that are more effective than products currently
offered by conventional institutes. Currently, the information available to customers about Islamic
finance products offered by Islamic finance institutes are very limited, for instance in their websites
and advertisements. Islamic finance institutes should therefore, include effective information
regarding the products offered, for customers to comprehend how the products work and for them
to be able to compare the products with other alternatives available and understand the benefits
attached to it. They can also introduce programs where they can work with existing customers in
promoting Islamic finance products and increase their customers, by offering rewards such as cash,
rebates or gifts. Islamic finance institutes should also focus on making their employees thorough
about the principles of Islamic finance and the products offered in the institutes and ensure that
employees have excellent customer service skills, as this will enhance the customer experience and
in turn encourage more customers to adopt. Further to this, as Maldives has many islands and are
geographically dispersed, Islamic finance institutes should find ways to expand and provide access
to more customers throughout the country.
5.3 Implication These research findings have several implications on current operation of Islamic finance institutes
as well as for other researchers. This study fills a significant research gap, as there is very limited
information available regarding customer patronage of Islamic Finance products in the Maldives.
The information generated forms a basis for future researchers to conduct further in-depth analysis
of this topic. Furthermore, as the information collected for this research is primary data and are
reliable future researchers can use this as background to their research and as literature review on
Customer patronage of Islamic finance products. This research finding can also help the
management of Islamic finance institutes to formulate their marketing and product development
strategies as it identifies the factors that influence customers to adopt their products and they can
focus their strategies accordingly. Furthermore, it could also assist policy makers to establish
policies and regulations specific to Islamic Financing in the Maldives to ensure consistency and
more efficient operations among the Islamic financing institution and also increase
competitiveness, thus resulting in better products and more quality services to the customers.
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