Islamic religiosity and Islamic financial asset holdings (IFAH)

Rozaimah Zainudin · Nurul Shahnaz Mahdzan · Rosmawanı Che Hashim · Noor Adwa Sulaiman

17 citations0/0 files storedJournal of Islamic accounting and business research

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Islamic Finance and Banking Studies Religion, Spirituality, and Psychology Halal products and consumer behavior

Abstract

Purpose This paper aims to examine the relationship between Islamic religiosity and Islamic financial asset holdings (IFAH) among Muslim individuals in Malaysia. Design/methodology/approach Data for this study were collected through a survey questionnaire, and a sample of 751 working Muslims in Kuala Lumpur was obtained. Islamic religiosity was measured via religiosity levels and religiosity dimensions. IFAH was measured as the fraction of Islamic financial assets held in a financial portfolio. A generalized linear model (GLM) was used to estimate the relationships. Findings The results show that religiosity level influences the IFAH. Devout Muslims held more Islamic financial assets than casual Muslims. All religiosity dimensions influenced IFAH, with faith having the greatest influence and virtues the least. Educational level strongly influenced IFAH. Research limitations/implications The sample consisted of working Muslims in Kuala Lumpur; hence, generalization cannot be made to all Malaysian Muslims. This study only focused on Islamic financial assets and did not consider other types of Islamic financial products, such as financing. Practical implications Efforts to encourage Muslims to opt for Islamic financial assets may be more effective if they begin from the core of religious education. Educating individuals on Islamic principles, including the values and concepts of Islamic finance, is important to encourage the Islamic banking industry to prosper among Muslims. Originality/value The paper provides an extension of current literature on spirituality and religion by incorporating a comprehensive measure of Islamic religiosity and its relationship with financial asset holdings.

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References

1967Personal Religious Orientation and Prejudice.2000Behavioral Portfolio Theory 2007Why do Malaysian customers patronise Islamic banks?1990Consumer Religiosity and Retail Store Evaluative Criteria 1998Banking behavior of Islamic bank customers: perspectives and implications 1999Islamic banking: a study of customer satisfaction and preferences in Jordan 2004Business Ethics and Religion: Religiosity as a Predictor of Ethical Awareness Among Students 2004Religion as a Determinant of Economic and Demographic Behavior in the United States

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