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Attitude of Muslim minority in Spain towards Islamic finance

Attitude of Muslim minority in Spain towards Islamic finance This paper aims to use a theoretical model based on the theory of reasoned actions to investigate the effects of attitude, religious motivation, awareness and service and pricing on the intention to use Islamic banking among the Muslim minority in Spain. It also aims to determine the profile of a potential Islamic banking customer among this minority.Design/methodology/approachThe research focuses on a survey of Muslims living in Barcelona, Spain, who know of the existence of Islamic finance but do not have access to it. The research uses factor analysis and logit regression to analyse the data.FindingsThe results show that attitude, religious motivation and awareness are important factors affecting the intention to use Islamic banking. The study also shows that the potential Islamic banking customer in Spain is a Muslim (Spanish, Moroccan or Pakistani), male, and did not reach university degree in his education.Research limitations/implicationsThe sample has 154 participants living in Barcelona, with the rest of Spain being ignored, although results should apply to all Muslims in Spain. Also, this study does not consider attitude as a moderator.Practical implicationsThe research shows the potential for Islamic banks in the Spanish market and the possibility of raising awareness about Islamic banking.Social implicationsIslamic banking in Spain could help the Muslim minority to participate effectively in financial activities, thus leveraging their capacity to integrate into the community. The study also highlights the importance of empowering the women in this minority and could help society by encouraging off-banking money to flow into the financial sector.Originality/valueThe research is the first empirical attempt to test the factors affecting the intention among Muslims in Spain to deal with Islamic banking. The study also highlights the importance of Islamic finance for Muslim minorities as a method to support their religious identity. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Islamic and Middle Eastern Finance and Management Emerald Publishing

Attitude of Muslim minority in Spain towards Islamic finance

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References (72)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1753-8394
DOI
10.1108/imefm-11-2017-0306
Publisher site
See Article on Publisher Site

Abstract

This paper aims to use a theoretical model based on the theory of reasoned actions to investigate the effects of attitude, religious motivation, awareness and service and pricing on the intention to use Islamic banking among the Muslim minority in Spain. It also aims to determine the profile of a potential Islamic banking customer among this minority.Design/methodology/approachThe research focuses on a survey of Muslims living in Barcelona, Spain, who know of the existence of Islamic finance but do not have access to it. The research uses factor analysis and logit regression to analyse the data.FindingsThe results show that attitude, religious motivation and awareness are important factors affecting the intention to use Islamic banking. The study also shows that the potential Islamic banking customer in Spain is a Muslim (Spanish, Moroccan or Pakistani), male, and did not reach university degree in his education.Research limitations/implicationsThe sample has 154 participants living in Barcelona, with the rest of Spain being ignored, although results should apply to all Muslims in Spain. Also, this study does not consider attitude as a moderator.Practical implicationsThe research shows the potential for Islamic banks in the Spanish market and the possibility of raising awareness about Islamic banking.Social implicationsIslamic banking in Spain could help the Muslim minority to participate effectively in financial activities, thus leveraging their capacity to integrate into the community. The study also highlights the importance of empowering the women in this minority and could help society by encouraging off-banking money to flow into the financial sector.Originality/valueThe research is the first empirical attempt to test the factors affecting the intention among Muslims in Spain to deal with Islamic banking. The study also highlights the importance of Islamic finance for Muslim minorities as a method to support their religious identity.

Journal

International Journal of Islamic and Middle Eastern Finance and Management – Emerald Publishing

Published: Jun 5, 2018

Keywords: behavioural finance; Spain; Islamic banking; Islamic finance

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