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Examining the behavioral intention to participate in a Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah home financing model

Examining the behavioral intention to participate in a Cash Waqf-Financial Cooperative-Musharakah... The purpose of this paper is to investigate the Malaysian homeowners’ intention to participate in the Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah (CWFCMM) home financing model using rigorous scale validation procedures.Design/methodology/approachAn adapted questionnaire with 26 items was administered to 382 academic and supporting staffs, postgraduate and undergraduate students in three states in Malaysia. The data were analyzed using exploratory factor analysis and confirmatory factor analysis with SPSS 21 and AMOS 21, respectively.FindingsThe results further support the parsimonious nature theory of planned behavior (TPB) with its three original construct of attitude, subjective norm, and perceived behavioral control and an additional construct of perceived cost advantages of the CWFCMM Model. A validated TPB scale with 24 items measured can be proposed to be used as an evaluative tool to assess the level to which the homeowners are interested to participate in the CWFCMM Model.Research limitations/implicationsThe modified TPB scale would also facilitate the identifications of factors that influence homeowners’ intention to opt for Islamic home financing (IHF) by non-bank Islamic financial institutions such as financial cooperative.Practical implicationsThe CWFCMM Model aims to harness the potential synergy between third-sector economy players such as waqf and financial cooperatives in offering affordable IHF solution to potential homeowners.Social implicationsThe CWFCMM Model may enable the Malaysian homeowners to enjoy a more affordable IHF solution, thereby, among others, reducing the purchase and monthly repayment affordability of Malaysians.Originality/valueThere is a dearth of Islamic financial services selection studies, especially within the non-banking, Islamic financial services milieu. The CWFCMM Model, which has been developed by the authors, enriches the limited literature on this subject matter. It will also add value to understand how the customers would react to an alternative IHF provider. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Finance Emerald Publishing

Examining the behavioral intention to participate in a Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah home financing model

Zabri, Mohd Zaidi Md; Mohammed, Mustafa Omar
Managerial Finance , Volume 44 (6): 21 – Jun 22, 2018
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References (62)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
0307-4358
DOI
10.1108/mf-05-2017-0189
Publisher site
See Article on Publisher Site

Abstract

The purpose of this paper is to investigate the Malaysian homeowners’ intention to participate in the Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah (CWFCMM) home financing model using rigorous scale validation procedures.Design/methodology/approachAn adapted questionnaire with 26 items was administered to 382 academic and supporting staffs, postgraduate and undergraduate students in three states in Malaysia. The data were analyzed using exploratory factor analysis and confirmatory factor analysis with SPSS 21 and AMOS 21, respectively.FindingsThe results further support the parsimonious nature theory of planned behavior (TPB) with its three original construct of attitude, subjective norm, and perceived behavioral control and an additional construct of perceived cost advantages of the CWFCMM Model. A validated TPB scale with 24 items measured can be proposed to be used as an evaluative tool to assess the level to which the homeowners are interested to participate in the CWFCMM Model.Research limitations/implicationsThe modified TPB scale would also facilitate the identifications of factors that influence homeowners’ intention to opt for Islamic home financing (IHF) by non-bank Islamic financial institutions such as financial cooperative.Practical implicationsThe CWFCMM Model aims to harness the potential synergy between third-sector economy players such as waqf and financial cooperatives in offering affordable IHF solution to potential homeowners.Social implicationsThe CWFCMM Model may enable the Malaysian homeowners to enjoy a more affordable IHF solution, thereby, among others, reducing the purchase and monthly repayment affordability of Malaysians.Originality/valueThere is a dearth of Islamic financial services selection studies, especially within the non-banking, Islamic financial services milieu. The CWFCMM Model, which has been developed by the authors, enriches the limited literature on this subject matter. It will also add value to understand how the customers would react to an alternative IHF provider.

Journal

Managerial Finance – Emerald Publishing

Published: Jun 22, 2018

Keywords: Islamic finance; Cash waqf; Islamic home financing; Financial cooperative; Musharakah Mutanaqisah

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