Principles of Islamic Economics

Choudhury, Masudul Alam

doi:10.1007/978-1-349-07728-1_2

Cited by 22 publications

(33 citation statements)

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“…Besides, the elements of taqwa and Islamic worldview are distinctively important in the advancement of the ITCB. A prominent scholar in Islamic economy, Choudhury (1986), like other important scholars (Khan, 1984; Naqvi, 1981; Zarqa, 1980; Kahf, 1978) confirms the importance of consumer behaviour to be in light with the Allah’s (SWT) commandments but unlike others Choudhury (1986) pays a profound attention on the importance of Islamic worldview that guides one’s behaviour towards the achievement of falah in both worlds, bet it today’s world or the thereafter. Such a consideration is explicitly missing in conventional theories and only deals with an attempt for self-popularity (e.g.…”

Section: Theoretical Development: the Islamic Theory Of Consumer Behaviourmentioning

confidence: 93%

The Islamic theory of consumer behaviour for ijarah home financing

Amin

2019

JABS

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Purpose This study aims to examine the factors that determine consumer behaviour of ijarah home financing using the Islamic theory of consumer behaviour (ITCB). In particular, the specific contract used is al-ijarah muntahia biltamleek. Subsequently, the term al-ijarah muntahia biltamleek home financing is used throughout the paper. Design/methodology/approach Drawing upon the ITCB, the present study examines patronage factors for al-ijarah muntahia biltamleek home financing. This study’s data were drawn from valid 409 usable questionnaires. Findings Partial least square results suggest that the role of iman, Islamic mortgage support and maqasid consumer index are significantly related to consumer behaviour. In turn, consumer behaviour is instrumental in determining religious satisfaction. Research limitations/implications Two limitations were observed that provide direction for future studies. Firstly, the current study is only tested in one particular Islamic home financing product that may explain why the generalisation is an issue. Secondly, the theory is still in its infancy stage, which, of course leads to some criticisms pertinent to its parsimony and applicability to other settings. Despite these limitations, however, this study aims to suggest a so-called Islamic model of factors that can explain consumer behaviour of a particular Islamic home financing product. In particular, scrutinising the product acceptance from the context of the ITCB can open a new debate in this area. Practical implications This study indeed reduces the theory–practice gap by suggesting new indicators that are workable to improve consumers’ positive perception of Islamic home financing. Given the results obtained, the ITCB provides a better prediction for consumer behaviour of al-ijarah muntahia biltamleek home financing. Originality/value This study expands the applicability of the ITCB to include al-ijarah muntahia biltamleek home financing.

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Section: Theoretical Development: the Islamic Theory Of Consumer Behaviourmentioning

confidence: 93%

The Islamic theory of consumer behaviour for ijarah home financing

Amin

2019

JABS

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“…In this line of thought, Choudhury (1986) asserts that Islamic worldview is related to one’s behaviour in this world. In other words, their belief in God, religion, aim in life, man purpose and nature protection, to mention some are related to guide one’s behaviour for the achievement of success in both worlds – be it today’s world or the hereafter.…”

Section: Literature Reviewmentioning

confidence: 99%

“…In other words, their belief in God, religion, aim in life, man purpose and nature protection, to mention some are related to guide one’s behaviour for the achievement of success in both worlds – be it today’s world or the hereafter. Influenced by Choudhury (1986), Khan (1995), one of the important Islamic economists asserts that one’s religiosity is instrumental in determining consumption mainly when dedicated to moderation and halal consumptions. Following Essoo and Dibb (2004), highly religious individuals tend to be conservative, insightful and mature – explaining why those who are highly religious will be reluctant to consume a product if they are not confident to perform such behaviour.…”

Section: Literature Reviewmentioning

confidence: 99%

Choosing murabahah to the purchase orderer (MPO) vehicle financing: an Islamic theory of consumer behaviour perspective

Amin

2020

MRR

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Purpose This study aims to examine the effects of Islamic altruism, level of iman and maqasid consumer index on young intellectuals’ willingness to choose murabahah to the purchase orderer (MPO) vehicle financing. Besides, the role of the level of iman or faith as a mediator is examined. Design/methodology/approach Earlier studies have reported the limited application of the Islamic theory of consumer behaviour (ITCB) to the vehicle financing context. This lack of theoretical foundation might provide a potential explanation for the mixed empirical support that has been found. This study, therefore, uses the ITCB to study young intellectuals’ willingness to take up the facility. The data were analysed using partial least squares based on 312 respondents. Findings The results obtained from this study confirm that the ITCB should be applied to understand the willingness behaviour amongst young graduates in selecting MPO vehicle financing. The level of iman was found a key factor not only as an independent variable but also as a mediator. Research limitations/implications This study is limited in terms of its generalisation and research context. Practical implications New insight into patronage factors for MPO vehicle financing is provided along with the applicability outcome of the ITCB. Originality/value This paper applies the ITCB into the MPO vehicle financing context and using young intellectuals to examine the validity and reliability of the ITCB.

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“…Culture Culture is a vital strength arising from the interaction of people who share the same values in a specific geographic region Manrai and Manrai (1996) Religion Religion is a system of symbols, which treat to determine strong, widespread beliefs and attitudes in individuals by formulating ideas of a common order on presence Geertz (1973) Subjective norms attitudes towards behaviour SN is related to the perception of social influences that tolerate or do not tolerate the behaviour Individuals' attitudes towards a specific behaviour determine their set of beliefs that might turn into an intention to apply the behaviour Ajzen (1975) Fishbein andAjzen (1975), Schwartz (1992) Luxury products Items which are not needed for daily life contribute to luxurious living and help the owner to obtain esteem from others Shukla (2010), Berry (1994) their budget for goodwill and to arrange for future uncertainty (Kahf, 1992;Choudhury, 1983;Bonne et al, 2007;Mawdudi, 2011). According to Asad (1986), Islamic philosophy implies that the primary guide for Muslims is the Holy Quran and the Sunnah and symbolises the unchangeable standards (Wilson and Liu, 2011).…”

Section: Construct Definition Authormentioning

confidence: 99%

Exploring the impact of religiousness and cultureon luxury fashion goodspurchasing intention

Aksoy

Abdulfatai

2019

JIMA

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Purpose The purpose of the paper is to investigate the effect of religiosity and culture on Nigerian Muslim consumer’s intention to purchase luxury goods. Design/methodology/approach The survey included a sample of 372 Nigerian Muslims from the middle and upper-income groups who live in Lagos and Kano in Nigeria. Findings Plenty of luxury brands are seeking to find ways to overgrow in emerging markets. Focussing on Nigeria, this study identifies Nigerian people’s cultural orientation, religious beliefs and examines the social and personal variables affecting the consumers’ purchasing intention for luxury goods. This study stresses that Nigerian consumers’ intention to purchase luxury products are impacted by attitude, subjective norms and culture. However, Nigerian people’s intention to purchase luxury goods is not influenced by religious beliefs and Islam morals. While culture has a significant relationship with both attitudes towards behaviour and subjective norms, the religious beliefs encourage both subjective norms and a positive attitude towards the behaviour. Research limitations/implications This study has limitations in connection with two of its major objectives. The study applied the perspective of Nigerian Muslims. Thus, the research will not be able to clarify the fact that beyond this limited geographical area. Future research may widen the focus on cultural and religious beliefs on the intention to purchase luxury goods by adding other elements, such as normative beliefs and attitudinal beliefs. Practical implications The findings of the research define some implications for marketers with regard to the importance of social norms and religion in point of increasing the purchasing intention for luxury goods. Findings reflect that Nigerian consumers are impacted by subjective norms and cultural orientation. This means that luxury consuming is seen to achieve social recognition in the society. These results show that improving social acceptance through luxury goods consumption may create profitable outcomes for luxury brand firms. Originality/value The attractive findings of the study proposed that luxury brand managers should balance their investment in terms of the use of word-of-mouth, reference groups and fashion magazines to develop a favourable attitude towards luxury brands through. Although cultural values, references groups and consumer’s beliefs critically matter for luxury consuming, religious beliefs of Nigerian consumers have no effect on consumer’ purchase intention for a luxury product.

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Principles of Islamic Economics

Cited by 22 publications

References 0 publications

The Islamic theory of consumer behaviour for ijarah home financing

The Islamic theory of consumer behaviour for ijarah home financing

Choosing murabahah to the purchase orderer (MPO) vehicle financing: an Islamic theory of consumer behaviour perspective

Exploring the impact of religiousness and cultureon luxury fashion goodspurchasing intention

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