THE MEDIATOR EFFECT OF SHARI’AH-COMPLIANCE ON FACTORS AFFECTING THE INTENTION TO INVEST IN ISLAMIC SUKUK: THEORY OF PLANNED BEHAVIOUR APPROACH
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May 13, 2024
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Abstract
As people live in a complex financial environment, Islamic Sukuk product as one of the less risky and most profitable Islamic financial products. Despite its importance, many studies in countries around the world have not been interested in studying investor behavior, including Libya, which is the purpose of this paper is to investigate and disclose effect of Shari’ah-compliance in the Intention to Invest in Islamic Sukuk. The study also tests theory of planned behavior (TPB) as well as to examine the mediator effect of Shari’ah-compliance in the relationship between attitude; subjective pressure from ‘Ulamaa’; perceived control and Intention to Invest in Islamic Sukuk. Design / Methodology / Approach - A total of 408 modified questionnaires in this study to answer questions and test research hypotheses. The data collected was analyzed using SPSS- SEM. Results - The results obtained using the theory of planned behavior (TPB) indicate attitude; subjective pressure from ‘Ulamaa’; perceived control to invest in Islamic Sukuk, and the impact of Sharia compliance have an important positive relationship with the Intention to Invest in Islamic Sukuk. Practical implications - This paper expects to adhere to the importance of Sharia in improving the intention to invest in Islamic Sukuk while at the same time motivating parties associated with Islamic banks to enhance the level of compliance with Sharia. Moreover, this study provides new insights into the importance Islamic banks and their performance in relation to customer service. Originality / Value - the current study is the first of its kind to be conducted in Libya. as far as The authors know, there are no studies that focus specifically on socio-economic factors that affect investor intention to trade in Sukuk. The result of the study may be useful in countries with similar banking cultures such as Libya. The other notable contribution of this paper is to address the gap in theory by testing the mediator relations on the TPB model in the context of Sukuk where no published literature was found that tested the mediating effect of compliance with Sharia. Finally, the study aimed to try to understand the determinants of public investment intention in the legitimacy of Sukuk and the importance of compliance with the provisions of Sharia not only in Sukuk product, but along with other Islamic banking products offered by Libyan banks, addition, this study will provide more benefits for banking institutions that offer similar Islamic products.
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Ramadan Abojela, M., & Hasan Saleh, A. (2024). THE MEDIATOR EFFECT OF SHARI’AH-COMPLIANCE ON FACTORS AFFECTING THE INTENTION TO INVEST IN ISLAMIC SUKUK: THEORY OF PLANNED BEHAVIOUR APPROACH. Mediu International Journal of Educational and Psychological Sciences, 500(14), 427-459. Retrieved from http://ojs.mediu.edu.my/index.php/MIJEPS/article/view/5011
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References
REFERENCES
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21. Awn, A. M., & Azam, S. F. (2020). The Role of Awareness and Shari’ah-Compliant as Moderator On the Intention to Invest in Islamic Sukuk–A Study of Libyan Investors: Theory of Reasoned Action Approach. European Journal of Economic and Financial Research.
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28. Cheong, C. W. (2021). Risk, resilience, and Shari’ah-compliance. Research in International Business and Finance, 55, 101313.
29. Choudhury, M. A. (2018). The ontological law of Taw hid contra ‘Shari’ah-compliance ‘in Islamic portfolio finance. International Journal of Law and Management.
30. Chung, (2016), K.C. Chung Exploring customer’s post-dining behavioral intentions toward green restaurants: an application of theory of planned behavior Int. J. Organization. Innovat., 9
(1) (2016), pp. 119-134
31. Developing an Islamic corporate social responsibility model (ICSR)" Compet. Rev. Int. Bus. J. Inc. J. Glob. Compet., 24 (4) (2014), pp. 258-274
32. Duqi, A., & Al-Tamimi, H. (2019). Factors affecting investors’ decision regarding investment in Islamic Sukuk. Qualitative Research in Financial Markets.
33. Echchabi, A., Azouzi, D. and Aziz, H.A. (2016), “The future prospects of Islamic banking in Tunisia: an empirical survey”, Euro Med Journal of Business, Vol. 11 No. 1, pp. 119- 131.
34. El Mosaid, F., & Boutti, R. (2014). Sukuk and bond performance in Malaysia. International Journal of Economics and Finance, 6(2), 226-234.
35. El-Bassiouny, N. (2014), “The one – billion – plus marginalization: toward a scholarly understanding of Islamic consumers”, Journal of Business Research, Vol. 67 No. 2, pp. 42-49.
36. Elghuweel et al., (2017), M.I. Elghuweel, C.G. Ntim, K.K. Opong, L. Avison Corporate governance, Islamic governance and earnings management in Oman: a new empirical insight from a behavioral theoretical framework" J. Account. Emerge. Econ., 7 (2) (2017), pp. 190-224
37. Farooq and Abdel Bari, (2015), O. Farooq, A. Abdel Bari Earnings management behaviour of Shari’ah-compliant firms and non-Shari’ah-compliant firms: evidence from the MENA region" J. Islam. Account. Bus. Res., 6 (2) (2015), pp. 173-188, 10.1108/JIABR-07-2013-
38. 0021
39. Hagger, M. S., & Hamilton, K. (2021). Effects of socio-structural variables in the theory of planned behavior: A
40. Hair Jr., et al. (2009), Multivariate Data Analysis: A Global Perspective (7 th ed.), the Upper Saddle River: Prentice Hall.
41. Hamid, A. H. A., & Mohamad, M. R. (2019). Validating Theory of Planned Behavior with Formative Affective Attitude to Understand Tourist Revisit Intention.
42. Ho, C.S.F., Rahman, N.A.A., Yusuf, N.H.M. and Zamzumm, Z. (2014), “Performance of globalIs lamic versus conventional share indices: international evidence”, Pacific-Basin Finance Journal, Vol. 28, pp. 110-121.
43. Hsu, M. S. (2012). A study of internship attitude, subjective norm, perceived behavioral control, and career planning of hospitality vocational college students. Journal of Hospitality, Leisure, Sport & Tourism Education, 11(1), 5-11.Husni, N. S. A., Alwi, S. F. S., & Hassan, F. (2019). Determinants of Behavioral Intention Towards Green Investments: The Perspectives of Muslims smah Osman (Corresponding uthor) Masturah Ma’in Ruhaini Muda. International Journal, 4(1), 16-38
44. Hussein, K. (2004), “Ethical investment: empirical evidence from FTSE Islamic index”, Islamic Economic Studies, Vol. 12 No. 1.
45. Jang et al., (2015). Effects of environmentally friendly perceptions on customers’ intentions to visit environmentally friendly restaurants: an extended theory of planned behavior Asia Pacific J. Tour. Res., 20 (6) (2015), pp. 599-618
46. Jawadi, F., Jawadi, N. and Louhichi, W. (2014), “Conventional and Islamic stock price performance: an empirical investigation”, International Economics, Vol. 137, pp. 73-87.
47. Khurshid et al., (2014), A.M. Khurshid, A. Al-Aali, A. Ali Soliman, S. Mohamad Amin
48. Kim et al., (2013), Y.J. Kim, D. Njite, M. Hancer. Anticipated emotion in consumers’ intentions to select eco-friendly restaurants: augmenting the theory of planned behavior Int. J. Hosp. Manag., 34 (2013), pp. 255-262
49. Li, A. S. W., Figg, G., & Schuz, B. (2019). Socioeconomic status and the prediction of health pro- € mooting dietary behaviour: A systematic review and meta-analysis based on the theory of planned behaviour. Applied Psychology: Health and Well-Being, 11(3), 382–
50. 406. https://doi.org/ 10.1111/aphw.12154
51. Lien et al., (2012), C.Y. Lien, C.W. Huang, H.J. Chang The influence of green consumption cognition of consumers on behavioral intention-A case study of the restaurant service industry Afr. J. Bus. Manga., 6 (26) (2012), pp. 7888-7895
52. Mamdani, M. (2002), “Good Muslim, bad Muslim: a political perspective on culture and terrorism”, American Anthropologist, Vol. 104 No. 3, pp. 766-775.
53. Masih, M., Kamil, K.M.N. and Bacha, I.O. (2018), “Issues in Islamic equities: a literature survey”, Emerging Markets Finance and Trade, Vol. 54 No. 1.
54. Moon, S. J. (2021). Investigating beliefs, attitudes, and intentions regarding green restaurant patronage: An application of the extended theory of planned behavior with moderating effects of gender and age. International Journal of Hospitality Management, 92, 102727.
55. Rani, N., S., M., (2016), Consumer attitudes and purchase intentions toward Islamic banks: the influence of religiosity, International Journal of Bank Marketing, 33 (2), 143 – 161.
56. Schuz, B. (2017). Socio-economic status and theories of health behaviour: Time to upgrade a € control variable. British Journal of Health Psychology, 22(1), 1–7. https://doi.org/10.1111/bjhp. 12205
57. Schuz, B., Brick, C., Wilding, S., & Conner, M. T. (2020). Socioeconomic status moderates the
58. € effects of health cognitions on health behaviors within participants: Two multi behavior studies. Annals of Behavioral Medicine, 54(1), 36–48. https://doi.org/10.1093/abm/kaz023
59. Shahzad, S. J. H., Aloui, C., Jammazi, R., & Shahbaz, M. (2019). Are Islamic bonds a good safe haven for stocks? Implications for portfolio management in a time-varying regime- switching copula framework. Applied Economics, 51(3), 219-238.
60. Shamsuddin, A. (2014), “Are Dow Jones Islamic equity indices exposed to interest rate risk”, Economic Modelling, Vol. 39, pp. 273 -281.
61. Smaoui, H., & Ghouma, H. (2020). Sukuk market development and Islamic banks’ capital ratios.
62. Research in International Business and Finance, 51, 101064.Tommasetti et al., (2018), A. Tommasetti, P. Singer, O. Troisi, G. Maione Extended theory of planned behavior (ETPB): investigating customers’ perception of restaurants’ sustainability by testing a structural equation model Sustainability, 10 (7) (2018), p. 2580
63. Ulla, M.H. (2014), “Shari’ah compliance in Islamic banking – an empirical study”, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 7 No. 2, pp. 182- 199.
64. Warsame, M.H. and Ireri, E.M. (2016), “Does the theory of planned behaviour (TPB) matter in Sukuk investment decisions?”, Journal of Behavioral and Experimental Finance, Vol. 12 No. 1, pp. 93-100.
65. Williams and Zinkin, (2010), G. Williams, J. Zinkin Islam and CSR: a study of the compatibility between the tenets of Islam and the UN Global Compact J. Bus. Ethics, 91 (2010), pp. 519-533
66. Zaid, Z. (2019). Attitudes towards Islamic Banks: The Impact of Religiosity and the Moderating Role of Trust. International Journal of Accounting & Finance Review, 4(2), 29-36
1. Ahmed, E.R., Islam, A. and Ku Ariffin, K.H. (2015), “An empirical analysis on legitimacy of sukuk: an insight of Malaysian sukuk”, Asian Social Science, Vol. 11 No. 13, pp. 84-97.
2. Ajzen, (1991), I. Ajzen The theory of planned behavior Organ. Behav. Hum. Decis. Process., 50
3. (2) (1991), pp. 179-211
4. Ajzen, I. (1985). From intentions to actions: A theory of planned behavior. In J. Kuhl, & J. Beckmann (Eds.), Action Control: From cognition to behavior (pp. 11e39). Berlin, Heidelberg: Springer Berlin Heidelberg.
5. Ajzen, I. (1991). The Theory of Planned Behavior: Some unresolved issues. Organizational Behaviour and Human Decision Processed s, 50, 179-211.
6. Ajzen, I. (2002). Constructing a TPB Questionnaire: Conceptual and methodological considerations. Working Paper. Amherst: University of Massachusettshttp://chuang.epage.au.edu.tw/ezfiles/168/1168/attach/20/pta_41176_7688352_571 38.pdf.
7. Ajzen, I., & Driver, B. (1992). Application of the theory of planned behavior to leisure choice.
8. Journal of Leisure Research, 24(3), 207.
9. Akguc & Al-Rahahleh, (2018), S. Akguc, N. Al-Rahahleh Effect of Shariah compliance on operating performance: evidence from GCC countries Emerg. Mark. Financ. Trade, 54
10. (12) (2018), pp. 2874-2896.
11. Alahouel, F., & Loukil, N. (2020). Financial uncertainty valuation: does Shari’ah compliant s screening matter? International Journal of Islamic and Middle Eastern Finance and Management.
12. Alam et al., (2017), N. Alam, L. Gupta, B. Shanmugam Islamic Finance: A Practical Perspective Palgrave Macmillan, Cham (2017).
13. Alam, S. S., & Sayuti, N. M. (2011). Applying the Theory of Planned Behaviour (TPB) in Halal food purchasing. International Journal of Commerce and Management, 21(1), 8-20.
14. Albaity, M., & Rahman, M. (2019). The intention to use Islamic banking: an exploratory study to measure Islamic financial literacy. International Journal of Emerging Markets.
15. Alshaebi, M. A., & Yaacob, A. C. (2019). The Application of Islamic Financial Accounting Standards in Libyan Islamic Banking Sector: Challenges and Analysis. al-Qanatir: International Journal of Islamic Studies, 16(1), 59-77.
16. Al-Zoubi, H. and Maghyereh, A. (2007), “The relative risk performance of Islamic finance: a new guide to less risky investments”, International Journal of Theoretical and Applied Finance, Vol. 10 No. 2, pp. 235-249.
17. Ashidiqi, C., & Arundina, T. (2017). Indonesia Students’ Intention to Invest in Sukuk: Theory of Planned Behaviour Approach. International Journal of Economic Research, 14(15), 395-407.
18. Ashraf, D. and Mohammad, N. (2014), “Matching perception with the reality – performance of Islamic equity investments”, Pacific-Basin Finance Journal, Vol. 28, pp. 175-189.
19. Aslam, W., Ham, M. and Arif, I. (2017), “Consumer behavioral intentions towards mobile payment services: an empirical analysis in Pakistan”, Market-Tržište, Vol. 29 No. 2, pp. 161-176.
20. Awn, A. M., & Azam, S. F. (2020). Libyan Investors ‘intention to Invest in Islamic Sukuk: Theory of Planned Behaviour Approach. European Journal of Economic and Financial Research.
21. Awn, A. M., & Azam, S. F. (2020). The Role of Awareness and Shari’ah-Compliant as Moderator On the Intention to Invest in Islamic Sukuk–A Study of Libyan Investors: Theory of Reasoned Action Approach. European Journal of Economic and Financial Research.
22. Azam, M., Akhtar, J., Ali, S. A., & Mohy-Ud-Din, K. (2019). The moderating role of Shari’ah compliance on the relationship between firm profitability and CSR activities. International Journal of Ethics and Systems.
23. Balli, F., Ghassan, H., & Al Jeefri, E. H. (2021). Sukuk and bond spreads. Journal of Economics and Finance, 1-15.
24. Barr-Pulliam, D. (2017). The relationship between internal audit assurance frequency and earnings manipulation intent and behavior: A theory of planned behavior approach. Available at SSRN 3093735.Bugshan, A., Alnori, F., & Bakry, W. (2021). Shariah compliance and corporate cash holdings.
25. Research in International Business and Finance, 56, 101383.
26. Butt, M.M. and Aftab, M. (2013), “Incorporating attitude towards halal banking in an integrated service quality, satisfaction, trust and loyalty model in online Islamic banking context”, International Journal of Bank Marketing, Vol. 31 No. 1, pp. 6-23.
27. Cheong et al., (2019), C.W.H. Cheong, N.I. Salleh, C.Y. Fung The complementary effects of Islam and CSR: empirical evidence J. Financ. Account., 11 (1) (2019), pp. 1-28
28. Cheong, C. W. (2021). Risk, resilience, and Shari’ah-compliance. Research in International Business and Finance, 55, 101313.
29. Choudhury, M. A. (2018). The ontological law of Taw hid contra ‘Shari’ah-compliance ‘in Islamic portfolio finance. International Journal of Law and Management.
30. Chung, (2016), K.C. Chung Exploring customer’s post-dining behavioral intentions toward green restaurants: an application of theory of planned behavior Int. J. Organization. Innovat., 9
(1) (2016), pp. 119-134
31. Developing an Islamic corporate social responsibility model (ICSR)" Compet. Rev. Int. Bus. J. Inc. J. Glob. Compet., 24 (4) (2014), pp. 258-274
32. Duqi, A., & Al-Tamimi, H. (2019). Factors affecting investors’ decision regarding investment in Islamic Sukuk. Qualitative Research in Financial Markets.
33. Echchabi, A., Azouzi, D. and Aziz, H.A. (2016), “The future prospects of Islamic banking in Tunisia: an empirical survey”, Euro Med Journal of Business, Vol. 11 No. 1, pp. 119- 131.
34. El Mosaid, F., & Boutti, R. (2014). Sukuk and bond performance in Malaysia. International Journal of Economics and Finance, 6(2), 226-234.
35. El-Bassiouny, N. (2014), “The one – billion – plus marginalization: toward a scholarly understanding of Islamic consumers”, Journal of Business Research, Vol. 67 No. 2, pp. 42-49.
36. Elghuweel et al., (2017), M.I. Elghuweel, C.G. Ntim, K.K. Opong, L. Avison Corporate governance, Islamic governance and earnings management in Oman: a new empirical insight from a behavioral theoretical framework" J. Account. Emerge. Econ., 7 (2) (2017), pp. 190-224
37. Farooq and Abdel Bari, (2015), O. Farooq, A. Abdel Bari Earnings management behaviour of Shari’ah-compliant firms and non-Shari’ah-compliant firms: evidence from the MENA region" J. Islam. Account. Bus. Res., 6 (2) (2015), pp. 173-188, 10.1108/JIABR-07-2013-
38. 0021
39. Hagger, M. S., & Hamilton, K. (2021). Effects of socio-structural variables in the theory of planned behavior: A
40. Hair Jr., et al. (2009), Multivariate Data Analysis: A Global Perspective (7 th ed.), the Upper Saddle River: Prentice Hall.
41. Hamid, A. H. A., & Mohamad, M. R. (2019). Validating Theory of Planned Behavior with Formative Affective Attitude to Understand Tourist Revisit Intention.
42. Ho, C.S.F., Rahman, N.A.A., Yusuf, N.H.M. and Zamzumm, Z. (2014), “Performance of globalIs lamic versus conventional share indices: international evidence”, Pacific-Basin Finance Journal, Vol. 28, pp. 110-121.
43. Hsu, M. S. (2012). A study of internship attitude, subjective norm, perceived behavioral control, and career planning of hospitality vocational college students. Journal of Hospitality, Leisure, Sport & Tourism Education, 11(1), 5-11.Husni, N. S. A., Alwi, S. F. S., & Hassan, F. (2019). Determinants of Behavioral Intention Towards Green Investments: The Perspectives of Muslims smah Osman (Corresponding uthor) Masturah Ma’in Ruhaini Muda. International Journal, 4(1), 16-38
44. Hussein, K. (2004), “Ethical investment: empirical evidence from FTSE Islamic index”, Islamic Economic Studies, Vol. 12 No. 1.
45. Jang et al., (2015). Effects of environmentally friendly perceptions on customers’ intentions to visit environmentally friendly restaurants: an extended theory of planned behavior Asia Pacific J. Tour. Res., 20 (6) (2015), pp. 599-618
46. Jawadi, F., Jawadi, N. and Louhichi, W. (2014), “Conventional and Islamic stock price performance: an empirical investigation”, International Economics, Vol. 137, pp. 73-87.
47. Khurshid et al., (2014), A.M. Khurshid, A. Al-Aali, A. Ali Soliman, S. Mohamad Amin
48. Kim et al., (2013), Y.J. Kim, D. Njite, M. Hancer. Anticipated emotion in consumers’ intentions to select eco-friendly restaurants: augmenting the theory of planned behavior Int. J. Hosp. Manag., 34 (2013), pp. 255-262
49. Li, A. S. W., Figg, G., & Schuz, B. (2019). Socioeconomic status and the prediction of health pro- € mooting dietary behaviour: A systematic review and meta-analysis based on the theory of planned behaviour. Applied Psychology: Health and Well-Being, 11(3), 382–
50. 406. https://doi.org/ 10.1111/aphw.12154
51. Lien et al., (2012), C.Y. Lien, C.W. Huang, H.J. Chang The influence of green consumption cognition of consumers on behavioral intention-A case study of the restaurant service industry Afr. J. Bus. Manga., 6 (26) (2012), pp. 7888-7895
52. Mamdani, M. (2002), “Good Muslim, bad Muslim: a political perspective on culture and terrorism”, American Anthropologist, Vol. 104 No. 3, pp. 766-775.
53. Masih, M., Kamil, K.M.N. and Bacha, I.O. (2018), “Issues in Islamic equities: a literature survey”, Emerging Markets Finance and Trade, Vol. 54 No. 1.
54. Moon, S. J. (2021). Investigating beliefs, attitudes, and intentions regarding green restaurant patronage: An application of the extended theory of planned behavior with moderating effects of gender and age. International Journal of Hospitality Management, 92, 102727.
55. Rani, N., S., M., (2016), Consumer attitudes and purchase intentions toward Islamic banks: the influence of religiosity, International Journal of Bank Marketing, 33 (2), 143 – 161.
56. Schuz, B. (2017). Socio-economic status and theories of health behaviour: Time to upgrade a € control variable. British Journal of Health Psychology, 22(1), 1–7. https://doi.org/10.1111/bjhp. 12205
57. Schuz, B., Brick, C., Wilding, S., & Conner, M. T. (2020). Socioeconomic status moderates the
58. € effects of health cognitions on health behaviors within participants: Two multi behavior studies. Annals of Behavioral Medicine, 54(1), 36–48. https://doi.org/10.1093/abm/kaz023
59. Shahzad, S. J. H., Aloui, C., Jammazi, R., & Shahbaz, M. (2019). Are Islamic bonds a good safe haven for stocks? Implications for portfolio management in a time-varying regime- switching copula framework. Applied Economics, 51(3), 219-238.
60. Shamsuddin, A. (2014), “Are Dow Jones Islamic equity indices exposed to interest rate risk”, Economic Modelling, Vol. 39, pp. 273 -281.
61. Smaoui, H., & Ghouma, H. (2020). Sukuk market development and Islamic banks’ capital ratios.
62. Research in International Business and Finance, 51, 101064.Tommasetti et al., (2018), A. Tommasetti, P. Singer, O. Troisi, G. Maione Extended theory of planned behavior (ETPB): investigating customers’ perception of restaurants’ sustainability by testing a structural equation model Sustainability, 10 (7) (2018), p. 2580
63. Ulla, M.H. (2014), “Shari’ah compliance in Islamic banking – an empirical study”, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 7 No. 2, pp. 182- 199.
64. Warsame, M.H. and Ireri, E.M. (2016), “Does the theory of planned behaviour (TPB) matter in Sukuk investment decisions?”, Journal of Behavioral and Experimental Finance, Vol. 12 No. 1, pp. 93-100.
65. Williams and Zinkin, (2010), G. Williams, J. Zinkin Islam and CSR: a study of the compatibility between the tenets of Islam and the UN Global Compact J. Bus. Ethics, 91 (2010), pp. 519-533
66. Zaid, Z. (2019). Attitudes towards Islamic Banks: The Impact of Religiosity and the Moderating Role of Trust. International Journal of Accounting & Finance Review, 4(2), 29-36