The Acceptance of Islamic Credit Card in Brunei

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1. 80 Journal of Islamic Banking and Finance April – June 2019 The Acceptance of Islamic Credit Card in Brunei By Qaisar Ali, Hakimah Yaacob & Asma Salman Abstract The recent development in Islamic banking has uplifted the demand for Islamic banking products and services including Islamic credit card (ICC). The main focus of this study is to understand and analyse the factors influencing the acceptance of ICC in Brunei. The theory of reasoned action (TRA) was modified to categorise and determine the factors influencing the acceptance of ICC. Sample data were drawn from 210 Islamic bank customers through a convenience nonprobability technique using a self-administrated questionnaire. Multiple regression analysis was performed to categorize the most influential factors. The findings revealed that subjective norms, media awareness and attitude were the most influential factors and had a significant positive impact on the acceptance of ICC. Furthermore, the perceived financial cost had an insignificant negative and reputation had an insignificant positive impact on the acceptance of ICC. The findings suggest the regulators, policy makers and Islamic bankers to enhance the awareness of ICC through electronic and social media to create a better reputation and image. The findings further suggest Islamic bankers to customise ICCs based on customers’ demographic characteristics to maximise ICC acceptance. This study contributes to the literature by filling the knowledge gap through empirical findings from a single country analysis based on ICC facility in Brunei. Key words: Islamic credit card, TRA, Brunei, acceptance  Authors: Qaisar Ali and Hakimah Yaacob, are affiliated with Faculty of Islamic Economics and Finance (FEKIM), Universiti Islam Sultan Sharif Ali, Brunei Darussalam. Asma Salman, Department of Accounting, Finance and Economics, College of Business Administration, American University in the Emirates (AUE). Email:aliqaisar21@gmail.com, hakimahunissa@gmail.com, asma.salman@aue.ae
2. The Acceptance of Islamic Card in Brunei Journal of Islamic Banking andCredit Finance April – June 2019 1. 81 Introduction The Islamic banking assets in Brunei Darussalam geared up to BND10.9 billion since its humble beginning of Islamic finance in 1992 through establishing a first Islamic bank in Brunei known as TabungAmanah Islam (TAIB)(AMBD, 2017). Currently, there is only one Islamic bank in Brunei known as Bank Islam Brunei Darussalam (BIBD) which functions as a full retail bank and offers Islamic credit card facility to its customers. The development in the Islamic banking industry to cater to the soaring demands of customers has laid the foundation of ICC in order to compete with conventional banks and to avoid dealing with interest (Nazimah, 2011). The development in Islamic banking system with the passage of time has increased the demand for interest free products (Salman and Nawaz, 2018).According to Dali and Hamid (2007), the purpose of Islamic credit card provision is to replicate Islamic banking services similar to conventional banking strictly complying with Shariah instruments. However, ICC is utterly different in its usage, policies and procedures compared to conventional credit card. Ayub (2007), found that according to Jeddah-based Organisation of Islamic Conference (OIC)“A credit card is a legal document issued by the bank to a legitimate person allowing the holder of the card to purchase goods or services from a credit card accepting service provider without immediate payment of the price.” Similarly, Yee et al. (2007), defined the literal meaning of a credit card is to buy first and pay later. Literally, credit card refers to buy now and pay later (Amin, 2012).The bank pays for the purchase of goods or services on behalf of a customer, who, afterward charges the customer at a regular interval based on the contract between the bank and the customer. Ferdian et al. (2008), found that an ICC is a method of payment which must comply with three principles of Shariah. The credit card essentially complies Shariah requirements on lending contracts, mode of transactions and has avoided factors of Riba (interest on payment), Gharar (uncertainty) and Maysir (gambling). In a nut shell, ICC is characterized as the provision of interest free credit for financial transactions. Additionally, Islamic credit card usage is restricted to the purchase of halal products and services and strictly prohibits the purchase of haram products. The diverse and unique features of ICC allow its users to pay sadqah, zakat and waqaf (Amin, 2012). It is regarded as one of the prominent attributes of ICC as it allows users to obligate their religious commitments. These explicate the difference between conventional and Islamic credit card. Mansoor (2005), concluded that ICC in Malaysia has significantly contributed tothe Islamic banking industry. According to Amin (2012), ICCs in Malaysia are similar in nature to conventional credit cards however; both these cards differ in its principles such as operations and fee structure. Limited studies were conducted in the past to determine the factors contribute tothe selection and acceptance of ICCs. Mansoor and Che-Mat (2009) found that customers’ income is the most significant factor in the acceptance of Islamic credit card. Choo et al. (2007), revealed that occupation and income level was the most distinguished elements of ICC usage. Similarly, Yee et al. (2007), found that occupation as the most contributing element of ICC usage. The findings of these studies reinforced that occupation, income
3. 82 Journal of Islamic Banking and Finance April – June 2019 level and type of employment are the main indicators of ICC selection. Therefore, unarguably it can be concluded that perceived financial cost is the core factor of ICC selection and usage. The proceeding arguments show that various factors contribute to the acceptance and usage of ICC which indicates that customers’ perceived reasons to accept Islamic credit card fluctuate based on their financial needs. These fluctuations in the acceptance of ICC can be described by the Theory of Reasoned Action (TRA). The present study deployed TRA as the literature revealed handful of studies having adopted TRA to determine the factors of ICC acceptance. Furthermore, to the best of researchers’ knowledge especially in the context of Brunei, no formal study has embarked to explore the factors of ICC acceptance. Considering it a significant knowledge gap, the present study is established on TRA to fill the knowledge gap and contribute tothe literature by presenting a single country analysis of the factors affecting the acceptance of ICC. The rest of the study is organised as follows; 2 illustrates the empirical survey of literature on studies adopted TRA to determine factors of ICC selection. 3 depicts the research methodology and variables deployed in this study, 4 delineates findings and discusses the outcome of findings through a comparison with past studies, 5 concludes this study and provides suggestions based on the findings of this research. 2. Literature Review Fishbein and Ajzen (1975), adopted the TRA model to determine the relationship between behavior attitude, intentions, and beliefs (Md-Taib et al, 2008). Recently, various studies have emerged in Islamic finance to understand and analyse customers’ behavior, intentions, attitude, and beliefs towards Islamic banking products and services. TRA was established on the individuals’ psychological and social background. This theory has three basic constructs namely behavior and intention which is influenced by subjective norms and attitude. The first construct of TRA is known as the subjective norm, according to this construct, an individual’s behavior is affected by social pressures prior to the execution of particular action. In the case of ICC acceptance, an individual’s subjective norm is positively affected provided the person surrounded by the people suggests performing a particular behavior.The second instrument of the TRA model is an attitude; it depicts individuals’ attitude to perform a specific behavior. Past studies described attitude as a significant component in the prediction of behavioral intentions (Ajzen and Fishbein, 1980). Hence, a major predictor of an individual’s intention to use ICC is its attitude towards the behavioral intention to accept Islamic credit facility. Ali et al. (2017), investigated the factors affecting the selection of ICC in Pakistan through the TRA model. Their study found that subjective norms along with attitudes were the most influential factor in the selection of ICC. The findings further suggested that subjective norms and attitude has a significant positive whereas, perceived financial cost has a negative impact on the selection of ICC. Jamshidi and Hussin (2016) deployed diffusion of innovation theory (DOI) to determine the factors influence the acceptance of ICC. The study found that intentions to use and attitude towards ICC is determined by relative advantage, compatibility, social influence, and satisfaction. Besides these factors
4. The Acceptance Islamicand Credit Card in Brunei Journal of Islamicof Banking Finance April – June 2019 83 the cost also remains an important tool in the confirmation of acceptance. Amin et al. (2014), used the TRA model to empirically investigate the factors influence in the selection of ICC among Malaysian customers. The findings revealed that attitudes, subjective norms, and perceived financial cost have a significant influence on the selection and usage of ICC. Whereas, factors such as service provider’s image and reputation can also enhance acceptance. Ismail et al. (2013), adopted factors of reputation, service quality, media awareness, social influence and religious beliefs to determine the acceptance of ICC and found that reputation was the most influential factor in the acceptance of ICC in Malaysia. The customers described Islamic banks’ image and reputation as the main characteristics for the selection of ICC. While, it is predicted that there is strong positive relationship between motives/facilities and usage of credit card (Salman and Munir, 2015). Hence, it is expected that besides intentions the facilities provided by ICC may enhance its acceptance. In the context of ICC, Nazimah (2011),compared Malaysian customers’ attitude towards ICC and conventional credit card. The study concluded that convenience and protection were the main determinants of conventional credit card selection whereas, religious beliefs were the main factor of ICC selection. When it comes to financial matters, customers become sensitive and prefer to deal with a secure service provider who may develop customer’s trust.Yahya and Othman (2014), determined the attitude of university graduates towards ICC usage and found that trust was a significant factor which contributes to the attitude towards usage of ICC. The findings further predicted that trust, knowledge, and financial cost exceptionally determine the attitude towards ICCs use. Islamic bank customers prefer to avoid interest factors in all types of financial transaction therefore, religiosity may prevail in the selection of financial services. Dali et al. (2015), determined credit card preferences of Islamic and conventional credit card users. The findings predicted that four factors namely takaful, associated cost, reward points and convenience influence the selection of Islamic and conventional credit cards. Yu (2012), found that generally the perceived financial cost (PFC) and behavioral intentions are negatively associated. In simple words, perceived financial cost negatively impacts the intentions to accept ICC. Mathieson et al. (2001), Lauran and Lin (2005) and Amin (2012) studies found a negative relationship between PFC and behavioral intentions whereas, Ramayah et al. (2006) findings contradicted that PFC and intentions have a positive relationship. The literature indicates the mix results on the impact of PFC and behavioral intentions in the selection of ICC. Moreover, it is notable that the TRA model was widely adopted by researchers in the past to determine the acceptance and selection of banking products and services. The studies of Ramayah et al. (2009), Gopi and Ramayah (2007) and Ryu et al. (2003) adopted the TRA model to investigate stock trading and knowledge sharing. Because of rich literature support on the implication of TRA to determine the selection of banking products and services, the present study is based on TRA to investigate the acceptance of ICC in Brunei. This study adopted a modified TRA model through additional constructs of, reputation and media awareness. The final model contains variables such as subjective norms, attitude, perceived financial cost, media awareness and reputation which are expected to impact differently on the acceptance of ICC. The impact of these variables will be determined by postulating following hypotheses.
5. 84 Journal of Islamic Banking and Finance April – June 2019 H1: There is a significant positive relationship between subjective norms and the acceptance of Islamic credit card. H2: There is a significant positive relationship between attitude and the acceptance of Islamic credit card. H3: There is a significant negative relationship between perceived financial cost and the acceptance of Islamic credit card. H4: There is a significant positive relationship between reputation and the acceptance of Islamic credit card. H5: There is a significant positive relationship between media awareness and the acceptance of Islamic credit card. The conceptual framework of this study is outlined below in figure 1. Figure 1: Conceptual model of the study 3. Methodology The quantitative research methodology is adopted to achieve the objectives of this study. The primary data was collected using a survey questionnaire through convenience non-probability technique. The survey self-administrated questionnaire contained 23 items altogether while, ICC acceptance comprised of5 items adopted from Md- Taibetal. (2008) study, subjective norms were measured by 5 items, adopted from Zainuddin et al. (2004) study. The attitude impact was measured by 5 items adopted from Ramayah et al. (2009) study; perceived financial cost impact was measured by 2 items adopted from Lauren and Lin (2005) study. Reputation and media awareness impact were determined by3 items each which were self-constructed based on extensive literature review. The respondents were provided with 5-scale Likert options of strongly agree =1, agree = 2, Neutral = 3, disagree = 4 and strongly disagree = 5 to respond accordingly. The data were collected from 219 Islamic bank customers however, 210 returned questionnaires were considered for data analysis. Multiple regression analysis was used to measure the impact of subjective norms, attitude, PFC, reputation, and media awareness on ICC acceptance. The basic regression model to analyse the acceptance of ICC is as follows;
6. Journal of Islamic and Finance – June 2019 The Acceptance of Banking Islamic Credit Card inApril Brunei 85 yn = α + βxn + εn(1) Where, y is the dependent variable (acceptance of ICC), α represents intercept term, X is independent variables (subjective norms, attitude, PFC, reputation and media awareness), β denotes the regression coefficient. In view of the above discussion this study used following regression model; AOICC = α+ β1SNn+ β2ATTn+ β3PFCn + β4RPn + β5MAn + εn Where, AOICC denotes acceptance of Islamic credit card, α denotes intercept term, β denotes the regression coefficient, SN, ATT, PFC, RP and MA represents subjective norms, attitude, perceived financial cost, reputation and media awareness. 4. Findings and discussion 4.1 Respondents’ demographics The demographic profile of the respondents is outlined in table 1. It can be noted that the male respondents are 46.46% (98) and females are 53.33% (112) and thetotal respondents are 210. Respondents’ age ranged from below 19 to above 50 years. Respondents aged below 19 were 2.38% (5), aged from 20 to 29 were 22.85% (48), aged from 30 to 39 were 50.47% (106), aged between 40 to 49 were 14.28% (30) and aged above 50 years were 10% (21). The respondents had different religious background however; the majority (91.90%) were Muslims. Most (64.76%)of the respondents held an undergraduate degree. Mostly (52.38%) were employed in the government sector. The income ranged from Below 1,000 to above 10,000 Brunei Dollars. Most of (72.85%) the respondents’ income ranged between 1, 000 to 5, 000 Brunei Dollars. The detailed demographic profiles are reported in table 1. Table1: Respondents’ demographics Demographic Items Gender Male Female Total Age Below 19 Between 20-29 Between 30-39 Between 40-49 Above 50 Religion Muslim Christian Buddhist Others Frequency Percentile % 98 112 210 46.66 53.33 100 05 48 106 30 21 2.38 22.85 50.47 14.28 10.0 193 05 10 02 91.90 2.38 4.76 .95
7. Journal of Islamic Banking and Finance April – June 2019 86 Demographic Items Education Diploma Bachelor Master Doctorate Occupation Government Sector Private Sector Academic Staff Student Others Income (BND) Below 1,000 Between 1,001-5,000 Between 5,001-10,000 Above 10,000 4.2 Frequency 39 136 26 09 Percentile % 18.57 64.76 12.38 4.28 110 48 17 13 22 52.38 22.85 8.09 6.19 10.47 14 153 33 10 6.66 72.85 15.71 4.76 Descriptive statistics The results of the descriptive findings are presented in table 2.The table represents that the acceptance of ICC had thehighest mean value of 3.93 with a standard deviation of 0.643. The mean value of subjective norms was 3.48 with a standard deviation of 0.716. Attitude mean value was 3.08 with a standard deviation of 0.994. PFC mean value was 2.82 with a standard deviation of 0.953, reputation mean value of 3.65 with a standard deviation of 0.768. Lastly, media awareness mean value was 3.15 with standard deviation 0.918. Table 2: Descriptive analysis 4.3 Variables Mean SD Acceptance of ICC 3.93 0.643 Subjective norms 3.48 0.716 Attitude 3.08 0.994 PFC 2.82 0.953 Reputation 3.65 0.768 Media Awareness 3.15 0.918 Reliability analysis The reliability of collected data was measured with an alpha (α) value which is represented as Cronbach’s alpha. According to Nunnally (1978), the acceptable α value of reliability is 0.70. Table 2 exhibits the reliability test results of the variables deployed in this study.
8. Journal The Acceptance of Islamic Banking of Islamic and Credit Finance CardApril in Brunei – June 2019 87 Table 3: Reliability analysis Variables Number of Items Cronbach’s alpha Acceptance of ICC 5 .879 Subjective norms 5 .780 Attitude 5 .714 PFC 2 .723 Reputation 3 .822 Media awareness 3 .851 Overall 23 .846 The table represents that the Cronbach’s alpha of all the variables is higher than the minimum threshold value which proves the reliability of the collected data. The overall Cronbach’s alpha was .846 whereas, the acceptance of ICC, attitude, PFC, reputation and media awareness values were .875, .780, .714, .723, .822 and .851 respectively. 4.3 Correlation analysis Prior to conduct correlation test it is mandatory to analyse the internal consistency between the items of adopted variables. Kaiser-Meyer-Olkin (KMO) and Bartlett’s test was performed to determine internal consistency. According to Leech et al. (2005),0.50 is the minimum acceptable KMO value to represent internal consistency. Table 4: KMO and Bartlett’s test results KMO measure of sampling adequacy and Bartlett’s test of Sphericity Approximately chi-square df Significance 0.780 551.233 278 0.000 The table shows that all the items of adopted variables had strong internal consistency as KMO value is 0.780 (78%) which indicates that the collected data is suitable for further data analysis. The correlation between variables is determined by the Pearson correlation test. The correlation matrix helps to detect the multi-collinearity problem in the proposed model. If the variable value is greater than 0.8 it shows that multi-collinearity problem exists and it may produce false results. Pearson correlation test results are reported in table 5. Table 5: Pearson correlation coefficient results Variables Subjective norms Attitude PFC Reputation Media Awareness *p< .05; **p< .01 Pearson Correlation .474 .385 .251 .288 .321 Relationship Moderate Moderate Weak Weak Moderate
9. Journal of Islamic Banking and Finance April – June 2019 88 Table shows that subjective norms (r = .474, p<.01), attitude (r = .385, p<.385), PFC (r = .251, p<.05), reputation (r = .288, p<.05) and Media awareness (r = .321, p<.01) were positively correlated with acceptance of ICC. The table represents that subjective norms, attitude and media awareness had a moderate correlation however, PFC and reputation had a weak correlation. It shows that a better reputation and lower cost may significantly enhance the acceptance of ICC. 4.4 Hypothesis testing The multiple regression analysis was performed to test the hypotheses of this study. The test results of multiple regression analysis are presented in table 6. The relationship between variables is considered significant if the p value is less 0.05. Table 6: multiple regression analysis Hypothesis H1 H2 H3 H4 H5 Beta t-stats Prob. Accepted 0.678 0.532 -0.024 0.012 0.572 3.980 3.219 -0.317 1.618 3.347 0.000*** 0.001*** 0.0705** 0.0638** 0.0321*** Yes Yes No No Yes Adjusted R-square 0.416 F-Statistics (Prob.) 13.306(0.000) ***1 and **5 percent level of significance Table 5 shows that for H1, beta, t and p values were 0.678, 3.980 and 0.000. These were positive and significant hence, H1 was accepted. For H2, beta, t and p values were 0.532, 3.219 and 0.001. These values were positive and significant hence, H2 was also accepted. For H3, beta, t and p values were -0.024, -0.117 and 0.0705. These were negative but insignificant hence, H3 was not accepted. For H4, beta, t and p values were 0.012, 1.618 and 0.638 these values were positive but insignificant therefore H4 was not supported also. For H5 beta, t and p values were positive and significant hence H5 was accepted. The adjusted R-square and F-statistics were 0.416 and 13.306. The results of multiple regression analysis indicate that subjective norms have a significant positive influence on the acceptance of ICC. This result is consistent with the findings of Md-Taib et al. (2008), Lada et al. (2009), Amin et al. (2014) and Ali et al. (2017), subjective norms appear as the most significant factor in the acceptance of ICC. The attitude was found to have a significant positive impact on the acceptance of ICC.This finding is parallel with the findings of Amin et al. (2010) and Amin et al. (2014). However, it opposes the findings of Ali et al. (2017), as it was not the second most influential factor in the acceptance of ICC. Perceived financial cost indicates a negative but insignificant influence on ICCs acceptance. This finding is parallel with
10. Journal The Acceptance of Islamic of Banking Islamicand Credit Finance Card April in Brunei – June 2019 89 Amin (2009) and Amin et al. (2014) studies which found that higher costs can be a significant factor among customers to avoid using ICC facility. Additionally, reputation appears to have a positive but insignificant impact on the acceptance of ICC which implies that a better reputation of ICCs may significantly enhance the acceptance of ICC in Brunei. This result was consistent with the studies of Nazimah (2011) and Ismail et al. (2013), which concluded that a positive and significant reputation of some of the Islamic banking products such as Islamic credit cards enhances its acceptance. Media awareness was found to be the second most influential factor in the acceptance of ICC. The findings of this study suggest that a positive media presence of ICCs may exceptionally enhance its acceptance. Overall, the results predicted that subjective norms, media awareness and attitude have a significant positive, PFC had an insignificant negative and reputation has an insignificant positive impact on the acceptance of ICC. Furthermore, it was found that hypothesesH1, H2 and H5 were accepted whereas, H2 and H4 were rejected. 5. Conclusion This study has gauged the factors influencing the acceptance of Islamic credit card in Brunei deploying modified TRA model. The data was collected through a selfadministrated survey questionnaire from 210 Islamic bank customers’ using convenience non probability sampling. The correlation coefficient test results indicate that the model was a good fit to determine the acceptance of ICC. Multiple regression test results proved that subjective norms, media awareness and attitude have a significant positive impact on the acceptance of ICC. 5.1 Theoretical and practical implications Recently, the demand for Islamic banking products and services has risen and ICC is one of the most popular Islamic banking products. In order to cater to the needs of Islamic banking customers, regulators and the policy makers need to understand the instruments that impact customers’ behavior in the acceptance of these products. The findings of this study suggest the policy makers to carefully understand and analyze customers’ subjective norms, media awareness and attitude to enhance acceptance of Islamic banking products. Additionally, Islamic bankers are required to develop strategic plans for the marketing of Islamic banking products to minimisethe cost and create a positive image and reputation. Islamic bankers may implement the findings of this study to develop strategies to enhance customers’ awareness through an active existence in electronic and social media. Islamic bankers need to develop customizedproducts such as ICC based on the factors of age, income and occupation. 5.2 Recommendations This study indicated that an increase in Islamic financial products demand significantly impact customers’ demand and TRA model is a useful instrument to predict the factors which may affect customers’ intention to adopt ICC. Based on the outcomes
11. Journal of Islamic Banking and Finance April – June 2019 90 of this study it is recommended that Islamic bankers and policy makers need to enhance its products such as Islamic credit cards to boost its business. The outcome of this research imparts significant knowledge to the Islamic bank managers, policy makers and Shariah scholars on how to captivate the intentions of Islamic credit card users. Islamic bank managers and policy makersshould carefully appoint decisions and strategies to improve customers’ attitude through social media. The promotional strategies can be a beneficial tool to explain the benefits of ICC to the customers. Lastly, Islamic financial institutes need to educate its customers about the benefits and rewards of using ICC. It will not only overcome the negative attitude towards ICC regarding hidden charges but also will increase awareness among customers. This will serve as an excellent marketing tool for Islamic financial institutions. 5.3 Research limitations The sample size and selected geographical location for data collection and the research instrument used in this study were the major limitations. The data was collected from 210 Islamic bank customers from Muara district only which is not an ideal scenario to generalise the findings to the entire population in Brunei as the opinion of respondents from different geographical locations may fluctuate and produce different outcome. Future researches may consider to use a large sample size incorporating the perceptions of conventional bank customers to discover their behavior towards the acceptance of ICC. References Ajzen, I., & Fishbein, M. (1980). Understanding Attitudes and Predicting Social Behaviour, Prentice Hall, New Jersey, NJ. Ali, M., Raza, S.A., &Puah, C.H (2017). Factors affecting to select Islamic credit cards in Pakistan: the TRA model. Journal of Islamic Marketing, 8(3), 330344, https://doi.org/10.1108/JIMA-06-2015-0043. AMBD. (2017). Brunei’s Banking Sector Continues to be Strong in 2015. Retrieved from: http://ambd.gov.bn/SiteAssets/Lists/News/News/Publication%20of%20 Annual%20Performance%20review%202015%20%20English%20version%20doc.pdf (accessed on March 19, 2018). Amin, H., Ghazali, M.F., &Supinah, R. (2010). Determinants of Qardhul Hassan financing Acceptance among Malaysian bank customers: an empirical analysis. International Journal of Business and Society, 11(1), 1-16. Amin, H. (2012). Factors influencing Malaysian bank customers to choose Islamic credit cards:Empirical evidence from the TRA model. Journal of Islamic Marketing, 4(3),245-263. Ayub, M. (2007). Understanding Islamic Finance. John Wiley & Sons, Ltd. Amin, H., Hamid Rizala, H., Ahmada, H.A., &Haneffaa, G.M. (2014). Islamic Credit Card Adoption: Empirical Evidence from Malaysia. Labuan Bulletin of International Business & Finance, 12(2014), 61-77. Choo, S.Y., Lim, H.E.,& Sanusi, N.A. (2007). The consumer choice of Islamic-based credit card:an analysis of bivariate probit model. In Sanusi, N.A., Harun, M. and
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