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Retail Islamic banking and financial services


Purpose
The purpose of this study is to identify the determinants of the intended use of Islamic banking and financial services by US Muslims. It builds on the plethora of studies primarily conducted in Muslim-majority countries.


Design/methodology/approach
An extended theory of planned behavior model was tested using structural equation modeling. The hypothesized paths were positive attitude, positive subject norms, perceived behavioral control, greater Islamic religiosity and lower perceived cost of being Muslim. A sample size of n = 251 was analyzed.


Findings
The analysis showed that positive attitudes toward Islamic financial services were found to be statistically significant (p < 0.001), and its path was the strongest. The higher Muslim identification path was trending toward being statistically significant (p < 0.086). The analysis also showed that lower perceived cost of being Muslim path was statistically significant (p < 0.035), but in the opposite hypothesized direction. No support was found for the effect of positive subjective norms or perceived behavior control hypotheses.


Research limitations/implications
The study was exploratory in nature and has limitations, including some discriminant validity problems.


Practical implications
The paper includes recommendations for US Islamic banking and financial services providers to develop more effective market segmentation and targeting, as well as integrated marketing communication strategies.


Originality/value
This paper fulfills a void in research on Islamic marketing in the West, particularly the USA, a country with a nominal Muslim population.
