Muslim consumer behaviour in Islamic finance in Belgium : a study of the decision-making factors for an islamic bank over a conventional bank in a non-muslim country

Abstract

The non-existence of Islamic bank in Belgium might make us wonder: what would Muslims in Belgium think if one Islamic bank decides to open an office in Belgium? What would be the determinant factors that potential customers would use if they wanted to adopt Islamic banking services? The aim of this thesis is to answer these questions. In order to do that, the relevant literature is reviewed in order to identify important decision-making factors from prior studies. After having identified these factors, a preliminary qualitative study is carried out to check if there are other influencing factors that were not found in the literature. This qualitative study is in the form of in-depth interviews with 10 people. Then, with the results of the literature review and the qualitative study, hypotheses will be tested with the means of a quantitative study in the form of an online questionnaire. Six determinants factors will be tested, these are: religious beliefs, quality of services, image, subjective social norms, perceived ease of use and perceived utility. Multiple linear regression analysis will determine which factors have a significant impact on the intention to use Islamic banking services. Thanks to this analysis, managers as well as ourselves will see what are the chances of Islamic banking in Belgium and what needs to be done in the future so that the demand of Islamic banks in Belgium is met.