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Abstract
Islamic banking is an industry that is highly expected to develop. All parties, from the government, banking practitioners, academics to the public, are expected to participate in developing Islamic banking. Therefore, this study aims to determine the factors that can increase people's intention to save in Islamic banks. This study analyzes the effect of profit-sharing, subjective norms, and religiosity on the intention to save in Islamic banks. The research population is teachers and employees of Muhammadiyah schools throughout Yogyakarta City, with a sample of 100 respondents using a cluster (area) non-random sampling technique. This type of research data is primary data with data collection carried out through questionnaires. This research is quantitative research with analysis using the structural equation model method with smart PLS. The results of the analysis show that the profit-sharing rate and subjective norm have a positive and significant effect on saving intention in Islamic banks. However, religiosity has no significant effect on saving intention in Islamic banks. The results of this study are expected to be able to contribute input to Islamic banking in improving its performance.
Keywords: Islamic bank, profit-sharing rate, religiosity, subjective norm
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References
- Alfi, C. F., & Yusuf, S. N. S. (2022). Religiosity and Saving Behavior: A Preliminary Investigation Among Muslim Students in Indonesia. Journal of Islamic Monetary Economics and Finance, 1(8), 25-48. https://doi.org/10.21098/jimf.v8i1.1440
- Afriani, T., & Asandimitra, N. (2020). Determinants of Customer Preference to Save in Islamic Bank. al-Uqud: Journal of Islamic Economics, 4(1), 1-17. https://doi.org/10.26740/al-uqud.v4n1.p1-17
- Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T
- Bananuka, J., Kaawaase, T. K., Kasera, M., & Nalukenge, I. (2019). Determinants of the intention to adopt Islamic banking in a non-Islamic developing country: The case of Uganda. ISRA International Journal of Islamic Finance, 11(2), 166-186. https://doi.org/10.1108/IJIF-04-2018-0040
- Belwal, R., & Al Maqbali, A. (2018). A study of customers’ perception of Islamic banking in Oman. Journal of Islamic Marketing, 10(1), 150-167. https://doi.org/10.1108/JIMA-02-2016-0008
- Burhanudin, B. (2020). The effect of Muslims’ tendency to regret being customers of conventional banks on their intention to save money in Islamic banks. Journal of Islamic Marketing, 13(5), 1050-1068. https://doi.org/10.1108/JIMA-03-2020-0074
- Chida, Y., Steptoe, A., & Powell, L. H. (2009). Religiosity/spirituality and mortality. Psychotherapy and psychosomatics, 78(2), 81-90. https://doi.org/10.1159/000190791
- Chin, W. W. (1998). The partial least squares approach to structural equation modeling. Modern methods for business research, 295(2), 295-336. http://www.researchgate.net/publication/232569511
- Ergeç, E. H., & Arslan, B. G. (2013). Impact of interest rates on Islamic and conventional banks: the case of Turkey. Applied Economics, 45(17), 2381-2388. https://doi.org/10.1080/00036846.2012.665598
- Fauzi, R. U. A., Saputra, A., & Ningrum, I. P. (2022). The Effect of Religiusity, Profit and Loss Sharing, and Promotion on Consumer Intention to Financing in Islamic Bank toward Trust as an Intervening Variable. Jurnal Ilmiah Ekonomi Islam, 8(1), 274-287. http://dx.doi.org/10.29040/jiei.v8i1.4136
- Fiksenbaum, L., Marjanovic, Z., & Greenglass, E. (2017). Financial threat and individuals’ willingness to change financial behavior. Review of Behavioral Finance, 9(2), 28-147. https://doi.org/10.1108/RBF-09-2016-0056
- Ghozali, I. (2008). Structural Equation Modeling: Metode alternatif dengan Partial Least Square (PLS). Universitas Diponegoro.
- Hasibuan, I. A. (2020). The Effect of Religiosity on Saving Intention at Sharia Bank in Medan City. Journal Basic Science and Technology, 9(2), 71-78. https://iocscience.org/ejournal/index.php/JBST/article/view/1729
- Hariyanto, H., & Nafi'ah, B. (2022). Analysis of Factors Affecting on Saving Intention in Islamic Bank: The Case in Indonesia. Jurnal Ilmiah Ekonomi Islam, 8(1), 28-38. http://dx.doi.org/10.29040/jiei.v8i1.4308
- Hati, S. R. H., Wibowo, S. S., & Safira, A. (2020). The antecedents of Muslim customers’ intention to invest in an Islamic bank’s term deposits: evidence from a Muslim majority country. Journal of Islamic Marketing. 12(7), 1363-1384. https://doi.org/10.1108/JIMA-01-2020-0007
- Hati, S. R. H., Putri, N. I. S., Daryanti, S., Wibowo, S. S., Safira, A., & Setyowardhani, H. (2021). Brand familiarity vs profit-sharing rate: which has a stronger impact on Muslim customers’ intention to invest in an Islamic bank?. Journal of Islamic Marketing, 13(8), 1703-1727. https://doi.org/10.1108/JIMA-08-2020-0247
- Ibrahim, Y., & Arshad, I. (2018). Examining the impact of product involvement, subjective norm and perceived behavioral control on investment intentions of individual investors in Pakistan. Investment Management and Financial Innovations, 14(4), 181-193. https://doi.org/10.21511/imfi.14(4).2017.15
- Magnani, M. (2017). A new interpretation of the condition for precautionary saving in the presence of an interest-rate risk. Journal of Economics, 120(1), 79-87. https://doi.org/10.1007/s00712-016-0496-2
- Monroe KB. (1990). Pricing. Making Profitable Decisions (2nd edn). McGraw Hill Book Company: New York.
- Nugraheni, P., & Widyani, F. N. (2020). A study of intention to save in Islamic banks: the perspective of Muslim students. Journal of Islamic Marketing. 12(8), 1446-1460. https://doi.org/10.1108/JIMA-11-2019-0233
- Ojeniyi, J. A., Edward, E. O., & Abdulhamid, S. M. (2019). Security risk analysis in online banking transactions: Using diamond bank as a case study. International Journal of Education and Management Engineering, 9(2), 1-14. https://doi.org/10.5815/ijeme.2019.02.01
- Pitchay, A. B. A., Thaker, M. A. B. M. T., Azhar, Z., Mydin, A. A., & Thaker, H. B. M. T. (2019). Factors persuade individuals’ behavioral intention to opt for Islamic bank services: Malaysian depositors’ perspective. Journal of Islamic Marketing. 11(1), 234-250. https://doi.org/10.1108/JIMA-02-2018-0029
- Resty, N. N. H., & Hidayat, A. (2021). Factors Affecting Millennial Customers' Savings Intention in Islamic Banks. European Journal of Business and Management Research, 6(4), 116-122. https://doi.org/10.24018/ejbmr.2021.6.4.949
- Sabri, M. F., & Juen, T. T. (2014). The influence of financial literacy, saving behaviour, and financial management on retirement confidence among women working in the Malaysian public sector. Asian Social Science, 10(14), 40-51. http://dx.doi.org/10.5539/ass.v10n14p40
- Satsios, N., Hadjidakis, S., Sotiropoulos, I., & Tsounis, N. (2020). Religiosity and Intention towards Saving of a Muslim Minority in Greece. Asian Culture and History, 12(1), 1-28. https://doi.org/10.5539/ach.v12n1p28
- Souiden, N., & Rani, M. (2015). Consumer attitudes and purchase intentions toward Islamic banks: the influence of religiosity. International journal of bank marketing. 33(2), 143-161. https://doi.org/10.1108/IJBM-10-2013-0115
- Widjaja, I., Arifin, A., & Setini, M. (2020). The effects of financial literacy and subjective norms on saving behavior. Management Science Letters, 10(15), 3635-3642. https://doi.org/10.5267/j.msl.2020.6.030
- Widyastuti, U., Suhud, U., & Sumiati, A. (2016). The impact of financial literacy on student teachers’ saving intention and saving behaviour. Mediterranean Journal of Social Sciences, 7(6), 41–48. https://doi.org/10.5901/mjss.2016.v7n6p41
- Yoopetch, C., & Chaithanapat, P. (2021). The effect of financial attitude, financial behavior and subjective norm on stock investment intention. Kasetsart Journal of Social Sciences, 42(3), 501-508. https://doi.org/10.34044/j.kjss.2021.42.3.08
- Zeithaml, V. A. (1988). Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence. Journal of marketing, 52(3), 2-22. https://doi.org/10.1177/002224298805200302
References
Alfi, C. F., & Yusuf, S. N. S. (2022). Religiosity and Saving Behavior: A Preliminary Investigation Among Muslim Students in Indonesia. Journal of Islamic Monetary Economics and Finance, 1(8), 25-48. https://doi.org/10.21098/jimf.v8i1.1440
Afriani, T., & Asandimitra, N. (2020). Determinants of Customer Preference to Save in Islamic Bank. al-Uqud: Journal of Islamic Economics, 4(1), 1-17. https://doi.org/10.26740/al-uqud.v4n1.p1-17
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T
Bananuka, J., Kaawaase, T. K., Kasera, M., & Nalukenge, I. (2019). Determinants of the intention to adopt Islamic banking in a non-Islamic developing country: The case of Uganda. ISRA International Journal of Islamic Finance, 11(2), 166-186. https://doi.org/10.1108/IJIF-04-2018-0040
Belwal, R., & Al Maqbali, A. (2018). A study of customers’ perception of Islamic banking in Oman. Journal of Islamic Marketing, 10(1), 150-167. https://doi.org/10.1108/JIMA-02-2016-0008
Burhanudin, B. (2020). The effect of Muslims’ tendency to regret being customers of conventional banks on their intention to save money in Islamic banks. Journal of Islamic Marketing, 13(5), 1050-1068. https://doi.org/10.1108/JIMA-03-2020-0074
Chida, Y., Steptoe, A., & Powell, L. H. (2009). Religiosity/spirituality and mortality. Psychotherapy and psychosomatics, 78(2), 81-90. https://doi.org/10.1159/000190791
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. Modern methods for business research, 295(2), 295-336. http://www.researchgate.net/publication/232569511
Ergeç, E. H., & Arslan, B. G. (2013). Impact of interest rates on Islamic and conventional banks: the case of Turkey. Applied Economics, 45(17), 2381-2388. https://doi.org/10.1080/00036846.2012.665598
Fauzi, R. U. A., Saputra, A., & Ningrum, I. P. (2022). The Effect of Religiusity, Profit and Loss Sharing, and Promotion on Consumer Intention to Financing in Islamic Bank toward Trust as an Intervening Variable. Jurnal Ilmiah Ekonomi Islam, 8(1), 274-287. http://dx.doi.org/10.29040/jiei.v8i1.4136
Fiksenbaum, L., Marjanovic, Z., & Greenglass, E. (2017). Financial threat and individuals’ willingness to change financial behavior. Review of Behavioral Finance, 9(2), 28-147. https://doi.org/10.1108/RBF-09-2016-0056
Ghozali, I. (2008). Structural Equation Modeling: Metode alternatif dengan Partial Least Square (PLS). Universitas Diponegoro.
Hasibuan, I. A. (2020). The Effect of Religiosity on Saving Intention at Sharia Bank in Medan City. Journal Basic Science and Technology, 9(2), 71-78. https://iocscience.org/ejournal/index.php/JBST/article/view/1729
Hariyanto, H., & Nafi'ah, B. (2022). Analysis of Factors Affecting on Saving Intention in Islamic Bank: The Case in Indonesia. Jurnal Ilmiah Ekonomi Islam, 8(1), 28-38. http://dx.doi.org/10.29040/jiei.v8i1.4308
Hati, S. R. H., Wibowo, S. S., & Safira, A. (2020). The antecedents of Muslim customers’ intention to invest in an Islamic bank’s term deposits: evidence from a Muslim majority country. Journal of Islamic Marketing. 12(7), 1363-1384. https://doi.org/10.1108/JIMA-01-2020-0007
Hati, S. R. H., Putri, N. I. S., Daryanti, S., Wibowo, S. S., Safira, A., & Setyowardhani, H. (2021). Brand familiarity vs profit-sharing rate: which has a stronger impact on Muslim customers’ intention to invest in an Islamic bank?. Journal of Islamic Marketing, 13(8), 1703-1727. https://doi.org/10.1108/JIMA-08-2020-0247
Ibrahim, Y., & Arshad, I. (2018). Examining the impact of product involvement, subjective norm and perceived behavioral control on investment intentions of individual investors in Pakistan. Investment Management and Financial Innovations, 14(4), 181-193. https://doi.org/10.21511/imfi.14(4).2017.15
Magnani, M. (2017). A new interpretation of the condition for precautionary saving in the presence of an interest-rate risk. Journal of Economics, 120(1), 79-87. https://doi.org/10.1007/s00712-016-0496-2
Monroe KB. (1990). Pricing. Making Profitable Decisions (2nd edn). McGraw Hill Book Company: New York.
Nugraheni, P., & Widyani, F. N. (2020). A study of intention to save in Islamic banks: the perspective of Muslim students. Journal of Islamic Marketing. 12(8), 1446-1460. https://doi.org/10.1108/JIMA-11-2019-0233
Ojeniyi, J. A., Edward, E. O., & Abdulhamid, S. M. (2019). Security risk analysis in online banking transactions: Using diamond bank as a case study. International Journal of Education and Management Engineering, 9(2), 1-14. https://doi.org/10.5815/ijeme.2019.02.01
Pitchay, A. B. A., Thaker, M. A. B. M. T., Azhar, Z., Mydin, A. A., & Thaker, H. B. M. T. (2019). Factors persuade individuals’ behavioral intention to opt for Islamic bank services: Malaysian depositors’ perspective. Journal of Islamic Marketing. 11(1), 234-250. https://doi.org/10.1108/JIMA-02-2018-0029
Resty, N. N. H., & Hidayat, A. (2021). Factors Affecting Millennial Customers' Savings Intention in Islamic Banks. European Journal of Business and Management Research, 6(4), 116-122. https://doi.org/10.24018/ejbmr.2021.6.4.949
Sabri, M. F., & Juen, T. T. (2014). The influence of financial literacy, saving behaviour, and financial management on retirement confidence among women working in the Malaysian public sector. Asian Social Science, 10(14), 40-51. http://dx.doi.org/10.5539/ass.v10n14p40
Satsios, N., Hadjidakis, S., Sotiropoulos, I., & Tsounis, N. (2020). Religiosity and Intention towards Saving of a Muslim Minority in Greece. Asian Culture and History, 12(1), 1-28. https://doi.org/10.5539/ach.v12n1p28
Souiden, N., & Rani, M. (2015). Consumer attitudes and purchase intentions toward Islamic banks: the influence of religiosity. International journal of bank marketing. 33(2), 143-161. https://doi.org/10.1108/IJBM-10-2013-0115
Widjaja, I., Arifin, A., & Setini, M. (2020). The effects of financial literacy and subjective norms on saving behavior. Management Science Letters, 10(15), 3635-3642. https://doi.org/10.5267/j.msl.2020.6.030
Widyastuti, U., Suhud, U., & Sumiati, A. (2016). The impact of financial literacy on student teachers’ saving intention and saving behaviour. Mediterranean Journal of Social Sciences, 7(6), 41–48. https://doi.org/10.5901/mjss.2016.v7n6p41
Yoopetch, C., & Chaithanapat, P. (2021). The effect of financial attitude, financial behavior and subjective norm on stock investment intention. Kasetsart Journal of Social Sciences, 42(3), 501-508. https://doi.org/10.34044/j.kjss.2021.42.3.08
Zeithaml, V. A. (1988). Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence. Journal of marketing, 52(3), 2-22. https://doi.org/10.1177/002224298805200302