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Clustering Kuwaiti consumer attitudes towards Sharia-compliant financial products: A self-organizing maps analysis

Fouad Al-Salem (Gulf University for Science and Technology, Kuwait City, Kuwait)
Mohamed M. Mostafa (Gulf University for Science and Technology, Kuwait City, Kuwait)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 13 September 2018

Issue publication date: 13 February 2019

517

Abstract

Purpose

This purpose of this paper is to clustering Kuwaiti consumers choice of Sharia-complaint financial products and services based on several factors such as religiosity, financial knowledge, customer value, satisfaction, trust, service quality, relationship with service providers and innovation.

Design/methodology/approach

The study uses self-organizing maps, a neural network technique, in order to cluster and segment consumers of Sharia-compliant financial products and services in Kuwait. From a marketing perspective, SOM can be viewed as a flexible clustering technique in which different clusters are identified without the rigid traditional statistical assumptions of linearity or normality.

Findings

This paper shows that consumers of Sharia-compliant financial products in Kuwait can be clustered into three distinct segments: enthusiasts, laggards and rejectors. The enthusiasts represent the largest cluster with a frequency of around 66 percent, while the Rejectors represent the smallest segment with a frequency of 10 percent.

Originality/value

This paper advances our knowledge about the behavioral aspects of financial consumer choice within a non-traditional Sharia-compliant financial products context.

Keywords

Citation

Al-Salem, F. and Mostafa, M.M. (2019), "Clustering Kuwaiti consumer attitudes towards Sharia-compliant financial products: A self-organizing maps analysis", International Journal of Bank Marketing, Vol. 37 No. 1, pp. 142-155. https://doi.org/10.1108/IJBM-09-2017-0198

Publisher

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Emerald Publishing Limited

Copyright © 2018, Emerald Publishing Limited

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