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Determinants of choice behaviour of Islamic investment products in Malaysia

Hanudin Amin (Labuan Faculty of International Finance, Universiti Malaysia Sabah, Kota Kinabalu, Malaysia)
Dwi Suhartanto (Department of Business Administration, Politeknik Negeri Bandung, Bandung, Indonesia)
Muhammad Ali (UCSI Graduate Business School, Kuala Lumpur, Malaysia)
Mohd Fahmi Ghazali (Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi, Malaysia)
Rizal Hamid (Labuan Faculty of International Finance, Universiti Malaysia Sabah – Kampus Antarabangsa Labuan, Labuan, Malaysia)
Dzuljastri Abdul Razak (Department of Business Administration, International Islamic University Malaysia, Kuala Lumpur, Malaysia)

Journal of Islamic Marketing

ISSN: 1759-0833

Article publication date: 7 June 2022




In spite of the increasing number of Islamic banks offering Islamic investment products, there is, as yet, little academic research on this topic and the consumer acceptance of the products is not yet understood fully. To help in bridging this gap, this study aims to assess the determinants of choice behaviour of Islamic investment products in Malaysia.


Using the Theory of Consumption Value (TCV) as a baseline theory, data are obtained from 460 bank customers who intend to invest in the products.


The results of this study show that emotional value, epistemic value, conditional value, functional value and social value are significantly related to the choice behaviour of Islamic investment products.

Research limitations/implications

Three concerns were found in this study. Firstly, the geographies of this study are narrowed down to bank customers who were resided in specific areas in East Malaysia. Secondly, the authors used the TCV on a particular focus of Islamic banking products. Future studies should address these issues accordingly for improved application and generalisation. Thirdly, some reliability issues were identified in composite reliability values and the related future studies are expected to strengthen the research design to extend the findings at best.

Practical implications

The results are helpful for practitioners to develop new business models of Islamic investment products in Malaysia.


This study provides meaningful insights for theory building of choice behaviour in the context of Islamic investment products, where the TCV comes into play.



Amin, H., Suhartanto, D., Ali, M., Ghazali, M.F., Hamid, R. and Abdul Razak, D. (2022), "Determinants of choice behaviour of Islamic investment products in Malaysia", Journal of Islamic Marketing, Vol. ahead-of-print No. ahead-of-print.



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