Theory of Islamic planned behavior: applying to investors’ Sukuk purchase intention
Journal of Islamic Accounting and Business Research
ISSN: 1759-0817
Article publication date: 30 September 2022
Issue publication date: 17 April 2023
Abstract
Purpose
The main purpose of this study is to propose an Islamic model of human behavioral analysis that can explain the determinants such as Islamic moral values, internal factors (e.g. self-efficacy or reasons for and against), external factors (e.g. perceived social support or others from external sources) and empathy (EMP) (humane attitude) to predict niyyah (worshipful intention) toward actual behavior (a’mal) in question.
Design/methodology/approach
With this end in mind, this research uses the theory of Islamic entrepreneurship and behavioral reasoning theory as their theoretical foundations. To validate the model, the study uses empirical data on investors’ intention toward sukuk (Islamic bonds or Shari’ah-compliant bonds) purchase in the context of Bangladesh, where very recently the sukuk were introduced by the Central Bank.
Findings
Findings of the study indicate that Islamic values and internal factors have the highest effects on external factors and EMP, respectively. Internal factors and Islamic values have moderate and almost similar impacts on EMP. Besides, external factors and EMP have somewhat equally moderate effects on niyyah. Islamic moral values and internal factors have the least influence on internal factors and niyyah, respectively. The external factor is also found to be insignificant to influence EMP. The findings also indicate that EMP, internal control factors and external control factors have mediating effects on niyyah toward sukuk purchase.
Research limitations/implications
These results imply that the present research model successfully predicts and explains the determinants of Islamic worshipful intention toward the actual purchase of sukuk.
Practical implications
Sukuk has been an important Islamic financial instrument that has been growing much rapidly in recent times. So, this paper will help to comprehend that pattern empirically.
Social implications
Islamic finance has emerged as a dominant financial tool nowadays. This paper contributes to advance that initiative one step further in terms of social and economic development.
Originality/value
This is a conceptual paper written in the area of Islamic Finance. This model has been validated by collating primary data collected from the selected respondents residing in Bangladesh.
Keywords
Citation
Ashraf, M.A. (2023), "Theory of Islamic planned behavior: applying to investors’ Sukuk purchase intention", Journal of Islamic Accounting and Business Research, Vol. 14 No. 4, pp. 554-573. https://doi.org/10.1108/JIABR-03-2021-0096
Publisher
:Emerald Publishing Limited
Copyright © 2022, Emerald Publishing Limited