Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions

Financial ethics emphasises the importance of developing and sustaining ethics in financial transactions. The term “financial ethics” can be understood as ethics as it is applies to ethical and moral issues in finance. In the context of Islamic finance, Islamic financial institutions that are govern...

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Main Authors:	Sumairi, Nor Sazwana, Musa, Muhammad Adli, Ahmad, Nadzrah
Format:	Conference or Workshop Item
Language:	English
Published:	Sultan Sharif Ali Islamic University (UNISSA) Brunei 2017
Subjects:	BP173.75 Islam and economics HG Finance HG4001 Financial management. Business finance. Corporation finance.
Online Access:	http://irep.iium.edu.my/58553/ http://irep.iium.edu.my/58553/ http://irep.iium.edu.my/58553/1/58553_Ethicality%20of%20Islamic%20Banking.pdf

id	iium-58553
recordtype	eprints
spelling	iium-585532017-09-29T07:56:20Z http://irep.iium.edu.my/58553/ Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions Sumairi, Nor Sazwana Musa, Muhammad Adli Ahmad, Nadzrah BP173.75 Islam and economics HG Finance HG4001 Financial management. Business finance. Corporation finance. Financial ethics emphasises the importance of developing and sustaining ethics in financial transactions. The term “financial ethics” can be understood as ethics as it is applies to ethical and moral issues in finance. In the context of Islamic finance, Islamic financial institutions that are governed by the principle of the sharī‘ah, are expected to have inherently strong ethical roots such as promoting justice and void of any illegal and unethical elements. Moreover, Islamic finance is frequently associated if not equated to ethical banking. Nonetheless, critics have highlighted the failure of Islamic financial institutions to promote such values. Therefore, Islamic banking should formulate strategies to educate and offer unique products and services differentiated by underlying financial ethics to attract more consumers to subscribe to Islamic banking products and services. This paper analyses how consumer perceive the ethicality of the products and services offered by Islamic financial institutions. It seeks to express the importance of ethical finance and the need for Islamic finance to align with ethical banking. Quantitative method is employed by surveying consumer perception on the ethicality and “Islamicness” of Islamic finance products and services. The target respondents are IIUM employees who were surveyed using a structured close-ended questionnaire. The findings suggest that ethics could well be considered as a factor which encourage the public to patronize Islamic financial institutions. Thus, Islamic financial institutions must demonstrate their commitments and efforts in providing added values to customers. Sultan Sharif Ali Islamic University (UNISSA) Brunei 2017-05-23 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/58553/1/58553_Ethicality%20of%20Islamic%20Banking.pdf Sumairi, Nor Sazwana and Musa, Muhammad Adli and Ahmad, Nadzrah (2017) Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions. In: Conference on Philanthropy for Humanitarian Aid (CONPHA) 2017, 23rd & 24th May 2017, Sultan Sharif Ali Islamic University (UNISSA), Brunei. http://conference.kuis.edu.my/conpha2017/cover-page/proceedings-2-2/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	BP173.75 Islam and economics HG Finance HG4001 Financial management. Business finance. Corporation finance.
spellingShingle	BP173.75 Islam and economics HG Finance HG4001 Financial management. Business finance. Corporation finance. Sumairi, Nor Sazwana Musa, Muhammad Adli Ahmad, Nadzrah Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions
description	Financial ethics emphasises the importance of developing and sustaining ethics in financial transactions. The term “financial ethics” can be understood as ethics as it is applies to ethical and moral issues in finance. In the context of Islamic finance, Islamic financial institutions that are governed by the principle of the sharī‘ah, are expected to have inherently strong ethical roots such as promoting justice and void of any illegal and unethical elements. Moreover, Islamic finance is frequently associated if not equated to ethical banking. Nonetheless, critics have highlighted the failure of Islamic financial institutions to promote such values. Therefore, Islamic banking should formulate strategies to educate and offer unique products and services differentiated by underlying financial ethics to attract more consumers to subscribe to Islamic banking products and services. This paper analyses how consumer perceive the ethicality of the products and services offered by Islamic financial institutions. It seeks to express the importance of ethical finance and the need for Islamic finance to align with ethical banking. Quantitative method is employed by surveying consumer perception on the ethicality and “Islamicness” of Islamic finance products and services. The target respondents are IIUM employees who were surveyed using a structured close-ended questionnaire. The findings suggest that ethics could well be considered as a factor which encourage the public to patronize Islamic financial institutions. Thus, Islamic financial institutions must demonstrate their commitments and efforts in providing added values to customers.
format	Conference or Workshop Item
author	Sumairi, Nor Sazwana Musa, Muhammad Adli Ahmad, Nadzrah
author_facet	Sumairi, Nor Sazwana Musa, Muhammad Adli Ahmad, Nadzrah
author_sort	Sumairi, Nor Sazwana
title	Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions
title_short	Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions
title_full	Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions
title_fullStr	Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions
title_full_unstemmed	Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions
title_sort	ethicality of islamic banking and finance products and services: a survey of consumers’ perceptions
publisher	Sultan Sharif Ali Islamic University (UNISSA) Brunei
publishDate	2017
url	http://irep.iium.edu.my/58553/ http://irep.iium.edu.my/58553/ http://irep.iium.edu.my/58553/1/58553_Ethicality%20of%20Islamic%20Banking.pdf
first_indexed	2023-09-18T21:22:49Z
last_indexed	2023-09-18T21:22:49Z
_version_	1777411994705461248

Ethicality of Islamic banking and finance products and services: a survey of consumers’ perceptions

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