Navigating the Adoption of Islamic Banking in the Base of Pyramid Market of Pakistan

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Published Sep 1, 2024
https://doi.org/10.61506/02.00354
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Vol. 10 No. 3 (2024): Journal of Policy Research

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Muhammad Taimoor Hassan
Department of Islamic and Conventional Banking Institute of Business, Management, and Administrative Sciences, The Islamia University of Bahawalpur, Pakistan
Rabia Anwar
Department of Management Sciences Government Sadiq college women university Bahawalpur, Pakistan
Mehwish Shahid
Department of Management Sciences Government Sadiq college women university Bahawalpur, Pakistan

Abstract

The purpose of this research paper is to examine the adoption of Islamic banking (AIB) in the Bottom of the Pyramid (BoP) Market of Pakistan. The study used theory of planned behavior to hypothesize the relationship of the attitude (ATT), subjective norms (SN), perceived behavioral control (PBC), and Islamicity of the Product (IoP) on adoption of Islamic Banking (IB).  Exploratory research design was used with a total of 400 questionnaires were distributed using a multi-staged stratified sampling (random sampling within each stratum) approach of which 320 usable questionnaires were returned representing 80 percent response rate. Partial Least Square Structural Equation Modeling (PLS-SEM) approach was used to analyze the hypothesized relationship of the conceptual framework. Results indicated that attitude (ATT), subjective norms (SN), and Islamicity of product (IoP) explained notable effect on the adoption of Islamic banking comparatively the perceived behavioral control (PBC). The overall effect of ATT, SN, PBC, and IoP explained 39.3 percent on AIB within the context of BoP. The adoption of Islamic banking counts the aforementioned variables with their countable effects. The inclusive outreach and features explaining the Islamicity of the financial products can enhance the span Islamic banking market share. Islamic banking over the past decade has witnessed tremendous growth in Asian countries due to innovative financial offerings based on the Sharia Principles of Islam. This study contributed on how the Islamic financial products can be penetrated in the low-income markets like Pakistan with its specific focus in Southern region of the Punjab province. The theoretical framework of the study has demonstrated how the customer closely associated behaviors navigate the adoption of the Islamic banking.

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Hassan, M.T. , Anwar, R. and Shahid, M. 2024. Navigating the Adoption of Islamic Banking in the Base of Pyramid Market of Pakistan. Journal of Policy Research. 10, 3 (Sep. 2024), 360–371. DOI:https://doi.org/10.61506/02.00354.
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