Modeling the Socio-Economic Factors Affecting Islamic Insurance Adoption: A Structural Equation Modeling Analysis

International Journal of Economics and Financial Issues Pub Date : 2024-05-14 DOI:10.32479/ijefi.16047

Youssef Chetioui, Yassine El Bouchikhi, Hind Lebdaoui, Meryem Ennassiri, Hanane Jannah, Ghita Yunsi, Imane Zhar, Ayoub Ghamas

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Abstract

While Islamic banking products have exhibited substantial growth in a number of Muslim countries, their market share remains restricted in others (i.e., Morocco). The current research aims to elucidate the key drivers of Islamic insurance (Takaful) adoption among Moroccan banking consumers. To achieve this goal, we propose and assess an integrated conceptual framework combining the Theory of Planned Behavior (TPB), the Diffusion of Innovation theory (DOI), and other constructs borrowed from prior literature (i.e., Religiosity). Through an online self-administered questionnaire, data was collected from 204 Moroccan respondents and analyzed using Partial Least Squares Structural Equation Modeling. Our findings reveal that while comparative advantage, religiosity and attitude positively influence respondents’ behavioral intention toward Takaful adoption, perceived complexity had a negative impact on takaful adoption. This research is among the first to evaluate the antecedents of behavioral intention towards Islamic insurance (Takaful) following its recent introduction to the Moroccan Market. Ultimately, it presents an important contribution to the limited literature on banking consumers’ perceptions of Islamic banking products in a market where Islamic banks are still at an infancy stage.

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影响伊斯兰保险采用的社会经济因素建模：结构方程模型分析

虽然伊斯兰银行产品在一些穆斯林国家呈现大幅增长，但在其他国家（如摩洛哥）的市场份额仍然有限。当前的研究旨在阐明摩洛哥银行业消费者采用伊斯兰保险（回教保险）的主要驱动因素。为实现这一目标，我们提出并评估了一个综合概念框架，该框架结合了计划行为理论（TPB）、创新扩散理论（DOI）以及从以往文献中借鉴的其他理论（如宗教信仰）。通过在线自填问卷，我们收集了 204 名摩洛哥受访者的数据，并使用偏最小二乘法结构方程模型进行了分析。我们的研究结果表明，比较优势、宗教信仰和态度对受访者采用回教保险的行为意向有积极影响，而感知到的复杂性对采用回教保险有消极影响。在伊斯兰保险（回教保险）最近被引入摩洛哥市场后，这项研究首次对其行为意向的前因进行了评估。在伊斯兰银行仍处于起步阶段的摩洛哥市场上，关于银行消费者对伊斯兰银行产品的看法的文献有限，本研究最终为这些文献做出了重要贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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International Journal of Economics and Financial Issues

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期刊介绍： International Journal of Economics and Financial Issues (IJEFI) is the international academic journal, and is a double-blind, peer-reviewed academic journal publishing high quality conceptual and measure development articles in the areas of economics, finance and related disciplines. The journal has a worldwide audience. The journal''s goal is to stimulate the development of economics, finance and related disciplines theory worldwide by publishing interesting articles in a highly readable format. The journal is published Bimonthly (6 issues per year) and covers a wide variety of topics including (but not limited to): Macroeconomcis International Economics Econometrics Business Economics Growth and Development Regional Economics Tourism Economics International Trade Finance International Finance Macroeconomic Aspects of Finance General Financial Markets Financial Institutions Behavioral Finance Public Finance Asset Pricing Financial Management Options and Futures Taxation, Subsidies and Revenue Corporate Finance and Governance Money and Banking Markets and Institutions of Emerging Markets Public Economics and Public Policy Financial Economics Applied Financial Econometrics Financial Risk Analysis Risk Management Portfolio Management Financial Econometrics.