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2023 | OriginalPaper | Chapter

Factors that Influence Profit Sharing Investment Account Holders (PSIAHs) to Patronise Islamic Banks in Nigeria: An Empirical Study

Authors : Ya’u Isah, Romzie Rosman, Ashurov Sharofiddin

Published in: Digitalisation: Opportunities and Challenges for Business

Publisher: Springer International Publishing

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Abstract

Islamic banks (IBs) known as non-interest banks (NIBs) in Nigeria obtain majority of their deposits from profit-sharing investment accounts (PSIAs) (also known as mudarabah accounts). Jaiz bank was the first Islamic bank licensed in Nigeria and commenced operation in 2012, while Sterling bank was established as an Islamic banking window in 2013. At the initial years of their operations, the two banks attract over 60% of their deposits from PSIAs. However, in later years, a gradual but consistent decline in the contribution of PSIAs to the total deposits of the banks was observed. This is despite the share of profit that the banks paid their PSIAs which was higher than the average interest paid by conventional banks for savings account deposits of similar tenor during the period under review. Considering the importance of mudarabah account to Islamic banks, any decrease in its contribution to their total deposit is a source of concern, because it might indicate a gradual loss of confidence in the Islamic banks and a preference for a guaranteed deposit (that is likened to conventional banks’ deposits). Therefore, the aim of this study is to examine the behavioural intention of PSIAHs to patronise IBs in Nigeria. With the objective of understanding the factors that caused the reduction of PSIAs in the total deposits of the banks for the period 2012–2020 using the Theory of Planned Behavior (TPB). TPB was especially chosen because of its flexibility and robustness in predicting the intention of people to perform a particular behaviour. Data was collected from 420 respondents and was analyzed using the Analysis of Moment Structures-Structural Equation Modelling (AMOS-SEM). 10 hypotheses were tested, and results obtained showed that 5 of the constructs including attitude, perceived behavioural control, religiosity, service quality, and deposit insurance have positive and significant influence on the intention of PSIAHs to patronize Islamic banks in Nigeria. The study makes theoretical and practical contributions and contributed to the literature on the study of deposit mobilization practices by Islamic banks which have been reported to be scarce. Findings of this study is important to Islamic banks in Nigeria because it revealed factors that are important in attracting and retaining their customers especially PSIAHs.

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Title: Factors that Influence Profit Sharing Investment Account Holders (PSIAHs) to Patronise Islamic Banks in Nigeria: An Empirical Study
Authors: Ya’u Isah
Romzie Rosman
Ashurov Sharofiddin
Publisher: Springer International Publishing
Book: Digitalisation: Opportunities and Challenges for Business
Print ISBN: 978-3-031-26955-4

Electronic ISBN: 978-3-031-26956-1

Copyright Year: 2023
DOI: https://doi.org/10.1007/978-3-031-26956-1_49

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