Report

1

Submitted to: Dr. Shaheera

Submitted by:

Muhammad Awais MBA-12-22

Irfan Baber MBA-12-23

Abid Hussain MBA-12-38

Nabeel Sarwar MBA-12-41

Nasir Kamran MBA-12-42

Gulam Mustafa MBA-12-46

Abdul Manan MBA-12-56

Consumer Trust toward Islamic Banking

ACKNOWLEDGEMENT

All our praises for ALLAH THE ALMIGHTY, who bestowed potentially upon us to accomplish this present report successfully. With all our sincerity, we express. Our gratitude to the HOLY PROPHET (P.B.U.H) and his fellows, who are the source of enlighten guidance and wisdom for the humanity. We have deeply sense of gratitude to our honorable Mam Dr. Shaheera Amin for his generous guidance for this report. We would also like to appreciate the praise-worthy efforts and the assistance of some people who have kindly helped us in the completion of this report. They definitely include our parents, teachers and friends.

2

ContentsExecutive summary............................................................................................4

Introduction.......................................................................................................5

Literature Review...............................................................................................7

Data Analysis....................................................................................................14

Research Findings.............................................................................................16

Recommendations for future Research.............................................................17

Conclusion....................................................................................................... 17

Appendix..........................................................................................................18

3

Executive summary

This research project is conducted to understand the trust of people about Islamic banking. The research was also aimed at identifying the awareness level of the people about the Islamic banking, and known why customers are making trust on Islamic banking. Before conducting the survey research, some exploratory research was also conducted. Self-administered questionnaire is made to answer by the respondents of the selected target audience. In the sample design, we selected 100 respondents to know their perception towards the Islamic banking. The analyses of the filled questionnaires were done through software called Statistical Package for Social Sciences (SPSS).

The results indicate that majority of the people are aware by the operations of the Islamic banking, and they know the concept of interest in the banking systems. According to the religious thoughts people know the interest types in the banking operations. The results also indicate the financial benefits of the Islamic banking for the economy and individuals.

After these results and finding we can summarize this research that if people will be well aware about the principle of interest and operations of the Islamic banking, they have made good perception, and trust towards the Islamic banking. In the light of this study we can say that now a day’s awareness about the operations of the Islamic banking is big marketing weapons to attract your customers and to stay in customer’s mind for Islamic Banks.

The recommendation included that the Islamic banks should convey more knowledge about their basic principle. Seminars can be conducted to invite people to learn more about Islamic banking.

4

Introduction

The consumer trust towards the Islamic Banking has been a debatable topic for the past so many decades around the world, previously many researchers have studied this topic and found exploratory findings in different contexts.

The concept of Islamic banking was formally implemented in Pakistan in 1981. In earlier days, the tendency of customers towards the acceptance of Islamic banking was low but with the passage of time it is increasing. Before the birth of Pakistan, which is an Islamic country, Muslims of the subcontinent were not fully allowed to participate in the banking sector. There was only a small Australasia bank at that time with only few branches mainly in Lahore. Then in 1941, HABIB bank came into being that was run by the Muslims of the subcontinent.

The majority of population is Muslim so religious factor plays fundamental role in the acceptance of Islamic banking because it has a sense of interest free banking and each type of transaction is strictly prohibited whose subject matter is Harram according to the doctrines of Islam. Islamic banking is also covering the operations of financial markets it is not only restricted to Islamic banks.

Islamic banking system has features that are not restricted by law and “sharia”. Customer is the most important part of that market. Customer perception, attitude, demand pays important role in whole process of banking either conventional or Islamic (Tylor and Baker, 1994). Islamic banking product and services are an important consideration and knowledge about the market of Islamic finance influence the decision of the customer (Omer 1992).

The prohibition of interest in Islam caused many writings to come forward with an idea to establish banks that do not work on interest basis. So the basic difference between Islamic banks and conventional banks is that Islamic banks are interest free banks whereas conventional banks are interest based banks. (Kahf 2006) Although interest and profit are very clear concepts but they are misunderstood by many people. Basic difference between interest and profit is that interest is the reward to money and profit is the reward to capital investment. In other words money produces interest and capital investment produces profits. (Toutounchian 2004).

5

Context Significance:

As indicated in the research interest factor comes out to be the main reason for the customers to switch to Islamic banking. However, the growth of Islamic banking has not created a balanced awareness level among the masses.

Further, Islamic banks needs to focus on the service quality which can boost the growth of the Islamic banking sector as a whole as Riba (Interest) might not sustain in the long run as a single largest factor for customer satisfaction. Also, Islamic banks need to focus on other factors as well to boost the awareness level at large.

Research Question:

“What is the trust of consumer toward the Islamic banking”

Research Objectives:

The following are the main objectives to conducting the research on “Consumer trust toward the Islamic Banking

i) To explore the perception of consumer regarding the Islamic Banking.

ii) To see how many people known about the Islamic Banking operations.

iii) To check the awareness level of the people about the interest (Riba) concept.

iv) To know what are the financial benefits from Islamic Banking.

6

Literature ReviewIslamic banking is a financial system whose key aim is to fulfill the teachings of the Holy Quran. Islamic law reflects the commands of God and this regulates all the various aspects of a Muslim’s life and hence Islamic finance is directly involved with spiritual values and social justice. The theory of Islamic banking is based on the concept that interest is strictly forbidden in Islam, and that Islamic teachings provide the required guidance on which to base the working of banks. The basic principle that has guided all theoretical work on Islamic banking is that although interest is forbidden in Islam, trade and profit is encouraged.

The basic principle in Islamic law is that exploitative contracts or unfair contracts that involve risk or speculation are impermissible. Under Islamic banking, all partners involved in financial transactions share the risk and profit or loss of a venture and no one gets a predetermined return. This direct correlation between investment and profit is the key difference between Islamic and conventional banking which has its main objective in maximizing shareholders wealth. (Dar and Presley, 2000)

The concept of Islamic banking was formally implemented in Pakistan in 1981. In earlier days, the tendency of customers towards the acceptance of Islamic banking was low but with the passage of time it is increasing. In Pakistan, banks are providing a wide range of products and services and facing intensive competition to attract potential customers. Islamic banks are striving to capture the maximum number of customers to compete with conventional banks by providing a large number of products as an alternative for interest based products.

The increasing number and size of Islamic banks is also a positive sign of development and success. There are six full-fledged Islamic banks working in different cities of Pakistan and 13 conventional banks have started partial Islamic banking practices by establishing a large number of branches exclusively engaged in Islamic banking practices (SBP, 2006).

Variables:

Marketing Strategy

“Every business strategy consists of a marketing strategy plus a compatible technology strategy and sourcing strategy”. (Kotlor 2001) Developing a marketing strategy is essential for any business. The focus of strategy should be that your products and services are more attractive

7

than those of your competitors and develop a long-term and profitable relationship with the customers. A suitable marketing strategy can be developed by understanding internal strengths and weaknesses and the external opportunities and threats. (Business Link). Religious aspect is not only the major factor to drive Muslims to avail Islamic banking services. Through this disclosure, Islamic banking have to realize the requirements, poriorities of the target customer to achieve its goals. So such marketing strategies should be adapted by the Islamic banking to achieve and maintain the customer appropriately. It becomes more difficult now days because competition is increasing and the product and services offered are difficult to differentiate. So the Islamic banking has to be innovative and creative to create strong competitive position and advantage (Bakar, 2003).

Religious thinking

Religion is not a fad that can be dismissed by the marketer as a short-term change, but rather it is a long-term phenomenon, therefore it is considered a valuable construct in understanding consumers (Kim et al., 2004)

In different organization especially Islamic banks, Islamic banking has making progress since last 40 years. Muslims and non-Muslims both are showing interest.( Iqbal and Molyneux, 2005). Islamic legal system facilitates the growth of Islamic finance and to meet the needs of financial markets, Habib Ahmed (2006). Muslims are more eager to lead their lives according to Islamic shariah and law. All kinds of interest are totally prohibited in Islam as it not only leads the economy to the path of crisis but also affect the whole society, Ahmad (2008).

Islamic banking is not merely about profit maximization but they focus more on promoting Islamic values, Farook, Hassan and Lanis (2011). Dusuki and Abdullah (2006) described Islamic banking as no longer a business entity operated only to fulfill the religious obligations of the Muslim community, but more significantly, it is striving to fulfill the needs and demands of new customers as well (as cited in Wilson, 1995). Wilkes et al., (1986) studied the role of religiosity in shaping the lifestyles of the consumers. Four items were used in this study to assess religiosity: 1) praying places attendance, 2) importance of religious values, 3) confidence of religious values, and 4) self-perceived religiousness.

Riba (Interest)

“O you who believe! Devour not usury, doubling and quadrupling (the sum lent). Observe your duty to God, that ye may be successful.”(Chapter III, Verse 130). “O you who believe! Observe your duty to God, and give up what remain (due to you) from usury, if you are (in truth) believers. And if you do not, then be warned of war (against you) from God and His messenger.

8

And if you repent, then you have your principal. Wrong not, and you shall not be wronged.”(Chapter II, Verses 278-279).

In another Quranic Verse, Allah has said: “And whatever you give for interest (i.e. advantage) to increase within the wealth of people will not increase with Allah. But what you give in Zakat, desiring the countenance of Allah – Those are the multipliers”. [ Al-Quran: 30-39 ]

Based on above, Allah has again guided us to give up interest and has encouraged giving Zakat as He will, through his infinite wisdom and blessings, introduce multipliers in respect of giving Zakat.

The Islamic banks offer same products and services as the conventional banks such as current account, credits cards, cheque collection and others. But the difference is that Islamic banking follows the Islamic rules in carrying out their business in which any receipt of interest is prohibited (Dusuki and Abdullah, 2007). Riba is restricted in Islam to keep justice and equality in the society .Islam is strictly against of Riba i.e. interest. People who have religious thinking and beliefs prefer interest free banking (RJFA Vol 3, No 3, 2012).

Customer Satisfaction

Customer satisfaction is a measure of how organization’s total product performs in relation to a set of customer requirements (Hill and Alexander, 2006). Customer’s satisfaction level with respect to the baking products of Islamic banking is more than conventional banking Ahmed et al. (2010). Islamic banks should take into consideration the customer needs and their satisfaction (Tahir, 2004).

Levesque and McDougall (1996) argues that customer satisfaction is essential for retail banks as it has an impact on the organization’s profit. Furthermore, in today’s competitive environment, providing quality service is an essential strategy for success and survival (Liang and Wang, 2004). In line with this, Trubik and Smith (2000) and Garland (2002) identify direct and strong relationship between customer loyalty and customer profitability in retail banking, while Wisskirchen et al (2006) found that long-term growth and profitability of banks rely on banks’ability to attract and retain loyal customers. Financial sector is becoming more conscious about the performance evaluation regarding quality of products/services according to customers’ expectations.

Financial Benefits

Keeping in view the growth, development and prospects of Islamic banking of Pakistan in terms of assets, funds and deposits, Islamic banking with the efforts of bank in Pakistan (SBP) is also playing an active role with the banks which deals with corporate social responsibility, Akram,

9

Rafique and Alam (2011). Islamic banking is rapidly getting recognition in financial market and people are adopting it because it is according to Islamic shariah rules and regulations. Manzoor, Aqeel and Abdul Sattar (2010) investigated motivational, economic, socio- psychological and religious factors that there are greater opportunities in Pakistan for development and growth of Islamic banking system.

With an impressing growth of Islamic banking in this contemporary world how Islamic banking compete with conventional banks in regard of customer attitudes and products, Awan and Bukhari (2011).

Economy Benefits:

Islam discourages concentration of wealth in a few hands; rather, it promotes its circulation among all the sections of society, thus enabling the poor and destitute of the nation to also take benefit from it (Dr. Abdul Ghafar Ismail, RESEARCH PAPER, No, 9 /2010). It also demonstrates that the Islamic economic system ensures fair and equitable distribution of wealth through positive as well as negative measures.

Customer Benefits:

There are also so many benefits that customer attain through the utilization of the Islamic bank services such as investment in Islamic business by partnership, Islamic banks provide interest free loan it also has benefits for the customer to pay back without additional cost. An individual can be deposited money in a bank, put into a pension fund, used to buy a business, pay debt, or be kept under the mattress by saving his wealth (Dr. Abdul Ghafar Ismail, RESEARCH PAPER, No, 9 /2010).

Hypothesis:

H1: Islamic Banks are interest free banking system

H2: Customers are aware the basic concepts of Islamic banking

H3: Customers are satisfied with Islamic Banking operations

H4: Islamic banking marketing strategy create awareness of the Islamic bank operation

The following theoretical framework has been developed on the basis of evidences available in above mentioned literature.

10

Theoretical Frame Work:

Relationship of Variables:

We are selected the following variables as independent variables, marketing strategy, religious thinking, riba (interest), and financial benefits. And customer satisfaction as mediator variable. Consumer trust on Islamic Banking is dependent variable.

By the marketing strategy of the Islamic banking how satisfied the customer toward the creating the trust on Islamic banking. How religious principles guide the customer to trust on Islamic banking. Islamic banking operations are without Riba (Interest) that’s why customers are trust on Islamic banking. And financial benefits are satisfied the customer to make trust on Islamic banking.

Research Methodology:

Nature of topic:

To examine the trust of the customer towards the Islamic banking we selected the qualitative as well as quantitative data analysis’s and field survey method is applied. Questionnaire we have designed comprises of two sections. First section is related to the personal profile of the respondents including their gender and marital status, income level which is measured by nominal scale.

Second section is related to the questions relevant to variables namely marketing strategy, religious thinking, Riba (interest), and financial benefits. Customer satisfaction; we use as

11

Marketing Strategy

Religious Thinking

Riba (Interest)

Financial Benefits

Customer Satisfaction

Consumer Trust on Islamic Banking

mediator variable, outcomes of the variables are customer trust towards the Islamic banking is measured by 5-point likert scale. We selected the educational institutes (Bahauddin Zakariya University sub campus Sahiwal), and general consumers in markets as sampling frame of our study, from which we distributed questionnaire by adopting non probability convenient sampling technique. 100 questionnaires were distributed randomly to the general public and in educational institutes.

Research Design:

According to the problem statement of our study we develop the research design in which we select the formal method for problem crystallization. Method of data collection we choose questionnaire survey method, and done experimental research. Purpose of our study, we choose the descriptive style. Time dimension of our study is cross-sectional. Topical scope of our study is statistical. Research environment is the field study.

Data Collection:

We are seven members conducting this research and each member provides his contribution to support the research study. Each member by self administrative survey filled the 15 questionnaires by the respondents. One thing which is we focused is that each member is not fill the questionnaires by the same respondent who already filled a questionnaire of our research.

Almost every respondent took 3 to 5 minutes to fill a questionnaire. Some problems we are faced while collection of data i.e. financial and time. Some respondents directly refuses that they have no time to fill out questionnaires, and some are very good response to us.

We distributed 110 questionnaires out of which 100 questionnaires were correctly responded by respondents. 56 were filled by female and 44 filled by male respondents whose percentage is 56% and 44% respectively. Mostly respondents we were taken between the ages of 18-40 years. Among these respondents 79% respondents were single and 21% respondents were married. And also measure the income level of the respondents, 81% respondents income level are between the Rs.20000 to 40000. Majority of the respondents are graduate and post graduate and the percentage is 58% and 42% respectively.

12

Frequencies Tables:Statistics

Gender marital status age Qualification income

NValid 100 100 100 100 100

Missing 0 0 0 0 0

Minimum 1 1 1 1 1

Maximum 2 2 3 3 3

Gender

Frequency Percent Valid Percent Cumulative

Percent

Valid

Male 44 44.0 44.0 44.0

Female 56 56.0 56.0 100.0

Total 100 100.0 100.0

marital status

Frequency Percent Valid Percent Cumulative

Percent

Valid

single 79 79.0 79.0 79.0

Married 21 21.0 21.0 100.0

Total 100 100.0 100.0

Age

Frequency Percent Valid Percent Cumulative

Percent

Valid

18 to 25 86 86.0 86.0 86.0

26 to 35 13 13.0 13.0 99.0

More than 40 1 1.0 1.0 100.0

Total 100 100.0 100.0

Qualification

Frequency Percent Valid Percent Cumulative

Percent

13

Valid

Intermediate 14 14.0 14.0 14.0

Graduate 44 44.0 44.0 58.0

Post-Graduate 42 42.0 42.0 100.0

Total 100 100.0 100.0

Income level

Frequency Percent Valid Percent Cumulative

Percent

Valid

less than 10000 32 32.0 32.0 32.0

20000 to 40000 49 49.0 49.0 81.0

More than 40000 19 19.0 19.0 100.0

Total 100 100.0 100.0

Data AnalysisTo observe the customer trust towards the Islamic banking, we used the regression analysis and applied Pearson correlation to examine the connection between variables. In descriptive statistics, we calculated mean and standard deviation to check the inclination of our respondents

Case Processing Summary

N %

Cases

Valid 100 100.0

Excludeda 0 .0

Total 100 100.0

a. Listwise deletion based on all variables in the

procedure.

Reliability Statistics

Cronbach's Alpha N of Items

.829 5

14

Item Statistics

Mean Std. Deviation N

Religious Thinking 14.07 4.238 100

customer satisfaction 13.92 2.863 100

interest 12.45 2.989 100

fiancial benefits 13.81 2.762 100

Marketing strategy 13.59 2.767 100

Item-Total Statistics

Scale Mean if Item

Deleted

Scale Variance if

Item Deleted

Corrected Item-

Total Correlation

Cronbach's Alpha

if Item Deleted

Religious Thinking 53.77 76.239 .749 .766

customer satisfaction 53.92 107.448 .572 .810

interest 55.39 104.159 .598 .803

fiancial benefits 54.03 104.514 .663 .788

Marketing strategy 54.25 106.856 .613 .800

Scale Statistics

Mean Variance Std. Deviation N of Items

67.84 149.611 12.232 5

Case Processing Summary

N %

Cases

Valid 100 100.0

Excludeda 0 .0

Total 100 100.0

a. Listwise deletion based on all variables in the

procedure.

Coefficient Correlationsa

15

Model Independent

Variable

1Correlations Independent Variable 1.000

Covariances Independent Variable .000

a. Dependent Variable: Dependent Variable

ANOVAa

Model Sum of Squares df Mean Square F Sig.

1

Regression 343.854 1 343.854 81.408 .000b

Residual 413.936 98 4.224

Total 757.790 99

a. Dependent Variable: Dependent Variable

16

Research Findings

According to the research statistical analysis of this study we find that reliability of the research is valid because Cronbach's Alpha is .829 that show the reliability of the research, and correlation partial value is .674 that also show the relationship between the variables.

Analysis Of Variance (Anova) is used to test whether there is a significant difference between two or more comparable means. Using Anova, we will know whether the used samples come from populations with the same means. And the value of the Anova table is significance .000 that shows its reliability. All hypotheses are accepted as the significance level 95% determine in the correlation table. Results indicate that consumer make trust on Islamic banks due to religious thinking and awareness about interest free banking.

17

Recommendations for future ResearchConsumer must aware about Islamic banking and as well as they know Islamic law about banking system. All Islamic banks must tell us his policies to their customer. The researcher must have enough budgets to conduct a Good research. In Pakistan Islamic banks follow the Islamic role to aware the customers about interest concept.

Conclusion

The intention of this study is to test out the inclination of customers trust towards the Islamic banking whether they are paying attention to the usage of interest free banking or not. Another purpose of this research to explore those factors which are playing main role to pursuit the customers for the adaptation of Islamic system of banking in which interest based transactions are strictly prohibited. Different modes of financing are offered in Islamic banking for investment purpose such as Mudaraba, Musharka, Ijara, salm etc. which are not offered in conventional banking. Research study shows that people are aware about the principles of interest by their religious thoughts. Awareness about Islamic banking can be enhanced through proper disclosure of information and by using attractive marketing strategies.

Bank has to lunch effective marketing campaigns to create awareness about Islamic banking and to attract the people towards it. Quality of services should be improved that it becomes competitive edge of Islamic banking as compare to conventional banking. When customers are highly satisfied with the facilities provided by Islamic banks then they will repeat their transactions with bank and use positive words of mouth which build a stronger image of bank in general public. Customers are also satisfied due to the fair utilization of their finance because Islamic banking provide assurance that their finance must be used for business purpose instead of personal use as against to conventional banking.

It could be easily conclude that religious thinking, tangibility, and innovation are those factors have astonishing contribution in motivating the customer towards the acceptance of Islamic banking, interest free banking, cooperate governance, responsiveness; investment financing and customer satisfaction is sensible ingredient of this study. It emphasizes that Islamic banking have to adopt new policies, rules and regulations for the improvement in level of contentment and satisfaction in its intimate consumer, social governance ,reliability, mutual participation, lending and service quality have stumpy role in customer acceptance towards Islamic banking. The banks can attracts more customers by proper social supremacy and adopting the resourceful marketing strategy to develop the awareness towards the service quality in Islamic banking.

18

AppendixQuestionnaire:

We are the students of MBA 4th Morning at Bahauddin Zakariya University Sub-campus Sahiwal.

Our project is about “Consumer trust toward the Islamic Banking. Your participation in the study is greatly appreciated.

Please answer the questions below by placing a check mark "√" in the appropriate place.

Gender 1. Male 2. Female

Marital status 1. Single 2. Married

Age: 1. 18-25 2. 26- 35 3.More than 40

Qualifiaction 1. Intermediate 2. Graduate 3. Post-graduate

Please indicate your total household income:

1. Rs.20,000 2. Rs 20,000 - 40,000 3. More than Rs.40,000

Statements Strongly Disagree Disagree

Neither Agree

nor Disagree

AgreeStrongly

Agree

How you religion guide you towards islamic banking?1. Religion beliefs guide me about Islamic banks operations

1 2 3 4 5

19

2. I prefer the islamic bank due to my religious thoughts

1 2 3 4 5

3.My religion prohibits me from taking interest 1 2 3 4 54. I believe that religion is an important part of my daily life

1 2 3 4 5

How are you satisfied with islamic banking system?5. I know the terms and condition of islamic banks

1 2 3 4 5

6. I trust on islamic banks as my religious thoughts

1 2 3 4 5

7. I am satisfied with the services offered by Islamic Banks

1 2 3 4 5

8. Quick Service and speed of transaction by islamic banks is satisfactory

1 2 3 4 5

StatementsStrongly Disagree Disagree

Neither Agree

nor Disagree

AgreeStrongly

Agree

What you know about riba?9. There is no concept of Riba in Islamic Bank 1 2 3 4 510. Islamic banks don’t follow the rules of Riba 1 2 3 4 511. No interest neither paid nor taken on saving and on loans in islamic banks

1 2 3 4 5

12. Profit sharing is without interest at Islamic Banks

1 2 3 4 5

What benefits you gain by depositing in islamic banks?13.By saving in an Islamic bank, I receive economic benefits in the form of profit sharing from the bank

1 2 3 4 5

14. Islamic Banks ensure the equal distribution of wealth in the economy

1 2 3 4 5

15.By saving in an Islamic bank, I am ensured that my money is save as bank’s financial system is healthy

1 2 3 4 5

16. Islamic banks provide opportunity to get interest free loan at easy terms & conditions

1 2 3 4 5

What factors influence you to choose islamic bank?17. Only muslims are trageted by islamic banks 1 2 3 4 518. Islamic banks have business profit sharing strategy

1 2 3 4 5

19.Islamic banks promote the “mudaraba” business

1 2 3 4 5

20

20.Islamic banks create awareness of their services by islamic laws

1 2 3 4 5

How you Trust on Islamic Banking?21. I trust on Islamic Banks due to interest free banking services

1 2 3 4 5

22. I prefer islamic banks for saving the money 1 2 3 4 523. Financial benfits are “Hilal” offered by islamic banks

1 2 3 4 5

24. Due to my religious beliefs I like islamic banking services

1 2 3 4 5

References

Asad, A. 2007. policy paper on regulatory framework for mobile banking in Pakistan. Available at: http://www.sbp.org.pk/bprd/2007/Policy_Paper_RF_Mobile_Banking_07-Jun-07.pdf

Aziz, S. 2007. is Islamic banking in Pakistan is really Islamic. Available at: http://www.thenews.com.pk/print1.asp?id=83982

Anwar, S. 2007. Islamic banking in Pakistan. Available at: http://dailysalty.blogspot.com/2007/12/islamic-banking-in-pakistan.html

Bakar, A. (2003). International Journal of Social. Performance of Islamic mainstream.

Beekun, R. I., & Badawi, J. A. (2005). Balancing ethical responsibility among multiple organizational stakeholders: The Islamic perspective. Journal of Business Ethics (60), 131-145.

Hawkins, D. I., Best, R. J., and Coney, K. A. (2001). Consumer Behavior: Building Marketing Strategy. 6th

edition. Published by Irwin McGraw-Hill.

Hirschman, E. C. (1983). Religious Affiliation and Consumption Process: An Initial Paradigm. Journal of

Research in Marketing, 6: 131-170.

Kim, S. F., David, S. W., and Zafer, B. E. (2004). The influence of religion on attitudes towards the advertising

of controversial products. European Journal of Marketing Vol. 38 No. 5/6, pp. 537-555.

21

King, M., and Hunt, R. (1969). Measuring the religious variable: Amended findings. Journal for the Scientific

Study of Religion 8:321-323.

King, M., and Hunt, R. (1972). Measuring the Religious Variables: Replication. Journal of the Scientific Study of

Religion 11(Sept): 240-251

Lenski, G. (1961). The Religious Factor. New York, Doubleday.

Mcdaniel, S. W., & Burnett, J. J. (1990). Consumer Religiosity and Retail Store Evaluative Criteria. Journal of

The Academy of Marketing Science, (Spring) 18(2), 101.

Mcfarland, S. (1984). Psychology of Religion: A call for a broader paradigm. American Psychologist. 39,

321-324.

Safiek, M. (2009). Relevancy and Measurement of Religiosity in Consumer Behavior Research. International

Business Research. Vol. 2. No. 2, pp. 75-84.

22