Umar Habibu Umar, M. Abduh, Mohd Hairul Azrin Besar
This study examines how the characteristics and quality of Shari'a supervisory board (SSB) influence the insolvency risk of Islamic banks. It employs unbalanced panel data of 43 Islamic banks in 15 countries between 2010 and 2020, which are hand-collected from the banks’ annual reports. The results indicate that the SSB quality index, SSB Islamic finance professional expertise and SSB competency increase insolvency risk while the SSB members with PhDs reduce it. meanwhile, SSB size, SSB meetings, SSB gender diversity (SSBG) and SSB members from foreign countries have no significant influence on the insolvency risk. These findings have implications for policymakers and regulators in carving policies and regulations in restraining the SSB from taking excessive risk. They can also guide the Islamic banks' board of directors and shareholders in appointing the SSB members.
{"title":"SHARI'A SUPERVISORY BOARD AND ISLAMIC BANKS’ INSOLVENCY RISK","authors":"Umar Habibu Umar, M. Abduh, Mohd Hairul Azrin Besar","doi":"10.21098/jimf.v9i3.1635","DOIUrl":"https://doi.org/10.21098/jimf.v9i3.1635","url":null,"abstract":"This study examines how the characteristics and quality of Shari'a supervisory board (SSB) influence the insolvency risk of Islamic banks. It employs unbalanced panel data of 43 Islamic banks in 15 countries between 2010 and 2020, which are hand-collected from the banks’ annual reports. The results indicate that the SSB quality index, SSB Islamic finance professional expertise and SSB competency increase insolvency risk while the SSB members with PhDs reduce it. meanwhile, SSB size, SSB meetings, SSB gender diversity (SSBG) and SSB members from foreign countries have no significant influence on the insolvency risk. These findings have implications for policymakers and regulators in carving policies and regulations in restraining the SSB from taking excessive risk. They can also guide the Islamic banks' board of directors and shareholders in appointing the SSB members.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"62 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91249652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Limited access to financing, followed by the difficulty in the absorption of crop yields, is still a fundamental problem for farmers. This study proposes an integrated agricultural low-cost financing model based on cash waqf along with its parameters and risk mitigation. The proposed model is developed from a literature review underpinned by in-depth interviews with 17 experts (regulators, academia, and practitioners), followed by a Focus Group Discussion, and finally validated by the key experts. Findings reveal that cash waqf fund could be used as a low-cost financing with several risk mitigation procedures to finance farmers who have hardship accessing financing. Through institutional engineering, a nazir (overseer) will involve a specialist vehicle in developing a value chain to facilitate off-takers ready to buy farmers' crops at competitive prices. The proposed model employed Mudharaba-Salam and Ijara schemes. The associated risks can be mitigated by a comprehensive feasibility study, using takaful/guarantee or reserve funds and financial restructuring. This model is expected to improve farmer welfare and national food security and deepen inclusive Islamic financial products in the agricultural sector.
{"title":"DESIGNING A WAQF-BASED AGRICULTURAL FINANCING MODEL","authors":"Rifaldi Majid, R. Sukmana","doi":"10.21098/jimf.v9i3.1686","DOIUrl":"https://doi.org/10.21098/jimf.v9i3.1686","url":null,"abstract":"Limited access to financing, followed by the difficulty in the absorption of crop yields, is still a fundamental problem for farmers. This study proposes an integrated agricultural low-cost financing model based on cash waqf along with its parameters and risk mitigation. The proposed model is developed from a literature review underpinned by in-depth interviews with 17 experts (regulators, academia, and practitioners), followed by a Focus Group Discussion, and finally validated by the key experts. Findings reveal that cash waqf fund could be used as a low-cost financing with several risk mitigation procedures to finance farmers who have hardship accessing financing. Through institutional engineering, a nazir (overseer) will involve a specialist vehicle in developing a value chain to facilitate off-takers ready to buy farmers' crops at competitive prices. The proposed model employed Mudharaba-Salam and Ijara schemes. The associated risks can be mitigated by a comprehensive feasibility study, using takaful/guarantee or reserve funds and financial restructuring. This model is expected to improve farmer welfare and national food security and deepen inclusive Islamic financial products in the agricultural sector.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86700901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ahmad Mohammad Barau, Saiful Azhar Rosly, Zulkarnain Mohamad Sori
The allocation of profit and loss to the unrestricted investment account holders (URIAHs) is a fundamental principle of Islamic banking where both the URIAHs and the Shareholders participate in funds mobilization through a risk-sharing arrangement. The study investigates the risk adjusted return received by both the unrestricted investment account holders and shareholders as well as the level of risk sharing between them for Islamic banks in Nigeria, Sudan, Bahrain and Qatar using financial ratio analysis, difference in mean t-test and Var-at-Risk (VaR) methodologies. The paper concludes that, contrary to the findings of many previous studies, the unrestricted investment account holders receive lower risk adjusted returns than the Shareholders do and at a higher risk in some of these countries and also the Central Banks impose a risk sharing value (the alpha factor) which is always different from the actual computed value of the risk sharing parameter for the banks and these are the likely potential sources of instability in the Islamic banks of these countries.
{"title":"ACCOUNT-HOLDERS AND SHAREHOLDERS OF ISLAMIC BANKS: IMPLICATIONS ON STABILITY AND RESILIENCE","authors":"Ahmad Mohammad Barau, Saiful Azhar Rosly, Zulkarnain Mohamad Sori","doi":"10.21098/jimf.v9i3.1639","DOIUrl":"https://doi.org/10.21098/jimf.v9i3.1639","url":null,"abstract":"The allocation of profit and loss to the unrestricted investment account holders (URIAHs) is a fundamental principle of Islamic banking where both the URIAHs and the Shareholders participate in funds mobilization through a risk-sharing arrangement. The study investigates the risk adjusted return received by both the unrestricted investment account holders and shareholders as well as the level of risk sharing between them for Islamic banks in Nigeria, Sudan, Bahrain and Qatar using financial ratio analysis, difference in mean t-test and Var-at-Risk (VaR) methodologies. The paper concludes that, contrary to the findings of many previous studies, the unrestricted investment account holders receive lower risk adjusted returns than the Shareholders do and at a higher risk in some of these countries and also the Central Banks impose a risk sharing value (the alpha factor) which is always different from the actual computed value of the risk sharing parameter for the banks and these are the likely potential sources of instability in the Islamic banks of these countries.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"115 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77909871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines whether COVID-19 has affected the stability of Islamic banking efficiency in Indonesia and Malaysia using the Data Envelopment Window Analysis (DEWA) using data from 2017 to 2022. The findings indicate that Islamic banks in Malaysia exhibit a higher level of efficiency and stability as compared to their counterparts in Indonesia across all three efficiency measures, namely Technical Efficiency (TE), Pure Technical Efficiency (PTE), and Scale Efficiency (SE). In addition, the findings show that Islamic banks in both countries have stable efficiency performance over the period under investigation and hence the Covid-19 pandemic has not affected their efficiency levels. From the analysis, we further note that financing and labor costs are the main sources of inefficiency in Malaysian Islamic banks while fixed assets and operating revenue contribute the most to Indonesian Islamic banks’ inefficiency.
{"title":"STABILITY OF ISLAMIC BANK EFFICIENCY IN INDONESIA AND MALAYSIA: HAS COVID-19 MADE ANY DIFFERENCE?","authors":"R. Riani","doi":"10.21098/jimf.v9i3.1526","DOIUrl":"https://doi.org/10.21098/jimf.v9i3.1526","url":null,"abstract":"This study examines whether COVID-19 has affected the stability of Islamic banking efficiency in Indonesia and Malaysia using the Data Envelopment Window Analysis (DEWA) using data from 2017 to 2022. The findings indicate that Islamic banks in Malaysia exhibit a higher level of efficiency and stability as compared to their counterparts in Indonesia across all three efficiency measures, namely Technical Efficiency (TE), Pure Technical Efficiency (PTE), and Scale Efficiency (SE). In addition, the findings show that Islamic banks in both countries have stable efficiency performance over the period under investigation and hence the Covid-19 pandemic has not affected their efficiency levels. From the analysis, we further note that financing and labor costs are the main sources of inefficiency in Malaysian Islamic banks while fixed assets and operating revenue contribute the most to Indonesian Islamic banks’ inefficiency.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"62 5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89819601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the impact of analysts’ forecast of market liquidity and information efficiency in the U.S (developed) and Malaysia (emerging – Shariah-compliant stocks) before and during COVID-19. The results show that the analysts’ forecast is significant to the market liquidity in the pre-COVID period but its influence diminishes during the COVID-19. Moreover, the impact of the analysts’ forecast is significant in the upper quantiles (0.7 and 0.9 quantiles) of the U.S market and in the lower quantiles (0.1 and 0.3 quantiles) of Malaysia's Islamic market. Similarly, the buy-sell recommendations in the U.S market and all variables forecasted are significant before COVID-19. Both markets become inefficient during COVID-19, and analysts’ forecast is no longer correlated to information efficiency. These results inform practitioners and investors to inspect the market conditions and investor's behavior under market stress such as COVID-19, which has disrupted the international financial markets.
{"title":"INFORMATION EFFICIENCY IN THE U.S. AND SHARIAH-COMPLAINT STOCKS IN MALAYSIA DURING COVID-19","authors":"Ooi Kok Loang","doi":"10.21098/jimf.v9i3.1509","DOIUrl":"https://doi.org/10.21098/jimf.v9i3.1509","url":null,"abstract":"This study examines the impact of analysts’ forecast of market liquidity and information efficiency in the U.S (developed) and Malaysia (emerging – Shariah-compliant stocks) before and during COVID-19. The results show that the analysts’ forecast is significant to the market liquidity in the pre-COVID period but its influence diminishes during the COVID-19. Moreover, the impact of the analysts’ forecast is significant in the upper quantiles (0.7 and 0.9 quantiles) of the U.S market and in the lower quantiles (0.1 and 0.3 quantiles) of Malaysia's Islamic market. Similarly, the buy-sell recommendations in the U.S market and all variables forecasted are significant before COVID-19. Both markets become inefficient during COVID-19, and analysts’ forecast is no longer correlated to information efficiency. These results inform practitioners and investors to inspect the market conditions and investor's behavior under market stress such as COVID-19, which has disrupted the international financial markets.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79770831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study explores the dynamic co-movement of Islamic asset classes and cryptocurrencies for the period 01 March, 2017 to 15 June, 2022 by employing Wavelet methodology. The Islamic investment classes are represented by Islamic equities, Islamic Socially responsible investments, Real estate investment trusts and Sukuk. The results reveal that in normal times, there is negligible co-movement of both the asset classes. By contrast, both the investment classes exhibit significant spillover effect during the health crisis period. An important implication from these findings is that both the asset classes offer diversification opportunity during normal times but not during extreme times.
{"title":"THE INTERCONNECTEDNESS PATTERN OF CRYPTOCURRENCIES AND ISLAMIC INVESTMENT CLASSES","authors":"Zaheer Anwer","doi":"10.21098/jimf.v9i2.1600","DOIUrl":"https://doi.org/10.21098/jimf.v9i2.1600","url":null,"abstract":"This study explores the dynamic co-movement of Islamic asset classes and cryptocurrencies for the period 01 March, 2017 to 15 June, 2022 by employing Wavelet methodology. The Islamic investment classes are represented by Islamic equities, Islamic Socially responsible investments, Real estate investment trusts and Sukuk. The results reveal that in normal times, there is negligible co-movement of both the asset classes. By contrast, both the investment classes exhibit significant spillover effect during the health crisis period. An important implication from these findings is that both the asset classes offer diversification opportunity during normal times but not during extreme times.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"61 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79088917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Umul Ain'syah Sha'ari, S. R. Hamzah, Karmila Hanim Kamil
This study examines the potential of utilizing equity-based financing by companies in achieving financial sustainability as compared to debt-based financing. To this end, a conceptual framework of equity-based financing over debt-based financing is developed to provide an understanding of the concept of equity-based financing. Subsequently, this study analyses the credit risk exposure between equity and debt for selected sectors in Malaysia. More specifically, a Monte Carlo method is employed to examine the feasibility of the equity-based financing model in fostering the financial sustainability of companies through simulation of equity-based and debt-based financing models from the global financial crisis (GFC) period to the Covid-19 phase. This study finds that equity-based financing can reduce credit risk exposure when returns are tied to the company’s performance. The findings also show that equity-based financing can achieve financial sustainability regardless of any economic events. To conclude, equity-based financing can thus be a viable capital financing option for companies because it can contribute to long-term financial sustainability.
{"title":"FINANCIAL SUSTAINABILITY OF A FIRM: DEBT-BASED OR EQUITY-BASED FINANCING TO PURSUE?","authors":"Umul Ain'syah Sha'ari, S. R. Hamzah, Karmila Hanim Kamil","doi":"10.21098/jimf.v9i2.1653","DOIUrl":"https://doi.org/10.21098/jimf.v9i2.1653","url":null,"abstract":"This study examines the potential of utilizing equity-based financing by companies in achieving financial sustainability as compared to debt-based financing. To this end, a conceptual framework of equity-based financing over debt-based financing is developed to provide an understanding of the concept of equity-based financing. Subsequently, this study analyses the credit risk exposure between equity and debt for selected sectors in Malaysia. More specifically, a Monte Carlo method is employed to examine the feasibility of the equity-based financing model in fostering the financial sustainability of companies through simulation of equity-based and debt-based financing models from the global financial crisis (GFC) period to the Covid-19 phase. This study finds that equity-based financing can reduce credit risk exposure when returns are tied to the company’s performance. The findings also show that equity-based financing can achieve financial sustainability regardless of any economic events. To conclude, equity-based financing can thus be a viable capital financing option for companies because it can contribute to long-term financial sustainability.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"412 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74125011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ann Khoirunnisa, Uma Zalfa Salsabiil, F. Sodik, Nala Syifa Dewanti, Rizaldi Yusfiarto
Using an integrated entrepreneurial model, this study examines social entrepreneurship intention of Muslim youth in Indonesia. In the study, a total of 206 of Muslim youths and surveyed and the data are analyzed using the partial least squares structural equation model (PLS-SEM). The findings show that, while religiosity does not have a direct effect on socio-entrepreneurial intention, it increases perceived desirability. We reason that the religiosity of Muslim youth is more on the formation of positive perceptions, which give rise to desires and intentions to be socio-entrepreneurs. Thus, the application of social entrepreneurship among Muslim youth in Indonesia is supported by not only profits but also individual beliefs in creating social value and prospering society.
{"title":"LINKING RELIGIOSITY TO SOCIO-ENTREPRENEURSHIP INTENTION: A CASE OF MUSLIM YOUTH IN INDONESIA","authors":"Ann Khoirunnisa, Uma Zalfa Salsabiil, F. Sodik, Nala Syifa Dewanti, Rizaldi Yusfiarto","doi":"10.21098/jimf.v9i2.1647","DOIUrl":"https://doi.org/10.21098/jimf.v9i2.1647","url":null,"abstract":"Using an integrated entrepreneurial model, this study examines social entrepreneurship intention of Muslim youth in Indonesia. In the study, a total of 206 of Muslim youths and surveyed and the data are analyzed using the partial least squares structural equation model (PLS-SEM). The findings show that, while religiosity does not have a direct effect on socio-entrepreneurial intention, it increases perceived desirability. We reason that the religiosity of Muslim youth is more on the formation of positive perceptions, which give rise to desires and intentions to be socio-entrepreneurs. Thus, the application of social entrepreneurship among Muslim youth in Indonesia is supported by not only profits but also individual beliefs in creating social value and prospering society.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"71 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89992461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the effect of political institutions on bank stability of dual banking countries. Applying the two-step GMM approach to a panel sample of Islamic and conventional banks from 2005 to 2020, we arrive at the following results. First, we observe that the quality of political institutions leads to more stable banking system, which is in line with the view that quality political institutions improve the transparency, thereby reducing adverse selection and leading to overall improvement in the banking stability. Second, when we look at components of political institutions, we document the significance of the voice and accountability dimension in enhancing bank stability. Finally, as a side result, we find evidence that competition leads to stability for Islamic banks. These findings are robust to several robustness tests. The implications of our findings are provided in the paper.
{"title":"BANK RESILIENCE AND POLITICAL INSTITUTIONS: DO BANKING BUSINESS MODELS MATTER?","authors":"Wajahat Azmi, Mohsin Ali, Muhammad Umar Islam","doi":"10.21098/jimf.v9i2.1640","DOIUrl":"https://doi.org/10.21098/jimf.v9i2.1640","url":null,"abstract":"This paper investigates the effect of political institutions on bank stability of dual banking countries. Applying the two-step GMM approach to a panel sample of Islamic and conventional banks from 2005 to 2020, we arrive at the following results. First, we observe that the quality of political institutions leads to more stable banking system, which is in line with the view that quality political institutions improve the transparency, thereby reducing adverse selection and leading to overall improvement in the banking stability. Second, when we look at components of political institutions, we document the significance of the voice and accountability dimension in enhancing bank stability. Finally, as a side result, we find evidence that competition leads to stability for Islamic banks. These findings are robust to several robustness tests. The implications of our findings are provided in the paper.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"266 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76314055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Galuh Tri Pambekti, Septy Setia Nugraha, Rizaldi Yusfiarto
This study focuses on the factors that contribute to switching intentions from non-halal cosmetics to halal cosmetics by Muslim women in Indonesia. Using a questionnaire and purposive sampling, we compile data from a total of 236 women who use halal cosmetics and then apply the SEM-PLS for data analysis. The results show that the pull effect significantly affects Muslim women's intention to switch to halal cosmetics and is moderated negatively by switching costs. While the push effect doesn’t significantly affect the intention to switch to halal cosmetics. In addition, halal awareness and switching costs directly affect Muslim women's switching intentions from non-halal to halal cosmetics.
{"title":"MUSLIM WOMEN SWITCHING INTENTION TO HALAL COSMETIC: PUSH-PULL-MOORING MODEL APLICATION","authors":"Galuh Tri Pambekti, Septy Setia Nugraha, Rizaldi Yusfiarto","doi":"10.21098/jimf.v9i2.1633","DOIUrl":"https://doi.org/10.21098/jimf.v9i2.1633","url":null,"abstract":"This study focuses on the factors that contribute to switching intentions from non-halal cosmetics to halal cosmetics by Muslim women in Indonesia. Using a questionnaire and purposive sampling, we compile data from a total of 236 women who use halal cosmetics and then apply the SEM-PLS for data analysis. The results show that the pull effect significantly affects Muslim women's intention to switch to halal cosmetics and is moderated negatively by switching costs. While the push effect doesn’t significantly affect the intention to switch to halal cosmetics. In addition, halal awareness and switching costs directly affect Muslim women's switching intentions from non-halal to halal cosmetics.","PeriodicalId":31622,"journal":{"name":"Journal of Islamic Monetary Economics and Finance","volume":"32 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79955873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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