Individuals’ purchase intention of the Sukuk bond: A study on developing economy

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The Shariah-compliant (Sukuk) bond has been recently introduced in Muslim countries. Sukuk is getting popular among the Muslim population because of its non-interest feature. Thus, this study explores the impact of attitude toward the Sukuk bond, Muslim people’s religiosity, and their subjective norms on the purchase intention of the Sukuk bond in a Muslim developing country: Bangladesh. The study involved 412 individuals who were current customers of Islamic financial products at different financial institutions in Dhaka, Bangladesh. The study used a convenience sampling technique. The study used a survey questionnaire to assess the three independent variables: attitude, religiosity, and subjective norms. The dependent variable was the purchase intention of the Sukuk bond. The statistical software package, SPSS version 29.0, was utilized to test the hypotheses considering a 95% confidence interval. The findings indicate that three independent variables significantly correlated with the dependent variable. The highest correlation was found between subjective norms (r = 0.644) and purchase intention. The regression results suggest that attitude, religiosity, and subjective norms statistically impact the individuals’ purchase intention of the Sukuk bond in Bangladesh. It also shows that consumers’ attitude (β = 0.386) has a greater impact on their purchase intention. Also, consumers’ subjective norms (β = 0.302) have the second highest influence on purchase intention. These variables explain a significant proportion of the variability observed in purchase intention. Also, the t-test shows that male individuals have higher purchase intentions than females.

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    • Figure 1. Research framework
    • Table 1. Sources for developing a survey questionnaire
    • Table 2. Reliability and validity analysis
    • Table 3. Demographic information
    • Table 4. Correlation matrix
    • Table 5. Model summary of regression analysis
    • Table 6. Regression coefficients
    • Table 7. T-test (Independent samples) on gender
    • Conceptualization
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Data curation
      K. M. Anwarul Islam
    • Formal Analysis
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Investigation
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan
    • Methodology
      K. M. Anwarul Islam, Abul Bashar Bhuiyan
    • Project administration
      K. M. Anwarul Islam, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Resources
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Software
      K. M. Anwarul Islam
    • Supervision
      K. M. Anwarul Islam, Abul Bashar Bhuiyan
    • Validation
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Visualization
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Writing – original draft
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Writing – review & editing
      K. M. Anwarul Islam, Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque
    • Funding acquisition
      Serajul Islam, Sami Al-Kharusi, Abul Bashar Bhuiyan, Md. Shariful Haque