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Determinants of Consumers’ Decision to Switch to Islamic Banking System: A Case Study of Oman
Kiran Faiza
Abstract
Islamic banking is becoming a major alternative to conventional banking in many parts of the world, including the Gulf region. Although one of the prevalent reasons includes religious inclination, the variety of products added by Islamic banks contributes to customers switching from conventional to Islamic banking. This study analyses the factors responsible for customers’ decision to switch to Islamic banking in Oman through a questionnaire survey from Omani nationals in Muscat, Salalah, and Sohar. The data analysis tool included Structural Equation Modelling (SEM) analysis using SPSS and AMOS software. Some of the variables incorporated in the study include physical quality, outcome quality, interaction quality, customer satisfaction, trust, price, religion, and social prestige, which are the dependent variables. The independent variable includes the decision to switch. These variables have been incorporated to evaluate their impact on customers’ decision-making to switch from conventional to Islamic banking. The results indicate that interaction quality significantly influences the switching decision, whereas physical environment and outcome quality could not influence the decision. Moreover, customer satisfaction and trust positively affect the decision. Religion significantly influences switching decisions, while the price and social prestige have no association with it. The findings suggest that religion is a strong determinant and positively impacts switching decisions. Additionally, the people of Oman consider the quality of service, customer service, and trust before switching decisions.
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pp. 46–61
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