Factors Influencing the Islamic Credit Cards Holders Satisfaction

Factors Influencing the Islamic Credit Cards Holders Satisfaction Nuradli Ridzwan Shah Bin Mohd Dali and Hanifah Abdul Hamid, Universiti Sains Islam Malaysia, Malaysia Dr. Shahida Shahimi and Hairunnizam Wahid, Universiti Kebangsaan Malaysia, Malaysia ABSTRACT Islamic credit card is widely accepted in the banking industry and the public acceptance is favorable because it gives an alternative to Muslim consumers to use the credit card facilities and in the same time adhere to the prohibition of interest as promulgated by Islam. However, there is lacking of studies in determining the factors that contributes to the credit card holders’ satisfaction. The Islamic credit card holders’ satisfaction is important because, customers’ dissatisfaction will increase complaints which trigger the possibility of switching to conventional credit cards. The switching is possible since there are decrees from Islamic scholars that permit the usage of the conventional credit cards as long as payment of full outstanding balance is made. Therefore, this study is conducted to analyze the factors influencing the perceptions and satisfaction of the Islamic and Conventional credit card holders by using factoring analysis and logistic regression. The result shows that the Islamic credit card holders’ satisfaction factors are shopping, bulk purchases and understand concept. The result is expected to be used as guidance for Islamic Bankers in promoting its credit cards. INTRODUCTION A credit card is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user's account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user). It is also different from a charge card (though this name is sometimes used by the public to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard. Credit card has a rectangular shape card with a dimension similar to a common business transaction. Credit cards have received lots of attention from researches, bankers and policy makers for few reasons. Sook Yee Choo (2005) in his study on credit cards mentioned that there are three factors influencing the credit card industry. First, as a main medium for bankers because of the operational costs are quite low. Second, most of the credit card markets in developing countries are not saturated yet. Third, it may create economic chaos if lack of effective monitoring. Islamic Banking is also like Conventional Banks, which is profit maximizing organizations, however Islamic banking are not allowed to deal with interest or to engage in any business or trade prohibited products. In the other hand, the Conventional Therefore many of the conventional banks products could not be offered by the Islamic banks because most of the conventional banking products are interest based. The demand for Islamic banking in Malaysia is as old as the establishment of Tabung Haji in 1969. But its role is rather limited as non-bank financial institution. However Islamic banking system was marked in 1983, with the enforcement of two new acts known as Islamic Banking Act and Government Investment Act, enable government to establish an Islamic bank and to issue non-interest bearing certificates. Therefore, in July 1983 first Islamic bank with the name of Bank Islam Malaysia Berhad (BIMB) was established. After a successful decade of the performance and functioning of Bank Islam Malaysia Berhad, the Malaysian authorities have introduced an Interest free banking scheme (Skim Perbankan Tanpa Faedah or SPTF). This scheme requires all conventional banks to participate and offer Islamic-financing techniques by opening separate Islamic counters in their branches. Now the banks offering Islamic financial instruments not only have to compete among themselves but also with conventional financial instruments. Islamic banking performs the same function of financial intermediation as conventional banks where to attract financial resources from individual and institutions and directs them towards business firms, which need external finance to support their financial activities. However, these activities instead of interest it rely on profit and loss sharing and other interest free modules. In addition, Islamic banks also are not allowed to issue securities involving interest like long and short term bonds, debentures and preference shares. Currently, Islamic banks on its liability side of their balance sheets are based on four main sources of funds. This includes shareholders’ funds, current, saving and investment accounts. (Ahmad Kaleem, 2000) The Business Review, Cambridge * Vol. 11 * Num. 2 * December * 2008 298 The Islamic banks avoid interest by entering into a sales and purchase, profit sharing and partnership agreements with the customers. Even though the contracts used are different because the nature of the contracts are different .i.e. loan and sales and purchase, the Islamic banking however manage to be able to serve the consumers needs as what the conventional bank are currently offering including in the credit card facilities. The objectives of this study are as follows: a. To identify the level of penetration of Islamic banking credit cards in the credit card industry b. To identify the factors that influence the Islamic credit card holders satisfaction using logistic regression Scope of Study The research is conducted to identify the credit card holders’ satisfaction factors in Malaysia using only online self administered survey. The online survey is used since it is cost saving, faster, efficient and the response rate is better than the mail survey. In this research, the satisfaction factors would be identified using the factoring analysis and the card holders satisfaction would be measured using logistic regression. It is expected that the result from this research could be used by bankers as guidance on the factors that might influence the behaviors of the credit card holders and specifically the factors that contribute to the satisfaction of the credit cards holders. In general it could benefits the understanding of the society on the overall concepts of the Islamic credit cards and its permissibility. Significant of Study This paper would be beneficial for the Islamic banking institutions to promote their credit cards products and gain higher income as well as for the economic growth of the country when it would facilitate nation production and investment since the consumers tend to spend. In addition, credit card is for ease of the Muslim society. According to Ma’sum Billah (2004), the use of masalih al mursalah can be applied in the credit card transaction, since Allah wants us to have easiness in the life. However, it has to be harmonized with the Quran and Sunnah so that it will not deviate from the Shariah teaching. The advantages of using credit card transactions among others are; the conveniences it gives to the buyers, the security whereby the users do not have to carry much cash anywhere, and the cost effectiveness which benefits the users in terms of giving comfortable and easier lives. Overview on Credit Card A credit card is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user's account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user). It is also different from a charge card (though this name is sometimes used by the public to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard. Credit card has a rectangular shape card with a dimension similar to a common business transaction. The credit card was first introduced in 1950 by Diners Club that allowed its cardholders to purchase goods and service from many different merchants. In the late 1950s, Bank of America began offering the first widely available general purpose credit card (Wood, 2006). Evolving since the last five decades, the credit card is an essential mode of payments in the modern society. Islamic Banking, on the other hand is relatively new in the credit card industry since it started to offer Islamic credit card in the past ten years as compared to a half century of the conventional banking credit card industry. Conventional bank was the first to introduce credit cards to the users. As their nature of business is interest based, it allows any kinds of transactions so long the business is legal. Unlike conventional banks, Islamic banks are not allowed to deal with interest or to engage in any business or trade of prohibited products such as liquor and pork. Instead of giving out loans and charging interests, the Islamic banks practices are sales and purchase, profit sharing, profit and loss contract, leasing or a combination of these contracts. These contracts are different from the conventional lending contracts. Despite the differences in the contracts used, the Islamic banking is still able to serve the consumers needs as what the conventional bank are currently offering including the credit card facilities. Fiqh Issues on Credit Cards There are decrees such as from Kahf (2000) in favor of credit cards permitting Muslim using it. Credit cards allow payment of large purchase, allow people who do not carry cash to buy things, and are useful in Internet purchases and rental collateral. However, the problem is that it is unacceptable on religious grounds because there will be an interest payments charged when the outstanding balance is not paid in full. In the card issuer’s point of view, several problems The Business Review, Cambridge * Vol. 11 * Num. 2 * December * 2008 299 occurred. For example, not only will the bank make little or no revenue from a credit card if the balance is paid in full, but in religious terms it will be colluding in the commitment of sin, as the contract in paying interest is signed wherein a Muslim agrees to pay riba in the case of non-payment of the balance. Apart from that, the extension of credit with a view to making profit is not a qardhul hasan loan, thus it is unacceptable in religious terms for the creditor as well as the borrower. This situation represent unprofitable for the bank. In contrast, Kahf (2003) supports the usage of conventional credit cards as long as it does not involve the element of usury. As an example, if the credit card holders withdraw cash advance and it will result in interest charges, then it will be prohibited. It is also forbidden if the credit card accounts are charged interest for delay in full settlement. Kahf (2002, 2003) allows the usage of conventional credit cards only if the purchase is fully settled like a charge card. Muhammad Taqi Usmani (undated) supports Kahf with the following decree. The interest charged on the card users when there is a late payment is non-Islamic. The interest charged on the late payment constitutes riba, and if this element is taken out, the card becomes Islamic In contrary, Shaykh Ibn ‘Uthaymeen (2002) argues that a contract of this type is not permissible because it involves riba and it also means committing to paying interest if payment is delayed. A study by Choo et al. (2005) found that there were two distinctive processes; whether the card holders would use their credit cards and if they have Islamic-based credit cards. The study found that the probability of choosing Islamicbased credit card is higher for the government staffs compared to private sector staffs. Besides that, they also found that the actual frequency of using credit cards for online purchases increase the probability of choosing Islamic-based credit cards. The authors also suggest that the Islamic-based credit cards may have some attractive features for online purchase to encourage people to use this product. Chan (1997) conducted a survey in Hong Kong to examine the demographic and attitudinal differences between inactive and active bank credit cardholders. Income is found to be the single most important variable that influences the card usage rate. Efforts to develop credit cards as a preferred mode of payment are necessary in order to induce more intensive card usage. Such efforts would involve further liaison with merchants so as to make them fully realize the advantages of accepting card payment. The survey results provides card marketers with further insights into the importance of transaction and financing convenience, and possibly card design, in activating apathetic cardholders. Norudin and Zull Nikli (2004) studied the relationship between demographic factors and the usage of Islamic credit card as well as conventional credit card demonstrated that there is positive relationship between usage rate and income. It was due to the fact that most of the card issuers normally grant a higher credit limit among the higher income group. Finally, it was stated that higher income consumers are the main targets for the credit card issuers. The assumptions was that when consumers seek for resolution to credit card problems, more likely it may not be a troublesome to the higher income group, but evidence demonstrated otherwise. However, there is no specific research conducted on the satisfaction of the Islamic credit holders and this research will try to fill the gap. A 1995 survey of credit-card holders by J.D Powers and Associates found that quality of the billing and payment process, card acceptance, and speed of approval are more important to consumers than low interest rates and annual fees (anonymous, 1995). The same company also conducted a survey in 2007 and found out that there are five factors that contribute to the satisfaction of the card holders i.e. fees and rate, billing and payment process, credit cards benefits, reward program and problem resolutions. American Express was awarded with the highest ranking (J.D. Power and Associates, 2007). However, a study conducted in Turkish Republic of Northern Cyprus (TRNC) in 2006 revealed that the most important factors effecting credit card usage are high education level, status of government workers, the opportunity of not carrying cash, spending money when in need of cash, the banks those people frequently work with and the installments opportunities the credit cards provide (Veli Safakli, Okan, 2006). The credit card users are divided into two categories i.e. the transactors and revolvers (Block, 2007). The revolvers are less satisfied with the card issuers as compared to transactors. The industry is growing and this research would be beneficial for the Islamic banks offering Islamic credit cards. They could focus on several factors influencing the credit card holders when it comes to choosing their preferred credit cards in Malaysia per se. The satisfying factors could be identified and would be explained in the next section. RESEARCH METHODOLOGY This study employs two methods of analysis, namely exploratory factor analysis (EFA) and logistic regression. Factor analysis will be used to reduce and consequently group the independent variables. Logistic regression will be used subsequently to analyze the relationship between the categorical dependent variable with the independent variables found in the factor analysis. Primary data will be collected for the purpose of analysis which will be further discussed in the collection of data section. The methods employ in this paper are rarely used in economics and finance research but are widely used in the medical research, sociology, marketing and international The Business Review, Cambridge * Vol. 11 * Num. 2 * December * 2008 300 business. The methods are underutilized in applied behavioral research of economics and finance as well as Islamic finance mainly because lack of interest and initiatives from the researchers or because of the dynamics and robustness of the methods making the combination of these methods are popular in other areas. Nasser et al (1998) used logistic regression and factor analysis. Qian et al. (2004) explore methods to develop uncorrelated variables for epidemiological analysis models. Both of the methods are also used in the Preventive Veterinary Medicine research conducted by Thorne and Hardin (1997). The methods were also employed in microbiology and diary veterinary research as conducted by. Kramsky, et al. (2000), Grant, et al. (2001) and Wellset al. (2002), Berghausa, et al. (2005) and Collins and Morgan (1992). In addition, in the area of diabetes care, Wang et al. (2004) also uses the same methods. Not limited to diabetes, the same methods are also employed in cardiovascular research as conducted by Nakamura et al. (2006). Geriatric Psychiatry researchers (2003) also employ the factor analysis and logistic regression in their research. A research conducted by Iwan Triyuwono et al. (2000) used factoring analysis as well as logit/tobit analysis in determining the relationship of the Islamic banking selection in Indonesia. Collection of Data The survey was conducted using the web-based self administered questionnaire and emails were sent to the potential respondents redirecting them to the website. Then, the data were downloaded from the website database and were converted to SPSS compatible data form. The data were used for analysis using the factoring analysis and logistic regression. There are approximately 127 respondents who have participated in the survey comprises from the Islamic Credit card and conventional credit card holders. The sample size is adequate to give an early picture of the consumer behavior about the Islamic and Conventional credit cards since the respondents are using online web based questionnaire which cover respondents from Malaysia. The demographic profiles of the respondents are illustrated in the table in the next section. FINDINGS It is found that two third of the respondents are gentlemen. The respondents are various in age in which 40% of them are at the age of 26-30, followed by 31-35 (24.6%), 36-40 (18.5%), 41-45 and 46 and above (6.2%) respectively, and 19-25 (4.6%). More than half of the respondents obtained their first degree. 40% of the respondents are postgraduate holders. Only 4.6% of the respondents stopped studies until high school. Majority of the respondents are married with children. Singles count for 15.4%. The rests are those who married without children and divorcees 1.5% respectively. These credit cardholders held various positions. 40% of them held executive or managerial position, followed by academicians (16.9%), Professionals (23.1%), Technical Engineers (9.2%), and clerical and self-employed 1.5% respectively. 29.2% of the respondents make more than RM 5000 while 16.9% earns between RM 4000 to RM 5000 monthly. 26.2% of them have a monthly salary range of RM 3000 – RM 4000 while the other 20% earns between RM 2000 – RM 3000 and 7.7% have income of RM 1000 – RM 2000. Visa has been chosen by 13.8% of the respondents while Mastercard and others were chosen by 43.1% respondents respectively. When asked the first time they use their credit card, 24.6% of them have been using this facility since they were still studying, 47.7% of them started using credit cards when they were employed and 27.7% of them started using their credit cards when only they have stable income. Almost half of the respondents got the influence to use credit cards by their friends (47.7%), followed by promotions of salesmen (32.3%), family (16.9%) and lastly by relatives(3.1%). The study also finds that almost thirty percent of the respondents have one credit card, 55.4% of them have up to 3 credit cards, about 14 % have up to 5 credit cards and 1.5% only have more than 5 credit cards. These respondents have various frequencies in using their credit cards monthly. 38.5% of them use their credit card often (more than 5 times in a month), 12.3% use the cards about 5 times, 23.1% use the cards 3 times and 26% use the cards once in a month. Reliability Test The Cronbach alpha shows that the data is reliable and having internal consistency by having an alpha of 0.77085. Reliability test is an assessment of the degree of consistency between multiple measurements of a variable. Cronbach’s alpha is the most widely used measurement tool with a generally agreed lower limit of 0.7. The alpha coefficients is above the required level of 0.7 as suggested by Nunnally (1978). Factor analysis Factor analysis will be used to reduce and group the independent variables for the ICC. The groups will further analyze using the logistic regression in determining the factors that influence positively or negatively to the satisfaction of the ICC. The Business Review, Cambridge * Vol. 11 * Num. 2 * December * 2008 301 Sampling Adequacy Sampling adequacy is measured by Kaiser-Meyer-Olkin Measure (KMO). KMO predicts if data are likely to factor well, based on correlation and partial correlation. KMO can be used to assess which variables to drop from the model. There is a KMO statistic for each individual variable, and their sum is the KMO overall statistic. KMO varies from 0 to 1.0 and KMO overall should be .50 or higher to proceed with factor analysis. If it is not, drop the indicator variables with the lowest individual KMO statistic values, until KMO overall rises above .50. Table: Kaiser-Meyer-Olkin Measure of Sampling Adequacy and Barlett’s Test for ICC Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square Df Sig. .571 829.948 406 .000 The KMO test shows that the factor analysis could be done because it is more than 0.5. Therefore no variables would be excluded. In addition the Bartlett’s test of sphericity is significant therefore we conclude that the factor analysis could be further analyzed. Factors Explained For Islamic Credit Cards Based on the total variance explained, there are 9 factors extracted. These components are extracted based on the initial eigenvalues is higher than 1.00. The total variance explained by the extracted components is approximately 70.317% of the total variations. Logistic Regression for Islamic Credit Cards This analysis is conducted to identify the factors that influence the Islamic credit card holders’ satisfaction using logistic regression. The Islamic credit card holders who are satisfied with their credit cards will be categorized as 1 and the card holders who do satisfy with their credit cards will be categorized as 0. Chi-square (Hosmer-Lemeshow) test of goodness of fit In assessing the model fitness, Hosmer and Lemesshow test is conducted and the test result is not significant it failed to reject the null hypothesis, therefore we accept the null hypothesis and the hypothesized model is fit with the data. Classification Table for Islamic Credit Card Holders’ Satisfaction Classification tables are the 2 x 2 tables in the logistic regression output for dichotomous dependents, or the 2 x n tables for ordinal and polytomous logistic regression, which tally correct and incorrect estimates. The columns are the two predicted values of the dependent, while the rows are the two observed (actual) values of the dependent. In a perfect model, all cases will be on the diagonal and the overall percent correct will be 100%. If the logistic model has homoscedasticity (not a logistic regression assumption), the percent correct will be approximately the same for both rows. Based on the classification 2 X 2 table, it shows the correct and incorrect estimation value. Based on the above table it is noted that 12 respondents who are not satisfied with their credit cards in the observation but in the prediction there are only 7 respondents. Therefore the accuracy of the classification is about 58.3%. In contrary, there are 53 respondents who are satisfied with their credit cards in the observation but there are only 50 respondents in the prediction. Therefore the accuracy is about 94.3%. The overall accuracy for both the satisfied and unsatisfied respondents is approximately 84.7%. Logistic Regression Equation for Islamic Credit Cards The logistic regression model could be identified by taking the logit betas (B) as provided in the table below and the odd ratios are given as Exp (B). B Step 3Shopping Bulk Purchase Understand Concept Constant Table: Logistic Regression Equation for ICC S.E. Wald df Sig. 1.266 2.658 -1.137 3.138 .565 .780 .616 .782 5.028 11.600 3.412 16.097 1 1 1 1 .025* .001* .065* .000* The Business Review, Cambridge * Vol. 11 * Num. 2 * December * 2008 Exp(B) 3.547 14.270 .321 23.069 95.0% C.I.for EXP(B) 1.173 3.091 .096 10.725 65.883 1.072 302 Based on the above logistic regression result, it could conclude that the Islamic credit card holders are satisfied with the Islamic credit card given the following logistic model. There three independent variables factors that are significant in influencing the satisfaction of the Islamic credit card holders. Ln p/1-p = 3.138 + 1.266 (Shopping)* + 2.658 (Bulk Purchase)* -1.137 (Understand Concept)* Or p/1-p = e 3.138 + 1.266 (Shopping)* + 2.658 (Bulk Purchase)* -1.137 (Understand Concept)* The three factors that contribute to the satisfaction of the Islamic credit card holders positively and significantly are shopping and bulk purchases respectively, while the third factor, understand concept is contributing negatively to the satisfaction of the Islamic credit card holders. CONCLUSIONS AND RECOMMENDATIONS The credit card is permissible by the scholars as long at it do not involve with the payment of interest for the benefit of ummah according to the principles of masalih mursalah. The Islamic credit card industry is growing tremendously. The increase in the number of Islamic credit card product provides alternatives for Muslims to have an interest-free payment and credit system. This product has also succeeded in attracting customers from the conventional banking. Majority of the conventional credit card holders will also have the Islamic credit card as their second cards. Based on the findings, it can be concluded that there are 10 factors that could be further analyzed in determining the motivation for the Islamic credit card holders. All of the factors such as usage and perceptions, interest free and shariah compliance, credit & control, bulk purchases and status, emergency and traveling, easy payment scheme, knowledge and shariah compliance, status, and easy access could contribute in enriching the study on the Islamic credit card holders’ behavior and preferences. This study shows that factors influencing the satisfaction of the Islamic credit card holders are shopping, bulk purchase and understanding of the concept. As for the Islamic credit card holders’, the more the customers understand the concept applied to Islamic credit card the more dissatisfied the card holders. The unexpected finding of this research urges the eastern Islamic bankers and researchers to revisit the concept applied i.e. bai al Inah in order to ensure the card holders are satisfied with the Islamic credit cards. However, the kafalah and tawarruq concept credit cards, which are applied by the middle-eastern bankers, are not applied in this case because the sampling of respondents only covers the Malaysian credit card holders. If however the middle-eastern bankers, would like to identify whether the same applies as the Malaysian credit card holders, the author would be willing to cooperate in assisting to duplicate the research to the middle-eastern countries. In addition the most influencing factor to the Islamic credit card holders’ satisfaction is bulk purchase factor which have the highest odd ratio. This shows that the Islamic credit card holders will be more satisfied if the credit card enables them to purchase in bulk at hypermarket. 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(2004). Factor Analysis Of Household Factors: Are They Associated With Respiratory Conditions In Chinese Children? International Journal of Epidemiology, Volume 33, Number 3, pp. 582-588 The Business Review, Cambridge * Vol. 11 * Num. 2 * December * 2008 304 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.