Date Log
Submitted
24 June 2021
Accepted
12 November 2021
Published
13 December 2021
The Determining Factors in Influencing Customer’s Loyalty: A Financial Approach
Corresponding Author(s) : Syafiq Mahmadah Hanafi
Jurnal Minds: Manajemen Ide dan Inspirasi,
Vol. 8 No. 2 (2021): December
Abstract
The research aims to evaluate customers’ loyalty to Sharia banking related to internal and external factors of the financial performance approach. A loyalty is depicted with Third-Party Savings deposited in Sharia banking. This study employed Autoregressive-Distributive Lag (ARDL) to explore the short period and the long period from variables’ relationships. The findings reveal that profit-sharing, administration fee, the interest rate of a conventional bank, inflation, and the total number of accounts (NOA) had significant effects on Third-Party Saving (TPS). They imply that the customer’s loyalty is internally established if there is a higher profit sharing in savings, lower administration fees, and total supplementary accounts. Yet, it is formed by external incentives, i.e., a lower interest rate of conventional banking and inflation.
Keywords
Loyalty
Third-Party Saving (TPS)
Number of Accounts (NOA)
Profit Sharing
Administration Fee
Hanafi, S. M. (2021). The Determining Factors in Influencing Customer’s Loyalty: A Financial Approach. Jurnal Minds: Manajemen Ide Dan Inspirasi, 8(2), 321–338. https://doi.org/10.24252/minds.v8i2.21617
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References
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Aghnia, M. (2015). Analisis Faktor-Faktor Yang Mempengaruhi Simpanan Mudharabah Bank Syariah Mandiri 2006-2013. Economics Development Analysis Journal, 4(2), 143–150. https://doi.org/10.15294/edaj.v4i2.6733
Andespa, R. (2018). Pengaruh Atribut Produk Terhadap Minat Menabung Nasabah Di Bank Syariah. Maqdis: Jurnal Kajian Ekonomi Islam, Volume 3,(2), 181–190.
Arshed, N., & Kalim, R. (2020). Modelling demand and supply of Islamic banking deposits. International Journal of Finance and Economics, June, 1–19. https://doi.org/10.1002/ijfe.1936
Ashraful, M., Chowdhury, F., Mohammad, S., & Rahman, K. (2014). The Effect of Conventional Bank ’ s Interest Rate & Islamic Bank ’ s Profit Rate on Investment & Return : An Empirical Investigation in. Asia-Pacific Journal of Business, 5(1), 33–42.
Attanasio, O. P., & DeLeire, T. (2002). The effect of individual retirement accounts on household consumption and national saving. Economic Journal, 112(481), 504–538. https://doi.org/10.1111/1468-0297.00728
Ayuniyyah, Q., Beik, I. S., & Arsyianti, L. D. (2013). Dynamic Analysis of Islamic Bank and Monetary Instrument towards Real Output and Inflation in Indonesia 1. Sharia Economics Conference, February, 1–12.
Bhattacharya, S. N., Bhattacharya, M., & Basu, S. (2019). Stock market and its liquidity: Evidence from ARDL bound testing approach in the Indian context. Cogent Economics and Finance, 7(1), 1–12. https://doi.org/10.1080/23322039.2019.1586297
Brooks, C. (2014). Introductory Econometrics for Finance. In The Economic Journal (Vol. 113, Issue 488). Cambridge University Press.
Che Arshad, D. N., & Nurfadilah, D. (2017). The Factors Influencing the Changes of Deposit in Islamic Bank: Comparative Study between Malaysia And Indonesia. Journal of Islamic Banking and Finance, 5(2), 37–46. https://doi.org/10.15640/jibf.v5n2a6
Chochoľáková, A., Gabčová, L., Belás, J., & Sipko, J. (2015). Bank customers’ satisfaction, customers’ loyalty and additional purchases of banking products and services. A case study from the Czech Republic. Economics and Sociology, 8(3), 82–94. https://doi.org/10.14254/2071-789X.2015/8-3/6
Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251–276. https://doi.org/10.2307/1913236
Ergeç, E. H., & Arslan, B. G. (2013). Impact of interest rates on Islamic and conventional banks: The case of Turkey. Applied Economics, 45(17), 2381–2388. https://doi.org/10.1080/00036846.2012.665598
Finger, H., & Hesse, H. (2009). Lebanon-Determinants of Commercial Bank Deposits in a Regional Financial Center. IMF Working Papers, 09(195), 1. https://doi.org/10.5089/9781451873429.001
Gita Rossiana. (2013). Loyalitas Nasabah Tinggi, Bank Syariah Diyakini Tetap Tumbuh - Finansial Bisnis. Berita Satu. file:///Users/user/Documents/FUTURE PROJECT/3. LOYALITAS NASABAH-BS-UIN SMG/jurnal acuan/jurnal dipake/Alhamdulillah, usai 28 tahun akhirnya pangsa pasar perbankan syariah tembus 6%25 - Page all.webarchive
Greene, W. H. (2018). Econometric Analysis. Pearson Education.
Hariyana, N. B., & Arsyianti, L. D. (2019). Non-Muslim Customer Preferences towards Islamic Banks in Semarang. Al-Muzara’ah, 7(1), 61–74. https://doi.org/10.29244/jam.7.1.61-74
Haron, S., & Ahmad, N. (2000). The effects of conventional interest rates and rate of profit on funds deposited with Islamic banking system in Malaysia. International Journal of Islamic Financial Services, 1(4), 1–7.
Harris, R., & Sollis, R. (2003). Applied Time Series Modelling and Forecasting. In John Wiley & Sons Ltd.
Hasim, M. A., Mahmud, K. N., Shamsudin, M. F., Hussain, H. I., & Salem, M. A. (2015). Loyalty Program & Customer Loyalty in Banking Industry. Global Journal of Interdisciplinary Social Sciences, 4(5), 16–21. https://www.researchgate.net/publication/307476373_Loyalty_Program_Customer_Loyalty_in_Banking_Industry
Hidayat, S. E., & Al-bawardi, N. K. (2012). Non-Muslims’ Perceptions Toward Islamic Banking Services in Saudi Arabia. Journal of US-China Public Administration, 9(6), 654–670.
Hilman, I. (2016). The Factor Affecting Mudharabah Deposits of Sharia Banking in Indonesia. International Journal of Bussiness and Management Invention, 5(8), 56–66. http://businessperspectives.org/component/option,com_journals/task,preview/jid,6/id,337/
KNKS. (2020). TREND Tingkatkan Efisiensi dan Produktivitas Bisnis. 9, 11.
M. Nur Rianto Al Arif, & Hanifah. (2017). Determinan Deposito Pada bank Umum Syariah: Model regresi Panel. Jurnal Ekonomi Kuantitatif Terapan, 10(2), 39–45.
Meutia, I. (2017). Empirical Research on Rate of Return, Interest Rate and Mudharabah Deposit. International Journal of Accounting Research, 05(01). https://doi.org/10.4172/2472-114x.1000141
Mobin, M. A., & Masih, M. (2014). Do the macroeconomic variables have any impact on the Islamic bank deposits?An application of ARDL approach to the Malaysian market. 39922, 0–29.
Morina, F. (2019). The impact of macroeconomic factors on the level of deposits in the banking sector, an empirical analysis in the Western Balkan countries. Journal of Accounting Finance and Auditing Studies (JAFAS), 5(3), 16–29. https://doi.org/10.32602/jafas.2019.28
Mushtaq, S., & Siddiqui, D. A. (2017). Effect of interest rate on bank deposits: Evidences from Islamic and non-Islamic economies. Future Business Journal, 3(1), 1–8. https://doi.org/10.1016/j.fbj.2017.01.002
Musri, M., & Rama, A. (2015). Analisis Perilaku Deposan Perbankan di Indonesia: Studi Kasus Bank Syariah dan Konvensional. The Journal of Tauhidinomics, 1(1), 1–34.
Ojk, S., Literasi, I., Inklusi, D. A. N., & Meningkat, K. (2019). Sp 58/dhms/ojk/xi/2019. November, 29600000.
Ostadi, H., & Sarlak, A. (2014). Effective factors on the absorption of bank deposits in order to increase the relative share of Isfahan Sepah Bank. International Journal of Academic Research in Economics and Management Sciences, 3(4), 139–149. https://doi.org/10.6007/ijarems/v3-i4/1112
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Rajha, S. S. A. 1and khaled S. (2014). Behavioral Determinants and Their Impact on Customer Savings Deposits in Islamic Banks in Saudi Arabia Saleh Saud Almejyesh 1 and khaled Subhi Rajha 2. 2(1), 163–186.
Saini, Y., Bick, G., & Abdulla, L. (2011). C ONSUMER A WARENESS AND U SAGE OF I SLAMIC B ANKING. 14(3), 298–313.
Shrestha, M., & Chowdhury, K. (2007). Testing financial liberalization hypothesis with ARDL modeling approach. Applied Financial Economics, 17(18), 1529–1540. https://doi.org/10.1080/09603100601007123
Wooldridge, J. M. (2018). Introductory Econometrics (7th Editio). Cengage Learning, Inc.
Zahid, S., & Basit, A. (2018). Impact of Macroeconomic Factors on the Growth of Islamic Banking: A Case of Pakistan. Journal of Finance & Economics Research, 3(2), 37–50. https://doi.org/10.20547/jfer1803203
References
Aghnia, M. (2015). Analisis Faktor-Faktor Yang Mempengaruhi Simpanan Mudharabah Bank Syariah Mandiri 2006-2013. Economics Development Analysis Journal, 4(2), 143–150. https://doi.org/10.15294/edaj.v4i2.6733
Andespa, R. (2018). Pengaruh Atribut Produk Terhadap Minat Menabung Nasabah Di Bank Syariah. Maqdis: Jurnal Kajian Ekonomi Islam, Volume 3,(2), 181–190.
Arshed, N., & Kalim, R. (2020). Modelling demand and supply of Islamic banking deposits. International Journal of Finance and Economics, June, 1–19. https://doi.org/10.1002/ijfe.1936
Ashraful, M., Chowdhury, F., Mohammad, S., & Rahman, K. (2014). The Effect of Conventional Bank ’ s Interest Rate & Islamic Bank ’ s Profit Rate on Investment & Return : An Empirical Investigation in. Asia-Pacific Journal of Business, 5(1), 33–42.
Attanasio, O. P., & DeLeire, T. (2002). The effect of individual retirement accounts on household consumption and national saving. Economic Journal, 112(481), 504–538. https://doi.org/10.1111/1468-0297.00728
Ayuniyyah, Q., Beik, I. S., & Arsyianti, L. D. (2013). Dynamic Analysis of Islamic Bank and Monetary Instrument towards Real Output and Inflation in Indonesia 1. Sharia Economics Conference, February, 1–12.
Bhattacharya, S. N., Bhattacharya, M., & Basu, S. (2019). Stock market and its liquidity: Evidence from ARDL bound testing approach in the Indian context. Cogent Economics and Finance, 7(1), 1–12. https://doi.org/10.1080/23322039.2019.1586297
Brooks, C. (2014). Introductory Econometrics for Finance. In The Economic Journal (Vol. 113, Issue 488). Cambridge University Press.
Che Arshad, D. N., & Nurfadilah, D. (2017). The Factors Influencing the Changes of Deposit in Islamic Bank: Comparative Study between Malaysia And Indonesia. Journal of Islamic Banking and Finance, 5(2), 37–46. https://doi.org/10.15640/jibf.v5n2a6
Chochoľáková, A., Gabčová, L., Belás, J., & Sipko, J. (2015). Bank customers’ satisfaction, customers’ loyalty and additional purchases of banking products and services. A case study from the Czech Republic. Economics and Sociology, 8(3), 82–94. https://doi.org/10.14254/2071-789X.2015/8-3/6
Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251–276. https://doi.org/10.2307/1913236
Ergeç, E. H., & Arslan, B. G. (2013). Impact of interest rates on Islamic and conventional banks: The case of Turkey. Applied Economics, 45(17), 2381–2388. https://doi.org/10.1080/00036846.2012.665598
Finger, H., & Hesse, H. (2009). Lebanon-Determinants of Commercial Bank Deposits in a Regional Financial Center. IMF Working Papers, 09(195), 1. https://doi.org/10.5089/9781451873429.001
Gita Rossiana. (2013). Loyalitas Nasabah Tinggi, Bank Syariah Diyakini Tetap Tumbuh - Finansial Bisnis. Berita Satu. file:///Users/user/Documents/FUTURE PROJECT/3. LOYALITAS NASABAH-BS-UIN SMG/jurnal acuan/jurnal dipake/Alhamdulillah, usai 28 tahun akhirnya pangsa pasar perbankan syariah tembus 6%25 - Page all.webarchive
Greene, W. H. (2018). Econometric Analysis. Pearson Education.
Hariyana, N. B., & Arsyianti, L. D. (2019). Non-Muslim Customer Preferences towards Islamic Banks in Semarang. Al-Muzara’ah, 7(1), 61–74. https://doi.org/10.29244/jam.7.1.61-74
Haron, S., & Ahmad, N. (2000). The effects of conventional interest rates and rate of profit on funds deposited with Islamic banking system in Malaysia. International Journal of Islamic Financial Services, 1(4), 1–7.
Harris, R., & Sollis, R. (2003). Applied Time Series Modelling and Forecasting. In John Wiley & Sons Ltd.
Hasim, M. A., Mahmud, K. N., Shamsudin, M. F., Hussain, H. I., & Salem, M. A. (2015). Loyalty Program & Customer Loyalty in Banking Industry. Global Journal of Interdisciplinary Social Sciences, 4(5), 16–21. https://www.researchgate.net/publication/307476373_Loyalty_Program_Customer_Loyalty_in_Banking_Industry
Hidayat, S. E., & Al-bawardi, N. K. (2012). Non-Muslims’ Perceptions Toward Islamic Banking Services in Saudi Arabia. Journal of US-China Public Administration, 9(6), 654–670.
Hilman, I. (2016). The Factor Affecting Mudharabah Deposits of Sharia Banking in Indonesia. International Journal of Bussiness and Management Invention, 5(8), 56–66. http://businessperspectives.org/component/option,com_journals/task,preview/jid,6/id,337/
KNKS. (2020). TREND Tingkatkan Efisiensi dan Produktivitas Bisnis. 9, 11.
M. Nur Rianto Al Arif, & Hanifah. (2017). Determinan Deposito Pada bank Umum Syariah: Model regresi Panel. Jurnal Ekonomi Kuantitatif Terapan, 10(2), 39–45.
Meutia, I. (2017). Empirical Research on Rate of Return, Interest Rate and Mudharabah Deposit. International Journal of Accounting Research, 05(01). https://doi.org/10.4172/2472-114x.1000141
Mobin, M. A., & Masih, M. (2014). Do the macroeconomic variables have any impact on the Islamic bank deposits?An application of ARDL approach to the Malaysian market. 39922, 0–29.
Morina, F. (2019). The impact of macroeconomic factors on the level of deposits in the banking sector, an empirical analysis in the Western Balkan countries. Journal of Accounting Finance and Auditing Studies (JAFAS), 5(3), 16–29. https://doi.org/10.32602/jafas.2019.28
Mushtaq, S., & Siddiqui, D. A. (2017). Effect of interest rate on bank deposits: Evidences from Islamic and non-Islamic economies. Future Business Journal, 3(1), 1–8. https://doi.org/10.1016/j.fbj.2017.01.002
Musri, M., & Rama, A. (2015). Analisis Perilaku Deposan Perbankan di Indonesia: Studi Kasus Bank Syariah dan Konvensional. The Journal of Tauhidinomics, 1(1), 1–34.
Ojk, S., Literasi, I., Inklusi, D. A. N., & Meningkat, K. (2019). Sp 58/dhms/ojk/xi/2019. November, 29600000.
Ostadi, H., & Sarlak, A. (2014). Effective factors on the absorption of bank deposits in order to increase the relative share of Isfahan Sepah Bank. International Journal of Academic Research in Economics and Management Sciences, 3(4), 139–149. https://doi.org/10.6007/ijarems/v3-i4/1112
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Rajha, S. S. A. 1and khaled S. (2014). Behavioral Determinants and Their Impact on Customer Savings Deposits in Islamic Banks in Saudi Arabia Saleh Saud Almejyesh 1 and khaled Subhi Rajha 2. 2(1), 163–186.
Saini, Y., Bick, G., & Abdulla, L. (2011). C ONSUMER A WARENESS AND U SAGE OF I SLAMIC B ANKING. 14(3), 298–313.
Shrestha, M., & Chowdhury, K. (2007). Testing financial liberalization hypothesis with ARDL modeling approach. Applied Financial Economics, 17(18), 1529–1540. https://doi.org/10.1080/09603100601007123
Wooldridge, J. M. (2018). Introductory Econometrics (7th Editio). Cengage Learning, Inc.
Zahid, S., & Basit, A. (2018). Impact of Macroeconomic Factors on the Growth of Islamic Banking: A Case of Pakistan. Journal of Finance & Economics Research, 3(2), 37–50. https://doi.org/10.20547/jfer1803203
Andespa, R. (2018). Pengaruh Atribut Produk Terhadap Minat Menabung Nasabah Di Bank Syariah. Maqdis: Jurnal Kajian Ekonomi Islam, Volume 3,(2), 181–190.
Arshed, N., & Kalim, R. (2020). Modelling demand and supply of Islamic banking deposits. International Journal of Finance and Economics, June, 1–19. https://doi.org/10.1002/ijfe.1936
Ashraful, M., Chowdhury, F., Mohammad, S., & Rahman, K. (2014). The Effect of Conventional Bank ’ s Interest Rate & Islamic Bank ’ s Profit Rate on Investment & Return : An Empirical Investigation in. Asia-Pacific Journal of Business, 5(1), 33–42.
Attanasio, O. P., & DeLeire, T. (2002). The effect of individual retirement accounts on household consumption and national saving. Economic Journal, 112(481), 504–538. https://doi.org/10.1111/1468-0297.00728
Ayuniyyah, Q., Beik, I. S., & Arsyianti, L. D. (2013). Dynamic Analysis of Islamic Bank and Monetary Instrument towards Real Output and Inflation in Indonesia 1. Sharia Economics Conference, February, 1–12.
Bhattacharya, S. N., Bhattacharya, M., & Basu, S. (2019). Stock market and its liquidity: Evidence from ARDL bound testing approach in the Indian context. Cogent Economics and Finance, 7(1), 1–12. https://doi.org/10.1080/23322039.2019.1586297
Brooks, C. (2014). Introductory Econometrics for Finance. In The Economic Journal (Vol. 113, Issue 488). Cambridge University Press.
Che Arshad, D. N., & Nurfadilah, D. (2017). The Factors Influencing the Changes of Deposit in Islamic Bank: Comparative Study between Malaysia And Indonesia. Journal of Islamic Banking and Finance, 5(2), 37–46. https://doi.org/10.15640/jibf.v5n2a6
Chochoľáková, A., Gabčová, L., Belás, J., & Sipko, J. (2015). Bank customers’ satisfaction, customers’ loyalty and additional purchases of banking products and services. A case study from the Czech Republic. Economics and Sociology, 8(3), 82–94. https://doi.org/10.14254/2071-789X.2015/8-3/6
Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251–276. https://doi.org/10.2307/1913236
Ergeç, E. H., & Arslan, B. G. (2013). Impact of interest rates on Islamic and conventional banks: The case of Turkey. Applied Economics, 45(17), 2381–2388. https://doi.org/10.1080/00036846.2012.665598
Finger, H., & Hesse, H. (2009). Lebanon-Determinants of Commercial Bank Deposits in a Regional Financial Center. IMF Working Papers, 09(195), 1. https://doi.org/10.5089/9781451873429.001
Gita Rossiana. (2013). Loyalitas Nasabah Tinggi, Bank Syariah Diyakini Tetap Tumbuh - Finansial Bisnis. Berita Satu. file:///Users/user/Documents/FUTURE PROJECT/3. LOYALITAS NASABAH-BS-UIN SMG/jurnal acuan/jurnal dipake/Alhamdulillah, usai 28 tahun akhirnya pangsa pasar perbankan syariah tembus 6%25 - Page all.webarchive
Greene, W. H. (2018). Econometric Analysis. Pearson Education.
Hariyana, N. B., & Arsyianti, L. D. (2019). Non-Muslim Customer Preferences towards Islamic Banks in Semarang. Al-Muzara’ah, 7(1), 61–74. https://doi.org/10.29244/jam.7.1.61-74
Haron, S., & Ahmad, N. (2000). The effects of conventional interest rates and rate of profit on funds deposited with Islamic banking system in Malaysia. International Journal of Islamic Financial Services, 1(4), 1–7.
Harris, R., & Sollis, R. (2003). Applied Time Series Modelling and Forecasting. In John Wiley & Sons Ltd.
Hasim, M. A., Mahmud, K. N., Shamsudin, M. F., Hussain, H. I., & Salem, M. A. (2015). Loyalty Program & Customer Loyalty in Banking Industry. Global Journal of Interdisciplinary Social Sciences, 4(5), 16–21. https://www.researchgate.net/publication/307476373_Loyalty_Program_Customer_Loyalty_in_Banking_Industry
Hidayat, S. E., & Al-bawardi, N. K. (2012). Non-Muslims’ Perceptions Toward Islamic Banking Services in Saudi Arabia. Journal of US-China Public Administration, 9(6), 654–670.
Hilman, I. (2016). The Factor Affecting Mudharabah Deposits of Sharia Banking in Indonesia. International Journal of Bussiness and Management Invention, 5(8), 56–66. http://businessperspectives.org/component/option,com_journals/task,preview/jid,6/id,337/
KNKS. (2020). TREND Tingkatkan Efisiensi dan Produktivitas Bisnis. 9, 11.
M. Nur Rianto Al Arif, & Hanifah. (2017). Determinan Deposito Pada bank Umum Syariah: Model regresi Panel. Jurnal Ekonomi Kuantitatif Terapan, 10(2), 39–45.
Meutia, I. (2017). Empirical Research on Rate of Return, Interest Rate and Mudharabah Deposit. International Journal of Accounting Research, 05(01). https://doi.org/10.4172/2472-114x.1000141
Mobin, M. A., & Masih, M. (2014). Do the macroeconomic variables have any impact on the Islamic bank deposits?An application of ARDL approach to the Malaysian market. 39922, 0–29.
Morina, F. (2019). The impact of macroeconomic factors on the level of deposits in the banking sector, an empirical analysis in the Western Balkan countries. Journal of Accounting Finance and Auditing Studies (JAFAS), 5(3), 16–29. https://doi.org/10.32602/jafas.2019.28
Mushtaq, S., & Siddiqui, D. A. (2017). Effect of interest rate on bank deposits: Evidences from Islamic and non-Islamic economies. Future Business Journal, 3(1), 1–8. https://doi.org/10.1016/j.fbj.2017.01.002
Musri, M., & Rama, A. (2015). Analisis Perilaku Deposan Perbankan di Indonesia: Studi Kasus Bank Syariah dan Konvensional. The Journal of Tauhidinomics, 1(1), 1–34.
Ojk, S., Literasi, I., Inklusi, D. A. N., & Meningkat, K. (2019). Sp 58/dhms/ojk/xi/2019. November, 29600000.
Ostadi, H., & Sarlak, A. (2014). Effective factors on the absorption of bank deposits in order to increase the relative share of Isfahan Sepah Bank. International Journal of Academic Research in Economics and Management Sciences, 3(4), 139–149. https://doi.org/10.6007/ijarems/v3-i4/1112
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Rajha, S. S. A. 1and khaled S. (2014). Behavioral Determinants and Their Impact on Customer Savings Deposits in Islamic Banks in Saudi Arabia Saleh Saud Almejyesh 1 and khaled Subhi Rajha 2. 2(1), 163–186.
Saini, Y., Bick, G., & Abdulla, L. (2011). C ONSUMER A WARENESS AND U SAGE OF I SLAMIC B ANKING. 14(3), 298–313.
Shrestha, M., & Chowdhury, K. (2007). Testing financial liberalization hypothesis with ARDL modeling approach. Applied Financial Economics, 17(18), 1529–1540. https://doi.org/10.1080/09603100601007123
Wooldridge, J. M. (2018). Introductory Econometrics (7th Editio). Cengage Learning, Inc.
Zahid, S., & Basit, A. (2018). Impact of Macroeconomic Factors on the Growth of Islamic Banking: A Case of Pakistan. Journal of Finance & Economics Research, 3(2), 37–50. https://doi.org/10.20547/jfer1803203