THE 10th ISLAMIC BANKING, ACCOUNTING AND FINANCE INTERNATIONAL CONFERENCE 2022 (iBAF 2022)

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THE 10th ISLAMIC BANKING, ACCOUNTING AND FINANCE INTERNATIONAL CONFERENCE 2022

(iBAF 2022)

The Perception of Malaysian Community on the Reliability of the Adoption of Islamic Digital Banking in Mobilizing Financial Sector

Muhammad Ridhwan Ab. Aziz

Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan Malaysia

Tel: +606 798 6300 E-mail: ridhwan.aziz@usim.edu.my

Mohd Nazri Mohd Noor

Tel: +606 798 6386 E-mail: nazrimn@usim.edu.my

Syahnaz Sulaiman

E-mail: syahnaz@usim.edu.my

Mohd Shukor Harun

Tel: +606 797 8766 E-mail: shukorharun@usim.edu.my

Muhammad Zakirol Izat Mustafar

Mohd Zalisham Jali

Faculty of Science and Technology, Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan Malaysia

Abstract

The existence of Information and Communication Technology had paved a way to various sectors especially in financial sector. Banks have been pushed to develop digital banking to meet the needs of clients who are always on the go. During COVID-19 outbreak, digital banking is compulsory to the community in order to conduct day to day banking transaction.

However, as the majority of community in Malaysia is Muslim, the need of the Shariah compliant digital banking is significant.

Islamic financial sectors had been urged to join the digital banking revolution in order to be an alternative against conventional one. This study is aimed to investigate the perception of Malaysian community on the reliability of the adoption of Islamic digital banking. This study used a quantitative survey questionnaire with 150 valid respondents. The software SPSS version 26 was utilised in this study to analyse the data using descriptive analysis. The general finding of this study shows that the perception of Malaysian community from various occupational on the reliability of Islamic digital banking in mobilizing financial sector has demonstrated a favourable consequence.

Keywords: ICT; Islamic digital banking;reliablity

1. Introduction

The emergence of Information and Communication Technology ICT had paved a way to various industries and sectors to be modernized especially in financial sector. As it can be perceived deeply, ICT drastically bring

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the biggest transformation toward financial management operation from traditional phase to modern phase.

Technology advancement has played a significant influence in enhancing service delivery standards in the banking and finance sector. Automated Teller Machines (ATMs) and deposit machines, in their most basic form, now allow consumers to conduct banking transactions outside of normal business hours. Individuals can use online banking to check their account balances and make payments without having to visit a bank. This is progressively establishing a cashless society in which consumers no longer have to pay for all of their purchases with physical cash. As more individuals now hold mobile phones, the existence of smartphones and the internet has accelerated the digitalization of banking and finance operations and transactions. According to P.Revathi (2019), any transformation in this sector as a result of technological adoption will have a major impact on an economy's growth.

Banks have now developed digital banking to cater to consumers who are constantly on the move. Digital banking is a phenomenon to the banking and finance sectors in which positively affecting to the community for their economy development. During the COVID-19 outbreak in Malaysia, most people were forced to conduct transactions over the counter in order to prevent the infection from spreading. Most of transaction can be made through online banking in during the COVID-19 outbreak. Digital banking, in general, refers to the computerization of traditional banking services. It allows customers of the bank to use online or electronic platforms to access banking products and services. It refers to the digitization of all banking operations in order to replace the bank's physical presence and removing the need for customers to visit a branch (Haralayya, 2021).

Traditionally, banking was a time-consuming process. Customers had to keep track of transactions or banking history on paper. However, digitalization has now enabled everyone to enjoy contactless banking. Digitalization has reshaped banking operations, products, and services, according to Haralayya (2021). Customers can complete transactions more quickly, accurately, and conveniently. Digital banking also has transformed the way banks communicate with their clients.

In Malaysia, financial sectors had been urged to join the digital banking revolution (Alita Sharon, 2020). The Islamic financial industry has been slower to react to new digital opportunities, and while several Islamic digital banks have been formed in recent years, they are neither as large nor as well-known as their conventional counterparts. According to Alita Sharon (2020), industry experts think that digital banking is good for Islamic banks since consumers and companies have grown smarter and more discerning as a consequence of technical improvements. Because Malaysia has a Muslim majority, the requirement for Islamic digital banking must be met as Islamic digital banking need to be complied with Shariah rulings. As Muslims, they must consider if a certain banking and financial product is Halal (permissible) or Haram (impermissible) in Islam. The adoption of Islamic digital banking is required to be in accordance with Shariah rulings and the objectives of Shariah in order to safeguard the benefit of people (jalb al maslah) and avoid any harm (dar al-mafasid) in which involve impermissible elements such as Riba (interest), Gharar (uncertainty), and Maysir (gambling) in conducting online dealings. As Allah SWT stated in holy al-Quran in surah al-Baqarah in verse 275 in which clearly stated that the practice of Riba is prohibited in Islam:

“Those who accept usury, on the other hand, will spring up on the Day of Resurrection as though afflicted by Satan's touch. That is because they claim that 'commerce and usury are the same thing,' but God has permitted trade while forbidding usury. Anyone ceases taking usury after receiving God's warning may preserve his previous gains—God will be his judge—but whoever returns to usury will be a permanent resident of the Fire.” (Surah al-Baqarah, verse 275)

Apart from that, the adoption of Islamic digital banking as an alternative of conventional one is enabled to help Malaysian community to sustain economic growth in the current situation. According to Surin (2021), a wellimplemented digital banking system will accelerate the economy and promote greater financial inclusion. The unserved and underserved should be connected to financial service platforms that can assist them manage their cash flow, enable micro savings or deposits, provide micro-insurance to protect their fundamental requirements, and provide basic financial products to help them get through their financial difficulties. This study is aimed to investigate the perception of Malaysian community on Islamic digital banking in mobilizing financial sector toward the sustainability economics.

2. Literature review

Numerous studies have been conducted in the field of digital banking, some of which are included below with varying aims and sampling units. Basically, the digitalization of all banking and finance activities and services that were previously solely available in bank branches is referred to as digital banking. For instance, withdrawing funds, saving funds, transferring funds, and etc. Apart from that, According to Stanley Epstein (2017), Digital banking is described as the use of technology to provide smooth end-to-end (STP) processing of banking transactions/operations started by the customer, assuring optimum utility for both the client and the bank in terms

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of accessibility, usefulness, and affordability. This statement has been endorsed by Melubo ( 2020) as he said that digital banking refers to the use of technology to provide financial services in order to enhance accessibility and affordability of services. Oanh Thi (2020) noted that digital banking is a business approach that employs a technological platform to enable banks and consumers to connect and transact. This is performed by utilising digital gadgets linked to computer software over the internet. Consumers are not required to visit physical bank branches to complete transactions, and banks are not required to meet with customers to complete transactions.

Banks might very well utilise digital banking to provide additional services to their customers while reducing the costs of sending statements and performing in-branch transactions with customers. Customers increasingly want digital banking to be as interactive as social media.(Dootson, 2016). According to Alex Lipton et al. (2016) The majority of banking activities are technical and mathematical. As a result, it is ideally suited for digitization;

nevertheless, legacy systems and culture prevent banks from adopting innovation as fully as they should in order to survive and prosper in the digital economy of the twenty-first century.

In the context of Islamic digital banking, Islamic banking transactions adhere to Islamic Shariah rules and regulations, also known as fiqh muamalat (Islamic rules on transactions). In the Islamic financial system, interest payments and receipts, extreme uncertainty (gharar), gambling, speculators, and illicit transactions have no place (Khan, 2010). It is a comprehensive financial framework that promotes justice and equity in the conduct of banking operations. However, Islamic banking proponents place the most emphasis on profit and loss sharing (PLS) (Zaher, 2001). A.F Riza (2019) further noted that Islamic banks provide basic financial services to Muslims in conformity with Islamic laws (Shariah). Shariah principles, or Islamic transaction laws (fiqh muamalah), are rigorously observed by Islamic banking. The rules are based on the holy Quran and Hadits, and otherwise secondary sources such as ijma' and Qiyas. As according to Muhammad Ridhwan Ab. Aziz and M. Zakirol Izat (2021), Islamic digital banking is evolving to meet Muslims' expectations for the digitalization of Islamic financial institutions' goods and services. The goods and services of Islamic financial institutions continue to challenge and adapt to the demands of clients who adopt new technology in maximising market possibilities while preventing market gaps for underserved and unserved populations. They went on to emphasise that the expansion of Islamic digital banking should be in line with Shariah's aims, which are to help society while preventing injustice in online transactions.

Bank Islam Malaysia Berhad (BIMB), a Shariah-compliant bank, has gone digital in order to satisfy the diverse needs of Malaysians. It provides both Muslim and non-Muslim customers with a comprehensive range of Shariah- compliant financial services, including as mobile banking, card services, and traditional banking. The bank created its Mobile Onboarding (MOB) and Virtual Account Opening (VAO) technologies to help with the smooth account opening procedure in order to deliver relevant services and increase its reach in today's digital environment. It also upgraded its mobile banking products and developed ezXcess, an online platform where potential customers may apply for loans (MAMBU, 2021). According to Shazni Ong (2022) The Ministry of Finance (MoF) has granted AEON Credit Service (M) Bhd and its consortium partners an Islamic digital bank licence, with operations scheduled to begin within 24 months of the approval date. According to the Licensing Framework for Digital Banks provided by Bank Negara Malaysia (BNM), the Islamic digital bank must operate within an RM3 billion asset limit and maintain a minimum capital pool of RM100 million unaffected by losses throughout its foundational period (Shazni Ong, 2022). However, the perception of reliability in the context of new technology adoption may be impacted by a variety of circumstances. The perceived usefulness and perceived ease of use of a system determine an individual's intention to use it, with intention to use functioning as a mediator of actual system utilisation. Perceived ease of use is also regarded to have a direct bearing on perceived usefulness (Davis F. D., 1985). Davis (1985) noted that Perceived usefulness is seen to be directly related to perceived ease of use.

Meanwhile, Rogers' (1983) urged that the innovation diffusion theory (IDT) is one of the earliest ideas aimed at discovering what elements impact a person's decision to accept a new invention or technology. According to the idea, the acceptance of any invention is governed by five basic beliefs: relative advantage, complexity, compatibility, trialability, and observability. The key tenet of this idea is that adopting new technologies reduces uncertainty. To lessen uncertainty, individuals will seek out and synthesise knowledge on new technologies. As a result of this process, new perception on technology use emerges. An individual's worldview influences whether or not they accept or reject technology (Rogers, 1983).

Globally, there is rising worry regarding the security of internet financial services. Perceived risk indicates the consumer's view of the unpredictability of outcomes related mostly to finding and selecting product and/or service information prior to making any purchase decision. If customers see a discrepancy between their actual purchasing experiences and their purchasing goals, they may perceive a higher risk and may abandon or avoid using the product or service in issue. Because most internet services operate in an open environment, their applications and outputs are exposed to security and privacy risks such as phishing, malware, spyware, spoofing, and password sniffing, among other things. (Vivo, 1998). Customers believe that when they utilise online services such as internet banking, e-ticket booking, online shopping, and so on, their personal security may be threatened (Tan, 1999). Apart from that, digital banking is regarded as reliable on the grounds that it provides necessary information with the clients exerting the least amount of effort possible. Because of the widespread perception that advances

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in technology are inherently fraught with peril, consumers are understandably anxious about the dependability of new products (Shamdasani P, 2008). The reliability and accountability of activities relating to electronic banking and electronic payment have an impact on the level of contentment experienced by clients (Roozbahani, 2015).

Meanwhile, Gera (2011) claims that if clients experience active, high-quality services from an e-banking website, they will return and suggest the platform to others. Customers' loyalty to service providers may be impacted by dependability in terms of quality of service (Loonam, 2008). What dependability requires from a service provider is error-free operation and consistency in providing promised service (Saccani, 2014). Two of key e-banking's success criteria in encouraging clients to stay with this platform are timely transaction processing and an accurate billing system (Shankar, 2016). The reliability and design of the website and application in E-Banking Service Quality (EBSQ) have a favourable influence on growing e-banking loyalty, notably during COVID-19, CMR is a source of literature that supports the study approach (Ul Haq, 2020). According to Shankar and Datta's (2018) study, reliability has a favourable effect on improved consumer loyalty to e-banking. One of the most important factors of EBSQ is reliability. Based on the aforementioned descriptions from prior studies, it is possible to conclude that efficiency influences consumer loyalty while using e-banking.

Additionally, Security and privacy are two crucial components of embracing e-banking as a technological advancement. Customers are wary of making online financial transactions due to the risk of their personal information falling into the wrong hands over the internet (Sathye, 1999; Aladwani, 2006). Consumers may have reservations about the security of their online banking transactions (Gerrard, 2003). As a result of this, one may draw the conclusion that privacy and security are aspects that need to be taken into consideration by providers of online banking services. According to the findings of a research by Loonam and O'Loughlin (2008), significant components of the provision of e-banking services include web usability, trust, access, and information quality service recovery, and flexibility. A high level of service quality across all dimensions will result in satisfied customers as well as their faith in service providers. E-banking services should be utilised with extreme caution in order to guarantee a high level of information security, confidentiality, and transaction protection. These are all crucial issues that should be considered.

3. Research Methodology

In this study, the method that has been used is quantitative approach. Quantitative research aims to get a better understanding of the social environment. Quantitative approaches are used by researchers to observe conditions or events that have an impact on individuals. Quantitative research yields objective facts that may be expressed effectively using statistics and numbers (Traci Williams, 2021). This study also used a survey questionnaire since it is the most trustworthy method of gathering data. For this survey, a total of 150 valid respondents were recruited.

The responders would be chosen at random from a group of related parties by the researcher. Following a thorough survey, data from respondents' responses are statistically evaluated using SPSS version 26. The Cronbach alpha was used to determine the reliability of the scale. According to Keith (2018), Cronbach's alpha is most useful for establishing scale reliability in terms of item equivalency within single-construct scales, but it provides no evidence that scales are truly unidimensional (which should be tested by other means). A Cronbach’s alpha of more than 0.7 was considered acceptable, more than 0.8 was considered good, and more than 0.9 was considered exceptional.(Nunnaly, 1987). Table 1 displays the Cronbach alpha for all scales to examine the instrument's internal consistency:

Table 1. Exploratory analysis.

Cronbach’s Alpha= 0.873

1. Using Islamic digital banking services would offer me a better way to keep up with my finances.

2. I feel that Islamic digital banking appears to be practical.

3. I feel that using Islamic digital banking is/would be beneficial to me as customer/potential customer.

4. I feel that Islamic digital banking services are generally safe and secured

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4. Discussion and Findings

Figure 1. Occupational Respondent

Based on the Figure 1 above, there are 5 types of occupational respondent that have been taken for the findings within the study. Five of them are private sector employee, government servant, student, self-employed people and unemployed people. Pie chart above illustrated that the majority of the respondents are from student and private employee in which both 31%. Apart from that, there are 25% of the respondents work as government servant while 9% of them are self-employed. The minority of the respondents are unemployed in which proximately 4%.

Figure 2. Using Islamic digital banking services would offer me a better way to keep up with my finances

Based on the Figure 2, there are 24 private employees, 16 students, 14 government servants, 3 self-employed and unemployed people strongly agree that using Islamic digital banking services would offer them a better way to keep up with their finances. Aside from that, the number of respondents who agree with the statement is 25 students, 18 government personnel and private employees, 6 self-employed, and 2 unemployed. Meanwhile, each 5 respondents from government servants, private employee and self-employed people are neutral with the statement. However, there is one respondent from student group is disagreed with the assertion. In conclusion, most of the respondents agree that using Islamic digital banking services would offer them a better way to keep up with their finances.

Private 31%

Student 31%

Government 25%

Self-employed

9% Unemployed

4%

Occupational

Private Student Government Self-employed Unemployed

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18

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24

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Using Islamic digital banking services would offer me a better way to keep up with my finances

Government Private Self-employed Student Unmployed

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Figure 3. I feel that Islamic digital banking appears to be practical.

Based on the Figure 3, there are 22 private employees, 17 students, 18 government servants, 4 self-employed and 2 unemployed people strongly agree that Islamic digital banking appears to be practical. Apart from that, the number of respondents who agree with the assertion is 22 students, 15 government employees, 19 private employees, 5 self-employed, and unemployed. Furthermore, each 6 respondents from the private employee and student groups, 4 responses from the government personnel, and 5 self-employed persons are neutral regarding this assumption. Following that, one student group responder disputed that Islamic digital banking appeared to be viable for the community. In general, the majority of respondents agree with this assertion.

Figure 4. I feel that using Islamic digital banking is/would be beneficial to me as customer/potential customer.

According to the Figure 4 above, one of the respondents from category of private sector disagrees that using Islamic digital banking would be beneficial to them as customer or potential customer. However, there are 23 respondents from private employee, 19 respondents from government servant, 18 respondents from student category, 5 respondents from self-employed and 3 respondents of unemployed people strongly agree with this statement. Apart from that, there are 22 students, 21 private employees, 15 government servants, 6 self-employed and 1 unemployed person agree with this statement. Next, there are 6 students, 3 respondents from category government and self-employed, 2 respondents of private sector and unemployed category are neutral with the assertion. Generally, most of the respondents agree that using Islamic digital banking services would be beneficial to them as customer.

0 0

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15 18

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19 22

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5 5 4

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I feel that Islamic digital banking appears to be practical.

0 0 3

15

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21 23

0 0 3 6 5

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6

22

18

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0 5 10 15 20 25

I feel that using Islamic digital banking is/would be beneficial to me as customer/potential customer.

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Figure 5. I feel that Islamic digital banking services are generally safe and secured

According to the Figure 5 above, 23 respondents from the private sector, 15 from the government sector, 14 from students, 5 from the self-employed group, and 2 from the unemployment group strongly agree with the above statement. Besides that, there are 23 students, 18 private employees, 15 government servants, 6 self-employed and 3 unemployed people agree that Islamic digital banking services are generally safe and secured. In the other hand, 7 students, 6 private employees, 4 government servants, 3 self-employed and only 1 unemployed neutral about this assertion. However, there are two respondents from student group disagree with the statement. In general, the larger number of respondents are agreed that Islamic digital banking services are generally safe and secured.

5. Conclusion

The bulk of the respondents are either employed in the private sector or are students, as seen throughout the findings. It is possible to draw the conclusion that both categories have the perspective that the adoption of Islamic digital banking is essential in the dissemination of financial services and banking products since it is advantageous to them in term of transaction cost in executing banking transaction while offering financial inclusiveness to the unbanked population. Apart from that, descriptive analysis in this study indicated that the general finding in the study is the Malaysian community's perception of the reliability of the adoption of Islamic digital banking has demonstrated a favorable consequence. This perception also can be influenced by the features of the application itself. As it can be perceived from the result of the study, the respondents believe that Islamic digital banking can be practical by the Malaysian community and this platform can be perceived usefulness and offering numerous benefits against Malaysian community such as safe and secured virtual banking transaction and operation. With the adoption of Islamic digital banking, the community enable to sustain their economics and simultaneously increase the standard of their living and quality of their living.

Acknowledgements

This research is funded by the Ministry of Higher Education Malaysia (KPT) under FRGS research grant with the title: Developing Shariah-Compliant Digital Banking Within Maqasid Al-Shariah Framewok for Financial Inclusion. Research code: (USIM/FRGS/FEM/KPT/50920).

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