INVESTIGATING THE SELECTION CRITERIA FOR ISLAMIC HOME FINANCING APPLICATION IN KSA

Abstract

Islamic financing and banking have taken all over the world. There are different tools that are now being set-up for various purposes. One of the reasons to use Islamic banking in Saudi Arabia is to help people take loans for home financing. This research aims to investigate the criteria for Islamic home financing applications in Saudi Arabia and relate this with the various demographic variables. The purpose behind this research is to highlight the main factors that decide selection criteria for Islamic home financing with regard to age, gender, professions etc. This study will help the financial institutions such as investment companies and banks who are offering Islamic home financing facilities to the Saudi residents and marketing managers of the banks to design new products, change the existing products and to promote new products. The methodology consists of both qualitative and quantitative collection and data methods which enable the research to have a rich touch of information. At the same time a questionnaire was conducted to gather the primary data. A total of 76 respondents were participated in the questionnaire survey. The study concluded majority of the respondents strongly agree with the Shariah Principle, 100% financing option, high quality service a good reputation, efficient service quality and product range of a bank.

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