The Influence of Religiosity on Muslim Women’s Selection of Fund Providers in Malaysia

Salim Bouzekouk () and Fadillah Mansor ()
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Salim Bouzekouk: Department of Shariah and Management, Academy of Islamic Studies, Universiti Malaya, Kuala Lumpur 50603, Malaysia
Fadillah Mansor: Department of Shariah and Management, Academy of Islamic Studies, Universiti Malaya, Kuala Lumpur 50603, Malaysia

JRFM, 2025, vol. 18, issue 3, 1-23

Abstract: The purpose of this study is to analyze the factors influencing the attitudes of women investors in the context of Islamic unit trust funds in Malaysia, with a focus on women’s religiosity and on the perceived religiosity of fund providers. Using the UTAUT model, the study examines data from a survey of 263 Muslim women in Malaysia and considers seven key factors: risk aversion, religiosity, price sensitivity, and Islamic financial literacy on the side of the investing women and past performance, perceived religiosity, and perceived risk on the side of the fund providers. The findings indicate that the perceived religiosity of a fund provider has a significant and positive impact on attitude, with positive moderating effects on the women’s own religiosity and Islamic financial literacy, and a negative moderating effect on the women’s price sensitivity. The study also discusses the practical implications of these findings and offers recommendations for fund providers.

Keywords: investment decisions; behavior determinants; investor’s attitudes; Islamic unit trusts; gender equality (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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