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STS419 Zuraeda Ibrahim et al.
Table 6: Summary of Hypothesis Results
Hypothesis Description Results
H1 Perception is significantly correlated to the Investment Account No
H2 Knowledge is significantly correlated to the Investment Account No
H3 Acceptance is significantly correlated to the Investment Account Yes
H4 Refusal is significantly correlated to the Investment Account No
4. Discussion and Conclusion
The main objective of this study is to examine the relationship between
perception, knowledge, acceptance, refusal and the understanding of the IA
concept. The results indicate that only one (1) factor, consumers’ acceptance,
has a significant relation with understanding of the investment account
concept. Consumers with better understanding of the concepts have a higher
level of product acceptance, and that consumers’ perception, knowledge and
refusal are not related, and nor do they influence consumers’ understanding
of the investment account concept. We can conclude that the remarkable
progress in the IFI sector, has not been matched by satisfactory knowledge
and awareness of the market players. The depositors of Malaysian Islamic
banks still do not fully understand the concepts behind Islamic financial
products and services, specifically the principles and techniques. Therefore, in
order to promote IFI products, especially to influence retail consumers to
consider investing in investment accounts with Islamic banks, the banks
themselves should take the initiative to create awareness and educate the
public through various approaches, for example, seminars and workshops.
The concept and expected benefits gained from IFI products and services
should be clearly explained. Redefinition and classification of IFI products and
services should be announced before any implementation or execution. Bank
Negara Malaysia should also continuously monitor the investment activities of
all banks so that the Islamic banks would not be disadvantaged by any
changes introduced.
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