We need to address the following:
- Create a survey or questionnaire using the 7 questions provided to use it for data collection.
- Please use the suggested structure of the survey/questionnaire I shared with you earlier to create the survey/questionnaire.
- The survey/questionnaire does not have a word limit but should not be long so it can be used for the data collection process.
- Please share with me a draft of the survey/questionnaire before you start the process of the data collection step.
Milestone 4 Questionnaire
The reason for researching “Why Islamic banking can be a better alternative not only for Muslims but also for non-muslims customers and users” is that it helps individuals in determining that other than the traditional banking system, there is an Islamic banking method which they can utilize for their day to day transactions. It will explore different benefits the Islamic banking system offers to individuals in the US without looking at their caste and religion (Austin & Sutton, 2014). The qualitative research on this topic will help US individuals who are using Islamic banking and even those without experience and suggestions about Islamic banking trends. When qualitative research is conducted on this topic, many future researchers or soon-to-be scholars will get an opportunity to obtain insights into what feelings non-muslims hold about the trend of the Islamic banking system.
According to the data from the Financial Service Authority, the market share of Islamic banking will continue to rise by 5% every year. Hence, there will be a decline in market share for traditional banking. Other than the US, there are still many regions where Islamic banking development and usage are very low, instead, the region is mostly comprised of the Muslim community (Panorama, 2018). Therefore, it can be said that the establishment of the Islamic banking system is very promising and prominent, however, it needs to grow more and more to compete with traditional banking. Moreover, the study is conducted with various objectives to be achievable. It includes making people aware of the different benefits of Islamic banking. The study talks about how using Islamic banking can help both Muslim and non-muslim communities by eliminating the interest charges, reducing the risk of market share, charging no penalty for the transactions carried out in a day even if it exceeds the counting number, and it also creates the community based on ethical, social, and moral dilemmas (Muslimin, 2021). Therefore, the objectives of this study are very clear and transparent and if the audience reads and go through the research well, then it can gain good and positive aspect of Islamic banking.
With this study, the major objectives will be achieved: Islamic banking is a better option not only for the Muslim community a myth, instead, it is also a significant attractive banking option for the non-muslim community too. It is a very different concept of banking from the conventional banking system because it encounters faith-based features and non-faith-based features (Muslimin, 2021). Therefore the research at the end will display the mixed results of Islamic banking. However, the mixed outcome will be a result of different regions. The audience through the study can be able to gain all the required knowledge about the Islamic banking trend not only in the US but can insight in other regions such as Malaysia, Indonesia, UAE, etc.
The survey or questionnaire the respondents need to answer is
Have you used the Islamic banking system before or do you know any similarities between Islamic and traditional banking?
The respondents need to answer the question in either of the categories
Yes
No
Others
If Islamic banking is proven to be beneficial for you as a non-Muslim client, would you use it?
The respondents need to answer the question in either of the categories
Yes
No
Sometimes
If there is no additional benefit of Islamic banking to those of traditional banking, would you consider using it?
The respondents need to answer the question in either of the categories
Yes
No
Not sure
If Islamic banking does not offer any other benefit other than being more ethical and responsible for transactions, would you use it?
The respondents need to answer the question in either of the categories
Yes
No
Not sure
Would the global trend of Islamic banking motivate you to become a customer of it?
The respondents need to answer the question in either of the categories
Yes
No
Sometimes
It is a fact that many Muslim community people are engaging themselves more in Islamic banking, therefore will it attract you to become a customer of it?
The respondents need to answer the question in either of the categories
Yes
No
Not sure
Do you think that Islamic banking is a great initiative in terms of better and safer investment?
The respondents need to answer the question in either of the categories
Yes
No
Not sure
By answering these questions, the respondents will help us a lot in developing great research for this study. Therefore, all the respondents are requested to fill out the survey with their experience.
References
Austin, Z., & Sutton, J. (2014). Qualitative research: Getting started. The Canadian journal of hospital pharmacy, 67(6), 436. Retrieved on 6th October 2022, from: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4275140/
Muslimin, W.A. (2021). Why Do We Choose Islamic Banks? Retrieved on 6th October 2022, from: https://alamisharia.co.id/institute/en/learn/memilih-bank-syariah
Panorama, M. (2018). MARKET-FRIENDLY APPROACH TO ISLAMIC BANK’S NON-MUSLIM CUSTOMERS IN PALEMBANG AND ITS EFFECT ON ATTITUDE. Academy of Strategic Management Journal, 17(1), 1-14. Retrieved on 6th October 2022, from: https://search.proquest.com/openview/20bbba9b6804e34e8695fd6e9b7397b2/1?pq-origsite=gscholar&cbl=38745
