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Islamic Financial Literacy and its Effect on Financial Choices

Author

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  • Merve Busra ALTUNDERE DOGAN

Abstract

Financial system has become a prevalent part of the modern economic life. In parallel to this, Islamic finance is also improving and standing out as an integral component of the financial system in the Islamic world. This study examines Islamic financial literacy and its contribution to the expansion of Islamic financial system in Turkey. In the light of a survey conducted among university students, this paper measures the Islamic financial literacy level; and analyzes its determinants together with its relation to the financial literacy through a linear regression method. Moreover, this paper, by conducting a binary logistic regression analysis, shows that a higher level of Islamic financial literacy leads to a higher probability of choosing Islamic banks.

Suggested Citation

  • Merve Busra ALTUNDERE DOGAN, 2020. "Islamic Financial Literacy and its Effect on Financial Choices," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 14(1), pages 69-98.
    • Handle: RePEc:bdd:journl:v:14:y:2020:i:1:p:69-98
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    Cited by:

    1. Murat TEKBAS, 2021. "An Empirical Research on the Factors Determining Economic Literacy Level," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 6(1), pages 99-111, June.

    More about this item

    Keywords

    Financial literacy; Islamic financial literacy; Islamic financial system; Household finance.;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I20 - Health, Education, and Welfare - - Education - - - General
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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