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Asian Social Science; Vol. 13, No. 8; 2017
ISSN 1911-2017 E-ISSN 1911-2025
Published by Canadian Center of Science and Education
74
Consumer Behavior Analysis in Choosing Conventional or Sharia
Mortgage Product in Indonesia
Mochamad Reza Adiyanto1, Ujang Sumarwan2, Imam Teguh Saptono3
1 Graduate Student of Master Program Management School of Business, Bogor Agricultural University
2 Department of Family and Consumer Sciences and School of Business Bogor Agricultural University
3 Faculty Member School of Business, Bogor Agricultural University
Correspondence: Mochamad Reza Adiyanto. E-mail: mochrezaadiyanto@gmail.com
Received: May 3, 2017 Accepted: May 24, 2017 Online Published: July 25, 2017
doi:10.5539/ass.v13n8p74 URL: https://doi.org/10.5539/ass.v13n8p74
Abstract
The objectives of this study are 1) Analyze sharia mortgage market segment based on demographic and
psychographic, 2) Analyze the factors that influence the type selection of sharia mortgage, 3) Formulate the
managerial implications to increase market share sharia mortgage. This study used two approaches, the first
approach is to use AIO (Attitude, Interest, Opinions) psychographic factors to measure consumer lifestyles
before mapped into multiple segments. The second approach is to use the planned behavior theory (TPB). TPB is
used to find out the factors that influence consumer in making decisions to purchase sharia mortgages. The data
used is primary data that is quantitative. The primary data was obtained from questionnaires by consumers who
will buy a house through mortgage facilities. The sample is determined intentionally (convenience sampling).
The respondents are 150 people. The results showed that consumers are going to buy a house through mortgage
facilities divided into 3 clusters. The first cluster is respondents who chose a sharia mortgage have monotonous,
introvert, conservative and conformist personalities. The second cluster are respondents who chose conventional
mortgages and have dynamic, extrovert, risk-taker and rationalist personalities. Meanwhile, the third cluster is
respondents who chose conventional and sharia mortgages simultaneously and have dynamic, extrovert,
risk-taker and universalist personalities. Based on the multiple regression analysis it shows that the output
evaluation factor (X2) significantly affects the respondents’ interest in proposing a sharia mortgage, while the
trust behavior factor (X1), the trust control (X3), the motivation (X4), the trust control (X5), power factor control
(X6) have no significant effect. This study implies that sharia bank management should focus on 3rd clusters
because it has a big potential market through generic strategies, market challenge strategies and marketing mix
strategies.
Keywords: mortgage, conventional, sharia, rationalist, conformist, and universalist
1. Introduction
1.1 Background
East Java province has much potential as the second largest population and the highest economic growth above
the national average (Kemendagri, 2015). However, the East Java region has been impacted by the current
conditions in Indonesia. The economic growth in 2015, only grew by 5.44 percent, or lower than 2014, which
amounted to 5.86 percent (BPS, 2016). Such conditions have an impact on the decrease of bank lending from 9%
in 2015, to 2% from the June period in 2016 (Otorita Jasa Keuangan, 2016).
In order to cope with these conditions, the OJK (Otorita Jasa Keuangan) and BI (Bank Indonesia) issued a
regulation focusing on boosting the demand side, such as: decreasing interest rates on loans, decreasing the DP
(Down Payment) minimum, or advancing payments for consumers who will buy a house through a credit facility
/ finance property (Bank Indonesia, 2015).
The sharia mortgage has a small market share, especially in East Java. That is a problem for the Sharia finance
industry. Based on data from the OJK in June 2016 period, only 16% of the total outstanding mortgages were
distributed by conventional and sharia banking (Otorita Jasa Keuangan, 2016). This impacts the existing market
potential as the percentage of the Muslim population in East Java is 96.36% based on the data census population
BPS 2010 (Badan Pusat Statistik, 2016).
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This was caused by the unfavorable external conditions and internal conditions of the banking industry with
increasingly tighter competition intensity, and banks are required to apply marketing strategies in order to
influence consumer behavior so that they are interested in making purchasing decisions on the products offered.
In terms of the internal side of banking, Marwa et al. (2014) determined the effect of the mixed marketing in the
consumers’ decision, and it is known that the product variable is the most influence variable in consumer
purchasing decisions. Thus banks need to create a competitive product so that consumers can be interested in
buying it.
Viewed from the external side, the consumer, Sumarwan (2015) conducted an analysis of factors that influence
credit card ownership. The result from the study shows that consumer income was influenced significantly in the
consumer’s decision to choose a credit card. In addition, Sari (2015) claimed that religious factors were not the
only primary reasons related to sharia banking so that the study showed that individual consumer factors, and
social and culture all influence the consumer’s decision to use a sharia bank product.
Based on the matter above, the sharia banking management requires effective marketing strategies in order to
increase its share of the mortgage market in East Java. So, this study attempts to identify segment sharia property
viewed by demographic and psychographic factors through lifestyle and personality approaches. In addition, to
determine factors that influence consumers to choose sharia mortgage facilities, to formulate the managerial
implications toward consumer behavior financing sharia mortgage and to understand the increase in the market
share of the financing sharia property.
2. Literature Review
2.1 Theory of Planned Behavior (TPB) Research in Choosing Mortgage Product
Sumarwan (2011) stated that the theory of planned behavior (TPB) is a model that estimates the attitude of
consumer’s interest or the intention to perform a behavior or action. According to Ajzen (2005), the theory of
planned behavior is a theory that is used to predict the behavior of individuals based on factors of attitude toward
their behavior, subjective norms and behavioral control. Fishbein and Ajzen in Blue (1995) stated that intention
to behave is the single best predictor of a person’s behavior (behavior). Behavioral intention is a function of
attitudes towards behavior (attitude toward behavior) and subjective norms (subjective norm). Sumarwan (2011)
stated that the intention to behave will be influenced by the attitude toward the behavior (attitude toward
behavior) and subjective norms (subjective norm about behavior). Sayono et al. (2009) expressed that the
intention to apply for credit (intention to apply for credit) is the person’s behavior tendency to take decisions in
applying for credit because of interest (interest) and desire (desire) that comes from internal or external
persuasive stimulus against the credit offered.
Lestari et al. (2017) concluded that the respondents interest in credit card ownership is still very low. This shows
from the study findings that only 17% of respondents expressed interest in the credit card. The main factors that
affect the interest of respondents to credit card ownership is perceived as behavioral control so the banks are
expected to educate and motivate consumers to change the public mindset or address the negative public
perception about credit cards so that the credit card is widely accepted and used as a non-cash form of payment.
Ringim (2013) in his study ‘Nigerian Muslims Public Perception Who Have Conventional Bank Account against
Sharia Bank Product’ concluded that the respondents’ perception about service quality Sharia Bank is satisfying
so that Sharia banks are required to constantly improve service quality, image and reputation to gain the
maximum customer satisfaction. Kennedy (2013) in his study ‘Theory of Planned Behavior and Financial
Literacy: Prediction Model for Credit Card Debt’ concluded that consumer attitudes toward credit card debt and
behavioral control perception significantly influence the intention of using a credit card. The study showed that
individual beliefs related to the attitudes toward using credit cards. Amin et al. (2013) in his study ‘Muslim
Consumer Behavior Theory: Empirical Study of Consumer Behavior Malaysia Islamic mortgage’ concluded that
the level of education and the level of religiosity are tools to determine the preferences of a sharia mortgage.
Instead, fairness and friendliness are not significantly related to the preference for a sharia mortgage.
Based on Amin (2013), it was stated that the study about consumer behavior in choosing the sharia mortgage is
important because it contributes to the empirical framework development of sharia finance in predicting the
consumer behavior within the Sharia mortgage market. Meanwhile, according to Ringim (2013), the study about
the public perception of Sharia banks is needed to improve public knowledge about the sharia bank’s
characteristics and improve the public interest doing financial transactions through sharia banks. Moreover,
Amin (2014) in his study ‘Consumers’ Acceptance regarding sharia mortgage’ emphasizes the importance of this
study to predict the demand of sharia mortgage in the future.
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Conclusions can be made by the study about the factors influence in choosing credit card through theory planned
behavior (Theory planned behavior) TPB, another approach is knowing the perceived behavioral control (PBC)
variables: the perceived behavioral control influences the interest credit card ownership in Indonesia (Lestari, et
al., 2008). On the contrary, Attitude toward Behavior (ATB) variables: subjective norms can determine how
consumers choose sharia mortgage products in Malaysia (Amien et al, 2014).
Ismail et al. (2014) proposed that the banks’ reputation variables play a critical role in determining the Muslims
and the non-Muslims consumer decisions as compared to choosing a sharia mortgage in Malaysia. A good image
and reputation makes consumers confident to choose sharia mortgages. In addition, a level of religiosity and
educational level variables determine the preferences to choose sharia mortgage (Amin et al., 2013). According
to Ringim (2013) that service quality variable affects the individuals’ perception to buy products and services of
sharia banking in Nigeria.
There are similarities between these studies with the previous study. The similarities can be seen from the
objectives and the study approach used to determine the factors that influence the consumers’ decision to apply
for credit / financing by using the theory of planned behavior (Theory of Planned Behavior) TPB approach as in
the study conducted by religiosity Amin et al. (2014), Lestari et al. (2008) and Kennedy (2013).
There are differences between these studies and the previous study. The difference can be seen from an analysis
tool used to determine the factors that influence consumers to choose a Sharia mortgage product and the
objective studied especially in the study conducted by Ringim (2013), Bieber et al. (2017), Kennedy (2013).
2.2 Consumer Behavior Study in Choosing Mortgage Product
Sumarwan et al. (2012) conducted a study of the influence of perceptions and ads preferences on children’s
purchase intentions for snack food products. The study uses an experimental factorial design with two variables,
that is the first treatments: advertising exposure followed by a consumer test, the second treatment: consumer test
followed by an advertising exposure with both males and females. The results showed that the variables that
affect the children’s purchase intention of snack food products are perceptions, and preferences and experiences
of consuming the product. The gender variables and gender interactions also influence significantly the
formation of children's perception of the advertisement snacks.
Pratama et al. (2016) found in the study that the analysis of factors that affect buyers advertising avoidance (the
difference in the numbers of viewers who watched ads with viewers who watched the program) are the
demographics audience (gender, age, residential areas, and socio-economic status), the ad attributes (television,
advertising sequence, program genre, and the advertising sector), and competition (Day part). This study tried to
measure the level of advertising avoidance in Indonesia and its relationship to various factors that pose an
influence by using secondary data. The results showed that the level of advertising avoidance in Indonesia is
23%; such relatively similar to other studies in various countries. Hypothesis test results also showed the
significance of advertising avoidance relationship with demographic variables, the ad attributes, and the
competition that influences it.
Siahaan et al. (2015) conducted a study of factors that affect the intention of local soy sauce users. The study
used the approach of planned behavior (Theory of planned behavior) and who is purchase intention as a key
driver for the occurrence of a particular behavior. The results showed that attitudes toward behavior (Aact) and
perceived behavioral control (PBC) is a significant component that affects the intention of local soy sauce users,
while the components of subjective norm (SN) does not affect the results significantly. Based on the study results,
the factors that affect the intention of local soy sauce users are profit, making the savory dishes, bringing
prosperity to the local community, affordable prices, good quality, and convenience.
Nugroho et al. (2015) conducted a study to analyze the factors that influence purchasing decisions and organic
tofu consumption. The study divides the consumers into three groups: (a) consumers who have never bought but
interested to buy, (b) consumers who have never purchased but not interested to buy, and (c) consumers who
have never purchased organic tofu. The results showed the characteristics of respondents who have never
purchased were mostly in the 26-35 age group, college educated, umemployed, has an income of between 1
million up to 2.5 million, has a wide knowledge, has a perception that the highest score in organic farming
sustainability, is environmental friendly, has health benefits and has higher prices. These are the factors that
influence consumers in making purchasing decisions to buy organic tofu are work and knowledge.
Sayono et al. (2009) conducted study on the factors that influence the decision of credit card ownership in
Jakarta. The study analyzed the demographic factors, motivational factors, attitudes and personality factors
related to risks and innovations of credit cards. The results showed that demographic factors and motivational
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factors significantly influence consumer decisions.
There are differences and similarities between these studies and with previous studies. The similarities can be
seen from the purpose of the study and the analysis methods which were used to determine the factors that
influence consumer purchasing decisions; such by using multiple linear regression analysis. In addition, there are
also differences, especially on the object studied, Sumarwan et al. (2012) conducted a study on children, Pratama
et al. (2016) conducted a study on the television viewers, Siahaan et al. (2015) and Nugroho et al. (2015)
conducted a study on consumer organic soy or tofu, and Sayono et al. (2009) conducted a study on the objective
of credit card consumers.
2.3 Mortgage Consumer Segmentation Study
Sanjaya et al. (2015) in the study of the relationship analysis among customer relationship management (CRM)
maintained that it is measured by the perception of customer through the level of customers’ loyalty. The study
uses recency, frequency and monetary (RFM) to measure loyalty and CRM through people, process and
technology. Based on RFM segmentation it produced five segments, they are platinum segments, gold segments,
silver segments, blue segments and black segments. The study mapped that the majority of customer’ savings
SiAga cooperation XYZ contained in the Silver segment (57%) with a high recentcy level; while the frequency
and monetary aspects tended to be low, whereas for customers with high RFM level (platinum segment) was
only 12%.
Djamaludin et al. (2009) in the study analysis of Jamu Gendong customer satisfaction and loyalty in Sukabumi
in which one of purposes was to analyze the Jamu Gendong customer. The results showed that there are five
types of buyers: the switcher / price buyers are consumers who frequently switch between one type/brand to
other type/brand products, Habitual buyer is the Jamu Gendong consumer who buys Jamu Gendong based on
their habit, the satisfied buyer is the consumer who is satisfied when making the purchase of a product, the likes
the brand consumer is truly a consumer who really likes Jamu Gendong and the committed buyer is a loyal
consumer who buys Jamu Gendong.
Based on Amalia et al. (2011), Alboneh et al. (2010), Irviana et al. (2008), Wijaya et al. (2006), studies claimed
that the segmentation of the Sharia Bank market consumer is based on behavioral variables divided into three
groups: Sharia loyalist (a market segment who choose and loyal to the sharia bank for consideration halal and
haram), floating more sharia and floating less sharia means a floating segment which more considers the
advantages and conveniences of services to choose sharia banks or conventional banks. Meanwhile, when
attention is further directed into the mortgage consumer segmentation based on psychographic variables,
Ambiatini et al. (2005) divides them into two segments, they are the segment that has the characteristics of a
dynamic lifestyle and the segment that has the characteristics of a static lifestyle. Each individual study
explanation is as follows:
The study conducted by Ambiatini et al. (2005) aimed to: 1) Analyze mortgage customer segmentation at Bank
X, 2) to analyze the attributed priority mortgage products for customers mortgage Bank X, 3) Provide
recommendations for mortgage marketing strategies which can be enacted at Bank X. The scope this study is
limited to Bank X customers and Bank X mortgage customers, with a case study in the branch office in Jakarta.
The study was conducted by using survey methods to 120 respondents with convenience sampling technique.
The primary data was obtained from questionnaires and direct interviews with respondents. The questions posed
to customers included an assessment of the mortgage attribute consisting of: interest rates, credit terms, credit
periods, down payment, the cost of the process, the credit process, the maximum credit, marketing information,
banking halls and bank locations. The analysis tools used are: (1) Cluster analysis used for customer
segmentation based on psychographic and demographic characteristics aspects, (2) Thurstone analysis, which is
used to determine the attributed priority, and (3) Analysis of PA matrix to describe the performance compared to
customer expectations against Bank X mortgage attributed product.
The results of a study conducted by Ambiatini et al. (2005) pertains to the formation of two segments; namely, A
and B segments. A segment is a group of customers who have a dynamic lifestyle, are creative, have lots of
activities, are fair, have great optimism and have good planning. This group is dominated by men who have
relatively a small number of members within the family; they are generally private employees, the average
earnings are over $ 4 million per month, and are scholars. While the B segment is a group of customers that is
neutral, static although they have a hope to go forward, and are quite conducive to a family environment. These
groups are generally customers who have a family with a large number of members of up to 9 people, mostly
civil servants, and with an average income of between Rp 2 million and up to Rp 4 million a month. Mortgage
attributes that are considered which are important for customers and have a low performance are the interest rate,
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credit terms, the credit process and the cost of the process. A segment assessment found that the four attributes
are: interest rates, the rapidity of credit, credit terms and cost of the process; such were assessed as having a high
importance level but have a low performance. Whereas, B Segment considers that there are five attributes that
have importance high level but cannot comply with customer expectations, they are: credit interest rates, credit
terms, low down payment, low cost and the rapidity of credit processes.
Furthermore, the similar previous studies are conducted by Yudha (2011), which aimed to identify the segment
of the market of Mandiri mortgages in Denpasar based on the benefits of demographics and behavior, define a
segment that is prioritized as a target market Mandiri mortgage in Denpasar, and determine positioning of the
Mandiri mortgage product at Denpasar, and also the implications for the next marketing strategy. In realizing the
goal of this study, it conducted the analysis of segmenting, targeting and positioning using cluster analysis to
determine the market segments, market targets, and multi dimensional scaling and correspondence analysis to
determine the position of the product. The population of this study was 7000 customers using a Mandiri
mortgage and the study used a sampled 230 respondents by purposive sampling technique. The results showed
that all Mandiri mortgage customers can be grouped into three segments. The three segments are formed based
on the benefits of the demographics of consumer behavior, they are Segment 1 which provides a positive value
towards an officer’s responsive, security benefits, factors of empathy, factors of direct evidence and economics.
Segment 2 gives a positive value to the reliability service factor, officers responsive, assurance benefits, empathy
factor and economic factors. Segment 3 provides a positive assessment towards the factors assurance, empathy
factor, and economic factors. Based on the three clusters above, the most suitable cluster used as a market target
is the cluster 1. This is concluded with two kinds of considerations, and they are based on benefits, demographics
and behavior. Positioning showed that the Mandiri mortgage competes with BNI mortgages because they are in
one quadrant mutual advantages in the form of attribute knowledge officer, penalty, and credit terms. This is
different from other mortgage bank products, which do not have similar attributes because the Mandiri mortgage
has a different quadrant from Permata mortgages and BTN mortgages.
There are the differences and similarities between these studies with the previous study. The similarities can be
seen from the objective of the study which is about consumers who will buy a house through mortgage facilities
(mortgage) as the studies conducted by Amalia et al. (2011), Alboneh et al. (2010), Irviana et al. (2008), Wijaya
et al. (2006), Ambiatini et al. (2005) and Yudha (2011), conducted studies about market segmentation mortgage
bank consumers. However, there are also the differences with the previous study especially with Sanjaya et al.
(2015) and Djamaludin et al. (2009) studies which conducted consumer loyalty studies.
3. Methods
3.1 Research Location and Time
The location of this study was conducted in 15 (fifteen) housing developer projects located in East Java region,
especially in Surabaya, Sidoarjo and Gresik. This study was conducted from December 2016 to January 2017.
3.2 Research Design
This study uses a survey approach because the research concerns the behavior of people, work processes, natural
phenomena, and the number of observed respondents are not too large. In this study, the phenomenon under
investigation is the market segmentation of conventional property credit and sharia mortgage with the personality,
lifestyle demographic and psychographic approach and also the differentiating factor in which consumers make
decisions to choose financing sharia mortgage facilities compared with conventional property credit.
3.3 Data Collection Method
Data collection would be carried out through surveys to respondents using online questionnaires to consumers
who make purchases property in Surabaya, Sidoarjo and Gresik. The questionnaire consists of questions that are
formulated to make the respondent record the answer usually to closed questions, and alternative answers have
also been determined. The questionnaire contains questions that should be answered by the respondents with the
answer choices which have been pre-determined.
3.4 Research Objective
The objective of this study pertains to the consumers who will buy a property (residence, shop, home office or
parcel of land) in East Java, especially in Surabaya, Sidoarjo and Gresik. The respondents in this study are
family members who may come to the developer marketing office and who may be looking for information
about the property for sale.
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3.5 Definition of Study Variable
To facilitate the respondents’ answers to the questionnaires, they are given directions and instructions. The
operational definition in this study includes:
3.5.1 Demographic Variable
It is the market’s division/separation based on the composition of the consumer (age, family size, gender, income,
occupation, education, religion and marital status) who will acquire properties using a conventional credit
facility property or finance sharia property.
Table 1. Indicators and measurement scale demographic variables
Variable Variable description Dimension Indicator Questionnaire grating Measurem
ent scale
Demography
Grouping based of
socioeconomic variables,
such as gender, education,
age, family size,
occupation, religion.
Age Recently respondent
age
a. ≤ 30 years
b. 31 – 35 years
c. 36 – 40 years
d. 41 – 45 years
e. ≥ 46 years
Nominal
scale
Family size
Total members in
family
a. 1 – 2 people
b. 3 – 4 people
c. 5 – 6 people
d. ≥ 7 people
Nominal
scale
Gender Respondents’ gender a. Male
b. Female
Nominal
scale
Income
Average income per
month
a. ≤ Rp 5 million
b. Rp 6 million – Rp 10 million
c. Rp 11 million – Rp 15 million
d. ≥ Rp 16 million
Occupation
Respondents’
occupation
a. Civil servant
b. Private employee
c. Entrepreneur
d. Others
Nominal
scale
Education
Last respondents’
education
a. High School
b. Diploma
c. S1
d. S2
e. S3
f. Others
Nominal
scale
Religion
Respondents’
religion belief
a. Moslem
b. Catholic
c. Protestant
d. Hindu
e. Buddha
f. Konghucu
g. Others
Scale
nominal
Marital status Recently marital
status
a. Married
b. Single
c. Widow/widower
Scale
nominal
3.5.2 Psychographic variable
3.5.2.1 Lifestyle
It is a market’s division/separation based on respondents’ statements about their activity (activity), interest
(interest) and opinion (opinion) in allocating money and time to buy a property through a conventional credit
property facility or finance sharia property.
Table 2. Indicator and psychographic lifestyle measurement scale variable
Variable Variable description Dimension Indicator Parameter Measurement
scale
Lifestyle A pattern where people used to Activity Occupation - Dinamic Interval scale
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live and spend their money and
time
- Monoton
Applicative - Practical
- Detail
Society - Ekstrovet (broad)
- Introvet (limited)
Responsibility - Decision maker
- Follower
Interest/
Interest
Attention - Public attention
- Shy
Interval scale
Decision maker - Risk taker
- Conservative
Opinion/
Opinion
House - Luxury
- Medium
- Simple
Interval scale
Willingness to purchase
credit/ financing at bank
- No problem
- Reluctant to take
credit/financing at bank
3.5.2.2 Personality
It is a market’s division/separation based on respondents’ statements about psychological characteristics which
impact the selection of a conventional mortgage facility or a sharia mortgage when buying a property.
Table 3. Indicator and personality psychographic measurement scale variable
Variable Variable description Dimension Indicator Questionnaires grating
Measurem
ent scale
Personality A set of human psychological
personality that affects to the
relatively consistent response
and more resistant to the
environmental stimulus
Va lu e
proportion
Main
considerati
on in
buying
property
a. lowest price
b. according to the needs
c. Property in accordance with religious value
d. according to the needs and religious values
Interval
scale
Investment Willingness
to invest
a. you do not really understand, if there is
excess money, just save
b. you will choose which one will give the
best return
c. you will not invest to which contain Riba’,
you will choose real investment, metal or
sharia.
d. you will avoid riba, but there’s a possibility
to invest in public institution without
Islamic label as long the business practical
relevant to the sharia value.
Interval
scale
Financing
or credit
Considerati
on to
choose a
company in
financing
or credit
a. any company who provide financing for
you.
b. you will learn the cost will you spend for
credit
c. you will choose credit facility from sharia
institution, although the margin is higher
than the interest.
d. still considering non-sharia institution,
because not all financing non-sharia
institution not accordance with sharia
value.
Interval
scale
3.5.3 Planned Behavior
It is a factor that is used to distinguish the consumer making decision in choosing a credit facility of conventional
property or finance sharia property by using the theory of planned behavior (Theory of Planned Behavior)
approach where the customer interest is influenced by three main factors, they are:
3.5.3.1 Attitude toward behavior (attitude toward behavior)
It is the respondent’s trust of the finance sharia mortgage objective. There are three indicators were developed
based on the functions of attitudes, they are: religiosity, economic and service quality.
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3.5.3.1 Subjective norms (subjective norms)
It is the third party influence or external influence on the respondent’s behavior regarding their objective towards
finance sharia property. There are five indicators which are developed, they are: the influence of the husband or
wife, the influence of parents or close relatives, friends influence, taklim friends, friends at work, neighbors,
friends in the community setting, influence of religious teachers and the influence of the developer or property
agent.
3.5.3.2 Perceived behavioral control (perceived behavioral control)
It is a control that can inhibit or encourage respondents regarding their behavior regarding the objective towards
finance sharia property. There are three indicators are developed based on the functions of attitudes, they are:
religiosity, economic and service quality.
Table 4. Indicator and parameter planned behavior variable
Variable Variable description Dimension Indicator Questionnaires grating
Measurement
scale
Planned
behavior
The attitude model
predicted consumer
interest and intention
to perform behavior
or action.
Attitude toward
behavior
(attitude toward
behavior)
Religiosity a. Choosing financing sharia
property as one of action to
implement the religion value.
Interval scale
b. Choosing financing sharia
property to avoid riba
(interest).
Economic c. Choosing financing sharia
property to avoid rate
interest fluctuation credit in
the future.
Subjective
norms
(subjective
norms)
Husband/wife
recommendation
A. your wife or husband have
ever advised you to use
financing sharia property in
property purchasing.
Interval scale
Parents/relatives
recommendation
B. parents/closed relatives have
ever advised you to use
financing sharia property in
property purchasing.
Community
recommendation
C community religion / majelis
taklim / office friend /
neighbors / community
friend have ever advised you
to use financing sharia
property in property
purchasing.
Religion
teacher/leader
recommendation
d. Religion teacher/leader has
ever advised you to purchase
property through sharia
financing.
Developer /
property agent
recommendation
e. Marketing developer /
property agent have ever
advised to purchase property
through sharia financing.
Perceived
behavioral
control
(perceived
behavioral
control)
Economic a. Adequacy income Interval scale
b. Interest rate / margin
financing
c. Mortgage cost
Quality service a. Speed
b. Easiness
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3.6 Data processing and analysis technique
In this study, some data analysis has been carried out with the following explanation:
Group Analysis (Cluster)
Cluster analysis procedures performed in this study used cross-tabulation. This classification was done based on
respondents’ answers to the questionnaires. Cluster analysis is expected to explain the consumer segmentation in
the use of financing services sharia property and conventional credit property.
Multiple Regression Analysis
Multiple linear regression analysis (multiple regression analysis) is a statistical technique that can be used to
analyze the relationship between a single dependent variable and several independent variables. Multiple linear
regression formula is as follows:
Y = β0 + β1X1 + β2X2 + β3X3 + β4X4 + β5X5 + β6X6
Where;
Y : proposing financing sharia mortgage interest
β0 : Constant coefficient
β1, β2, β6 : Regression coefficient
X1 : Behavior beliefs
X2 : Output evaluation
X3 : Normative beliefs
X4 : Comply motivation
X5 : Control beliefs
X6 : Control power factor
In the multiple linear regression analysis, it conducted a T-test to prove the influence hypothesis individually
from the independent variables on the dependent variable. If the significance value of the t test is less than 0.05,
it means that the independent variables significantly influenced the dependent variable partially. On the contrary,
if the significance value of the t tests was more than 0.05, then the independent variable has no significant effect
on the dependent variable partially.
Picture 1. Conceptual Framework
Behaviour
belief
Output
evaluation
Normative
belief
Comply
motivation
Control beliefs
Power of
Control
Factors
Attitude
towards
behavior
Subjective
norms
Control
behavior
Willingness to
purchase sharia
mortgage Vs
conven
t
ional
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4. Result and Discussions
4.1 Sharia Consumer Mortgage Cluster analysis
Once the cluster is formed, then the distribution of the number of objects (respondents) for each cluster can be
seen in Table 4.
Table 4. Cross tabulation of applying conventional credit property and sharia next six months
Applying conventional credit property next six
months Total
Disagree Agree
Applying financing sharia property
next six months
Disagree Total 45 16 61
% 73.8% 26.2% 100.0%
Agree Total 6 83 89
% 6.7% 93.3% 100.0%
Total Total 51 99 150
% 34.0% 66.0% 100.0%
Based on Table 4, it shows that from the 61 respondents who did not agree to apply for a sharia mortgage in the
next six months were 45 respondents did not propose a conventional mortgage and 16 respondents who would
apply a conventional mortgage. The respondent majority were as many as 83 respondents will apply for
financing/sharia mortgage or conventional properties simultaneously in the next six months. This shows that the
majority of respondents who have a preference for both conventional and sharia based mortgage products.
At the same time, the respondents were asked questions in more depth about their interest in proposing Sharia
mortgage although the cost is more expensive and the procedure longer than a conventional mortgage. The
results can be seen in Table 5.
Table 5. Cross tabulation in applying conventional credit property and sharia although the cost more expensive
and the procedure is longer
Applying conventional credit property next six
month Total
Disagree Agree
Apply financing sharia property
although the cost is more expensive
and the procedure is longer
Disagree Total 45 19 64
% 70.3% 29.7% 100.0%
Agree Total 6 80 86
% 6.7% 93.3% 100.0%
Total Total 51 99 150
% 34.0% 66.0% 100.0%
Based on Table 5, it shows three respondents had cancelled their interest to apply for a sharia mortgage if the
cost was more expensive and the procedure was longer than conventional credit property. While the majority of
respondents were still applying even though financing sharia mortgage is more expensive and has a longer
procedure than conventional credit property. These results indicate that the majority of respondents were loyal to
sharia based financing products which do not negate the possibility that the respondent can also apply for a
conventional credit property in the next six months.
The next stage is a profiling cluster in order to describe each cluster characteristics based on psychographic
lifestyles and personalities which can be seen in Table 6.
Table 6. Psychographic lifestyle and personality Profiling cluster apply conventional credit property next six
months
Respondent’s
characteristics Cluster 1 Cluster 2 Cluster 3
Age:
≤ 30 years - - 7.5%
31 – 35 years 33.3% 52.6% 50.0%
36 – 40 years 33.3% 21.1% 15.0%
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Respondent’s
characteristics Cluster 1 Cluster 2 Cluster 3
41 – 45 years 33.3% 21.1% 25.0%
≥ 46 years - 5.3% 2.5%
Total family
members:
1 – 2 peoples - 5.3% 17.5%
3 – 4 peoples 50.0% 26.3% 36.3%
5 – 6 peoples 16.7% 42.1% 35.0%
≥ 7 peoples 33.3% 2.3% 11.3%
Gender:
Male 50.0% 57.9% 65.0%
Female 50.0% 42.1% 35.0%
Average food
expenditure per
months:
< Rp 2 million 16.7% 52.6% 23.8%
Rp 2 million – Rp
3 million 83.3% 47.4% 65.0%
> Rp 3 million - - 11.3%
Average non-food
expenditure per
month:
< Rp 2 million 66.7% 42.1% 48.8%
Rp 2 million – Rp
3 million - 52.6% 43.8%
> Rp 3 million 33.3% 5.3% 7.5%
Occupation:
Civil servants 16.7% 52.6% 25.0%
Private employee 50.0% 47.4% 60.0%
Entrepreneur 16.7% - 11.3%
Others 16.7% - 3.8%
Education:
Diploma - 10.5% 8.8%
S1 83.3% 68.4% 61.3%
S2 16.7% - 17.5%
S3 - 21.1% 12.5%
Religion
Moslem 83.3% 73.7% 65.0%
Catholic - 5.3% 7.5%
Protestant 16.7% 10.5% 22.5%
Hinduism - 10.5% 5.0%
Marital status
Single - - 5.0%
Married 83.3% 84.2% 88.8%
Widow / widower 16.7% 15.8% 6.3%
Activity Monotone, practical, introvert, and
decision marker
Dynamic, practical, extrovert, and
decision marker
Dynamic, practical, extrovert, and
decision marker
Willingness
Did not want to attract from others,
conservative, consider religious
values when applying for mortgage,
tended to like stable mortgage rate
interest and considered others
opinions
Want to be others attention, risk
taker, unconsidered religion value
in apply mortgage, tend to like
progressive mortgage rate interest
and considered others opinions
Want to be others attention, risk
taker, unconsidered religion value in
apply mortgage, tend to like stable
mortgage rate interest and considered
others opinions
Opinion
Tended to like house with LT 36-70
type, willing to take financing bank
and assume that sharia mortgage is the
best choice
Tend to like house with LT > 70 m2
type, willing to take credit Bank
financing and assume that
conventional mortgage is the best
choice
Tend to like house with LT 36-70
type, willing to take credit/financing
Bank and assume that sharia
mortgage is the best choice
Psychographic
personality Conformist Rationalist Universalist
N 6 19 80
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4.2 Multiple Linear Regression Analysis The Factors That Influence Consumer in Choosing Sharia Mortgage
Multiple linear regression analysis is used to analyze the relationships between independent variable consisting
of trust behavior, output evaluation, normative beliefs, comply motivations, trust management, and power
control factors towards the customer’s interest to apply for a sharia mortgage; such are presented in Table 7.
Table 7. Attitude toward behavior on customer interest to apply sharia mortgage
Regression coefficient t-count Significant
Constanta 1.826 2.285 0.024
Behavior beliefs (X1) - 0.087 - 0.646 0.520
Output evaluation(X2) 0.335 2.130 0.035
Normative belief (X3) - 0.037 - 0.402 0.689
Comply motivation (X4) - 0.044 - 0.331 0.742
Control beliefs (X5) 0.042 0.211 0.834
Power control factor (X6) 0.221 1.443 0.152
Based on Table 7, it shows that behavior belief factor (X1), output evaluation(X2), normative belief (X3),
comply motivation (X4), control belief (X5) and control power factor (X6) influence simultaneously on the
customer’s interest to apply for financing sharia property.
However, if it views partially that only output evaluation factor (X2) which indicates a significant (0,035)
influence that the customer interest to apply for financing sharia property. Variables factors can be explained
through picture 2.
Religious teaching application
Avoi
d
s riba
Avoi
d
s interest fluctuation
Religious teaching is important
Avoi
d
s riba is important
Avoi
d
s interest fluctuation is important
Wife/husband recommendation
Parents/relatives recommendation
Friends recommendation
Religious figure recommendation
Marketing develope
r
recommendation
Follows husband/wife recommendation
Follows parents/relatives recommendation
Follows friend recommendation
Follows religious figure recommendation
Follows marketing develope
r
recommendation
Sufficient income < 6 months
Ma
r
gin/ Sharia mortgage interest= conventional
Sharia mortgage speed process = conventional
Sharia mortgage ease conditions= conventional
Doing sharia transaction < 6 months
Sufficient Income
Ma
r
gin
/
lowe
r
Sharia mortgage interest
Sharia mortgage fast process
Sharia mortgage easy conditions
Doing transaction
Picture 2. Variable Factors
Output evaluation
Normative belief
Comply motivation
Control beliefs (X5)
Power of
Control
Factors (X6)
Behaviour belief
(X1)
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Based on picture 2, Factors output evaluation (X2) consists of variables and the application of religion is
important, the avoidance of interest is important, and the avoidance of fluctuations in interest rates are important.
This indicates that consumers were aware about the implementation of religious values in the selection of sharia
mortgage products.
This is in line with the research conducted by Rivai et al. (2010). The factors that influenced consumers to
choose the banking industry are perception / the belief that bank interest contrary with confidence / religious. In
addition, Amin et al. (2013) in research behavioral therapy pertaining to Muslim consumers (empirical studies
behavior consumers sharia mortgage in Malaysia) explained that factors pertaining to education and religious
satisfaction were factors that determined preference of consumers in taking a Sharia mortgage.
Amri (2012) conducted research analysis factors which affected customers in the selection of a product in the
mortgage loan industry: a case study at Bank Muamalat Indonesia that religion became the primary reason for
the Muamalat customers in using a Sharia mortgage. Five the top factors were the dominant choice for customers;
namely, (1) customers are aware of practices which are forbidden, (2) customers consider syariah principle when
choosing a mortgage loan, (3) if customers when pay off their loan quicker they are not penalized, (4) Bank
Muamalat mortgage loan is in accordance with the syariah principle, (5) if payment is delayed or behind the
penalty is relatively small.
Meanwhile, the behavior belief factor (X1), normative belief (X3), comply motivation (X4), control belief (X5)
and control power factor (X6) did not significantly affect the customer’s interest to apply for financing sharia
property.
4.3 Managerial Implication
Based on the results, it showed that most of the respondents on 3rd clusters were interested to apply for
conventional and sharia mortgage simultaneously. This shows that the potential of sharia finance is still very
significant. Various efforts can be implemented to optimize the sharia mortgage through marketing strategies that
can be seen in Table 8.
Table 8. Managerial implication
Marketing Strategies Managerial implication
Generic strategies Applies differentiation strategies to products, services, person / an employee of a bank, distribution or
image of sharia mortgage on the market mass so sharia mortgage is unique compared with conventional
property credit.
Market challengers strategies Applies by implementing attack strategies which are enacted by an indirect attack by taking a shortcut
Marketing mix strategies
- Product
- Price
- Place / distribution
- Promotion
Applies expansion of product lines thourgh rapid technology change in various sectors which will
encourage sharia banks to renew their products line.
Applies prices based on the competition (going rate pricing) where margins of sharia mortgages are set
based on the indirect consideration benchmark conventional mortgage as used by their competitors.
Applies an agressive strategy through increasing the number of alliance cooperations with property
property developers / agents to sell a sharia mortgage with a given incentive.
Cooperate with high-tech companies such as Telkom, Facebook, Twitter or Instagram and advertise
sharia mortgages with a marketing target that is more specific.
5. Conclusions and Suggestions
5.1 Conclusions
Based on the analysis above, the research can conclude that the mortgage market segments are divided by three
clusters which are: a) First cluster, as many as six respondents or 6.7% of the total respondents interested in
buying home just using a sharia mortgage. b) Second cluster, as many as 19 respondents or 29,7% of the total
respondents were interested in buying a home just using conventional mortgage. c) Third cluster, as many as 80
respondents or 93.3% of the total respondents were interested in buying a home using both conventional and
syariah mortgages.
Factors evaluation output ( X2 ) in the form of the interests of the application of religion, avoid usury and
fluctuations of factors, suggests a significant impact on the interest in a proposed sharia mortgage.
In terms of managerial implications, in order to increase the sharia mortgage market share a strategy can be
leveraged to approach both the community and socialization through social media as an effort to provide
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information to the public regarding the competitive advantage of owning a property by syariah financing.
Moreover, support or an authority figure is required from the religion of Islam to further convince and rally the
community to be more pro-syariah financing.
5.2 Suggestions
The suggestions which are submitted and related to this study are:
1. The management of Sharia banks should focus more on marketing sharia mortgages and continue to improve
both socialization and promotions to leverage forward the concept of the implementation of religious teaching,
the prohibition of riba and avoidance of interest fluctuations in the long term; such as a major differentiator to
conventional credit property. Moreover, Sharia banks should also be able to provide an excellent service in the
form of a rapid process procedure, easing of compliance conditions and the provision of a competitive financing
margin/interest rate. These factors proved that the majority of respondents are interested to choose a sharia
mortgage as opposed to a more conventional mortgage.
2. Future researchers can conduct similar studies using different techniques, for example, by conducting direct
interviews with respondents using open-ended questions which allow the sampled respondents to offer opinions
based on personal viewpoints and experiences; such can allow theoretical concepts to be translated into practical
applications and interventions within the Indonesian banking system.
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