The psychology of the afterlife and Islamic financing adoption

Purpose Drawing on the protection motivation theory (PMT) approach, this study aims to establish the relationships between afterlife fear and hope expectations and the intention to adopt Islamic financing products among Muslim consumers. It also examines the mediating roles of threats and coping mechanisms in these linkages. Design/methodology/approach Via a questionnaire survey, we collected responses from 258 working-class Muslims who have some experience in both conventional and Islamic banking in Malaysia. The study’s hypotheses are analyzed using partial least squares structural equation modeling (PLS-SEM). Findings The results reveal that afterlife hope expectation positively influences consumers' intention to adopt Islamic financing, both directly and indirectly through the mediating roles of response efficacy and self-efficacy. Conversely, from the perspective of threat appraisal, the pathway to intention is influenced by rule-breaking ability. Perceived severity, rather than perceived vulnerability, mediates the relationship between afterlife fear expectation and rule-breaking ability. Research limitations/implications Driven by the psychological aspects of hope and fear, this research offers a comprehensive empirical model that predicts Muslims’ consumer behavior from the theoretical lens of PMT. As Islam forbids usury (riba), adherence to religious-based obligations and the Sharia law serve as the integral factors that influence their final consumption decision. Practical implications Islamic banks may devise effective acquisition and retention strategies by distinguishing psychographic-based market segments characterized by utilitarian, economic and religious-based attitudes. By infusing subtle religious messaging into marketing campaigns, non-subscribing Muslim consumers can be spiritually encouraged to use Sharia-compliant financing products and existing customers can be motivated to continue utilizing them. Originality/value Our study advances the stream of research on the afterlife fear and hope expectations – Islamic financing adoption linkage as well as identifying unique mediation pathways that haven’t been explored in consumer psychology and financial marketing studies.