Students' Preferences Towards Sharia Financial Products: A Qualitative Study And Consumer Loyalty Model Development

Abstract

This study aims to identify and analyze college students'
preferences for Islamic financial products, explore the
influence of these preferences on loyalty formation, and
develop a conceptual model of Islamic financial consumer
loyalty. The research method used was qualitative with a
phenomenological approach. Data were collected through
semi-structured interviews with 17 college students who
had knowledge or experience related to Islamic financial
products. Data analysis was performed using NVivo
software. The results showed that college students'
preferences were influenced by religiosity, financial
institution reputation, trust, digital service innovation, and
financial education. These factors contribute to the
formation of consumer loyalty. Based on these findings,
this study developed a consumer loyalty model that
encompasses three main dimensions: spiritual attachment,
digital engagement, and community-based advocacy. This
model integrates consumer loyalty theory and Value-
Belief-Norm (VBN) theory to explain the relationship
between religious values, digital behavior, and loyalty to
Islamic financial products. The implications of this
research lie in its contribution to broadening the
theoretical understanding of consumer loyalty in the
Islamic financial sector and providing strategic direction
for financial institutions in strengthening long-term
relationships with young customers.