Does Imam’s Endorsement lead to the Adoption of Metaverse Islamic Banking? Evidence through the Theory of Planned Behavior (TPB)

Abstract

In recent times, there has been a notable surge in the prevalence of Islamic financial institutions, prompting a more thorough investigation of the determinants that shape people's choices to transition to Islamic banking. The factors under investigation have undergone rigorous examination in order to enhance comprehension of the dynamics at work within this evolving context. This study examines the impact of Imam endorsement on the diffusion of metaverse in Islamic banking, using the Theory of Planned Behavior (TPB) as the conceptual framework. This study explores the historical roots of Islamic banking, charts its evolutionary trajectory, and assesses the contemporary landscape of the industry in Pakistan. The objective of this research is to examine the present condition and future potential of metaverse Islamic banking in Pakistan, with a specific focus on the significant involvement of imam. It is observed that Imams fulfill a significant role as esteemed authorities, offering invaluable guidance and counsel, particularly on topics dealing with routine religious affairs. Religious authorities, such as imams, have significant influence in developing the tenets and operations of metaverse Islamic banking owing to their revered social standing and access to important resources. This study adds to the existing literature on the acceptability of Islamic banking in Pakistan by investigating the hitherto unexamined area of imam endorsement and its possible influence on the growth of Islamic banking in metaverse.