Customer perception on Islamic pawning system: based on Sainthamaruthu division

Abstract

Today banks and financial institutions, their products and services are most renowned among the people. Likewise the using of the banks by people for their banking needs is going up day by day. Today pawning is broadly used as a main path for financing in everywhere. The objective of the research was that identify the perception of Islamic pawning system, and evaluate the percentage of the pawning customers who are interested in pawning system in Sainthamaruthu division. The research is made as descriptive based on primary data which from structured questionnaire. The study target population compromises the Sainthamaruthu division. The data was collected through closed and structured questionnaires by distributing to 220 people who live in research boundary selected by randomly from for getting the better result and 188 questionnaires were received. MS excel is used for the data analysis. The findings of the study was that respondents of Sainthamaruthu division are thinking about Islamic Pawning where most of them answered that Islamic Pawning system is based on Islamic law. The Islamic pawning system is growing fast in Sri Lanka. It is noted that there are a numbers of issues, challenges and obstacles. The task to attain the objective of its establishment is challenging but promising. In order for the Islamic pawning system to continue and grow, undivided support and assistance from the government and regulators are essential.