The study aimed to investigate the impact of behavioral biases on herding for Islamic financial products with the mediation of shariah literacy. An adopted questionnaire from several published studies was used to collect data. The data were collected from 410 respondents and were analyzed with SmartPLS. The results for the direct impact showed that self-attribution, illusion of control, and information availability have a positive and significant impact on herding for Islamic financial products while shariah literacy showed an insignificant impact on (...) herding. The results for mediation showed that previously significant and positive impact turned to insignificant when shariah literacy was introduced as mediating variable between the illusion of control, self-attribution, information availability, and herding. From a theoretical perspective, this study would contribute to the existing body of knowledge of financial decision making from shariah literacy point-out. On the other hand, the findings of this study may be useful for investors to avoid herding in the Islamic financial markets. The authors synthesize the contribution made by behavioral finance studies in extending the knowledge of herding behavior in Islamic financial products with a mediating role of shariah literacy. The key limitation of the study includes data that were collected from three districts of Punjab, Pakistan. (shrink)

One of the critical crises observed in human society, especially in the so-called advanced and industrial societies, is the spiritual crisis. Spirituality in various types of cultural and religious concepts is considered a spiritual path one in which can achieve something like a high level of consciousness, wisdom or union with God. In addition, self-esteem is a sense of worth. This feeling comes from the sum of our thoughts, feelings, emotions and experiences throughout life. Dignity also means honour and pride, (...) which has been mentioned many times in the Qur'an. In contrast to dignity, there is humiliation, which means lack of dignity in which one simply accepts defeat. Religious teachings, especially Islamic teachings, do not summarise dignity as wealth, luxury and the enjoyment of material possibilities, but interprets dignity as spirituality, and liberation from the shackles of worldliness, which give Muslims a moral identity. The main purpose of this study is to investigate the mediating role of moral identity between spiritual intelligence and self-esteem of Muslims. The statistical population includes 834 Muslim employees working in 20 branches of one Iranian university. Necessary data were collected by standard questionnaires. Pearson's correlation coefficient and regression analysis in SPSS software (Statistical Package for the Social Sciences) were used to analyse the data. According to the results of the analysis, there is a positive relationship between spiritual intelligence and self-esteem of Muslims. There is also a positive relationship between moral identity and self-esteem. Furthermore, moral identity plays a mediating role in the relationship between spiritual intelligence and self-esteem, and it strengthens this relationship. CONTRIBUTION: The present study proves the mediating role of ethical identity on the relationship between spiritual intelligence and self-esteem in an Islamic society. (shrink)