THE INFLUENCE OF CULTURAL, SOCIAL, PERSONAL, AND PSYCHOLOGICAL FACTORS OF MUSLIM CONSUMERS ON THE PURCHASE DECISION OF MANULIFE SHARIAH PRODUCTS

Background: With the Moslem majority population amounting to 80%, Indonesia has undergone a shift of commodity and services consumption toward sharia and halal products. One of the products is insurance. Some factors which influence the consumers' decision to purchase sharia insurance products include cultural, social, personal and psychological factors. Therefore, it is important to identify consumers' behavior when deciding to invest in insurance. Objective: This research aims to identify the influence of cultural, social, personal, and psychological factors of Muslim consumers in the decision to purchase sharia insurance products. Methods: The research method was quantitative method, involving 60 respondents who have sharia insurance products. The data were collected by spreading the questionnaire to the respondents. Result: From this research result, the correlation between cultural, social, personal and psychological factors of Muslim consumers and the decision to purchase sharia insurance products is found to have a p-value of 0.656, 0.052, 0.260 and 0.0 consecutively (p-value < 0.05). The result of the coefficient determination found the adjusted R square of 64.2%. Implication: This research result indicates that the psychological factor influenced the most on the decision to purchase sharia insurance products. However, further research needs to have more respondents to get better objectivity. The research result of the article can be used for the marketing strategy of sharia products to influence the decision to purchase sharia insurance products. Conclusion: In this research, the factor influencing the decision to purchase sharia insurance products of Muslim consumers is the psychological factor, reaching 62.4%