Towards Mindful Consumption of Ethical Investment Funds: a Social Cognitive Theory

Ethical investment funds is considered to be the new wave in global investment behavior, especially with the increasing demand for Shari'ah-compliant investment among Muslim and non-Muslim investors. This paper attempts to extend the line of discussion through the development of conceptual model of mindful consumption, propagate by Sheth et al. (2011). In particular, social cognitive theory and theory of planned behavior is integrated within the concept of mindful consumption in explaining attitude towards ethical investment funds, with specific reference to Shari'ah-based investment. More importantly, it can bring together knowledge of western centric ethical investment with that of Shari'ah-compliant investment, that may potentially increase the size of the Islamic investment globally. It is anticipated that by incorporating mindful consumption in this study, the reasons towards consumption of ethical investment can be determined and subsequently, relevant strategies and policies can further be strengthened, specifically pertaining to Islamic investments