Marketing Islamic banking products: Malaysian perspective
Purpose – The rapid growth of Islamic banking in Malaysia warrants banking institutions being more proactive and innovative in marketing their products. The purpose of this paper is to re‐evaluate the progress and achievements of Islamic banking in Malaysia, particularly in the area of sales and ma...
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| Format: | Article |
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Emerald
2013
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| Subjects: |
| _version_ | 1825720164496179200 |
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| author | Kamarulzaman, Y. Madun, A. |
| author_facet | Kamarulzaman, Y. Madun, A. |
| author_sort | Kamarulzaman, Y. |
| collection | UM |
| description | Purpose
– The rapid growth of Islamic banking in Malaysia warrants banking institutions being more proactive and innovative in marketing their products. The purpose of this paper is to re‐evaluate the progress and achievements of Islamic banking in Malaysia, particularly in the area of sales and marketing of Islamic banking services.
Design/methodology/approach
– This paper adopts a comprehensive literature review from various published sources. All related references were discovered through electronic databases, journals and books in the area of the relevant literature in Islamic finance, banking and services marketing.
Findings
– The driving force for the growth of Islamic banking and financing products is the corporate clients, and not the Muslim individuals. In fact, the non‐Muslim individuals also use Islamic banking if they find that the service is good and meets their expectations. This paper shows evidence that the marketing activities of Islamic banking products is relatively ineffective compared to the conventional banking products in Malaysia. This paper also discusses the reasons for the ineffectiveness of marketing Islamic banking products at the micro and macro‐level. Depending on religion alone is not the best strategy to attract customers.
Practical implications
– The products offered by the Islamic banking system have to compete with those of the conventional banking system. Hence, a continuous review of marketing strategies for Islamic banking products is crucial in every Islamic financial institution.
Originality/value
– This paper fulfils a need to study whether the common methods in marketing conventional banking products would be effective in the context of marketing Islamic banking products. |
| first_indexed | 2024-03-06T05:30:51Z |
| format | Article |
| id | um.eprints-12293 |
| institution | Universiti Malaya |
| last_indexed | 2024-03-06T05:30:51Z |
| publishDate | 2013 |
| publisher | Emerald |
| record_format | dspace |
| spelling | um.eprints-122932015-01-20T03:32:19Z http://eprints.um.edu.my/12293/ Marketing Islamic banking products: Malaysian perspective Kamarulzaman, Y. Madun, A. HF Commerce Purpose – The rapid growth of Islamic banking in Malaysia warrants banking institutions being more proactive and innovative in marketing their products. The purpose of this paper is to re‐evaluate the progress and achievements of Islamic banking in Malaysia, particularly in the area of sales and marketing of Islamic banking services. Design/methodology/approach – This paper adopts a comprehensive literature review from various published sources. All related references were discovered through electronic databases, journals and books in the area of the relevant literature in Islamic finance, banking and services marketing. Findings – The driving force for the growth of Islamic banking and financing products is the corporate clients, and not the Muslim individuals. In fact, the non‐Muslim individuals also use Islamic banking if they find that the service is good and meets their expectations. This paper shows evidence that the marketing activities of Islamic banking products is relatively ineffective compared to the conventional banking products in Malaysia. This paper also discusses the reasons for the ineffectiveness of marketing Islamic banking products at the micro and macro‐level. Depending on religion alone is not the best strategy to attract customers. Practical implications – The products offered by the Islamic banking system have to compete with those of the conventional banking system. Hence, a continuous review of marketing strategies for Islamic banking products is crucial in every Islamic financial institution. Originality/value – This paper fulfils a need to study whether the common methods in marketing conventional banking products would be effective in the context of marketing Islamic banking products. Emerald 2013 Article PeerReviewed Kamarulzaman, Y. and Madun, A. (2013) Marketing Islamic banking products: Malaysian perspective. Business Strategy Series, 14 (2/3). pp. 60-66. ISSN 1751-5637, DOI https://doi.org/10.1108/17515631311325114 <https://doi.org/10.1108/17515631311325114>. http://www.emeraldinsight.com/doi/full/10.1108/17515631311325114 http://dx.doi.org/10.1108/17515631311325114 |
| spellingShingle | HF Commerce Kamarulzaman, Y. Madun, A. Marketing Islamic banking products: Malaysian perspective |
| title | Marketing Islamic banking products: Malaysian perspective |
| title_full | Marketing Islamic banking products: Malaysian perspective |
| title_fullStr | Marketing Islamic banking products: Malaysian perspective |
| title_full_unstemmed | Marketing Islamic banking products: Malaysian perspective |
| title_short | Marketing Islamic banking products: Malaysian perspective |
| title_sort | marketing islamic banking products malaysian perspective |
| topic | HF Commerce |
| work_keys_str_mv | AT kamarulzamany marketingislamicbankingproductsmalaysianperspective AT maduna marketingislamicbankingproductsmalaysianperspective |