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Marketing Shariah compliance.

S tudies and surveys from the late 1980s to the early 2000s covering Bahrain, Bangladesh, Jordan, Malaysia, and Singapore have shown religion is not the only reason customers choose Islamic banking. Cost and benefits, service delivery, size and reputation, staff friendliness and competence, and mass media advertising also are considerations.

From the mid-2000s, social and ethical concerns gained significance. Islamic financial institutions were scrutinised beyond profits, or undertaking corporate social responsibility merely as goodwill. With all this and more on the one hand and the constantly growing and evolving markets on the other, serving consumers has become dizzying.

Marketing is a complex enterprise. Leaf through the literature and you will find articles on seemingly unconnected matters-music and scent preferences, effects of humour usage by financial advisors, call centre locations, even fengshui for bank branch outfitting. But these seemingly disparate concerns are forged as a coherent unity under the purview of strategic marketing.

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Publication:Islamic Banking & Finance
Date:Feb 20, 2011
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