gif Islamic Finance Branding and Marketing
further ‘busts’, so inevitably characteristic of previous ‘booms’. They were wrong. As a conventional system that had arrogantly tak- en one risk too many came crashing around the experts’ ears, ordinary customers and in- vestors started seeking an alternative form of financial system that took more cautious steps to sustain itself.
Islamic finance is such a system, but it must continue to market itself as such as memo- ries of the credit crunch fade and con- sumers begin to return to conventional finance.
2. Corporate Social Responsibility: A ‘buzz phrase’ for the 21st cen- tury, Corporate Social Responsi- bility (CSR), refers to the socially responsible attitude adopted by many modern corporate entities towards the environment, the glo- bal community and society in gen- eral.
Benevolent concern for and positive action regarding these areas can of course come from conventional financial institutions, but the principles upon which CSR is based upon are similar to the sharia’a principles fundamental to Islamic finance.
Whilst CSR may be a conscious, ‘on-trend’ choice for conventional companies, genu- inely Islamic ventures have always followed the path paced out by CSR guidelines as a matter of course.
Now that CSR is a hot acronym, Islamic fi- nance should play upon the fact by drawing attention, through its marketing, to its own CSR credentials rooted in and authenticated by its emphasis on its compulsory compli- ance to sharia’a law.
3. Ethics: Both CSR and Sharia’a Law are of course ethical systems. In the case of Sharia’a Law, the principles it is set upon are what make Islam and therefore Islamic finance so ethical.
The ethical nature of Islamic finance is dem- onstrated in its refusal to put unnecessary pressure upon the debtor by charging inter- est; its practice of leniency and, in extreme cases, debt forgiveness towards debtors; its routine support of charitable causes through zakat and investment in civic infrastructure and its abstinence from business activities and industries widely perceived by many worldviews as immoral.
These qualities are so obviously attractive to many non-Muslims as well as Muslims that more must be done in Islamic finance mar- keting to highlight them.
44 GlobalIslamic Finance June 2010
His independent consultation work over the past year has seen him supporting initia- tives around Islamic leasing; working along- side specialist Islamic finance consultancy IFAAS; and providing consultancy support to an agency of the UK Treasury in regards to Islamic finance opportunities in the UK.
In an interview with Global Islamic Finance Magazine, Mr. Williams tells us what at- tracted him to the Islamic finance marketing sector; what it takes for a marketing strat- egy to be successful; why the development of the Islamic Bank of Britain and Salaam brands was so important; and what market- ing and selling to target consumer segments involves.
Why did you become involved in the change and marketing sector, and then the Islamic finance segment of that sector?
I like changing things, and being able to look back and say “I did that”. As a result I got myself involved in change projects and mar- keting.
Once I found out about the creation of Is- lamic Bank of Britain, I was desperate to be a part of it for a number of reasons: it was the UK’s first start up independent re- tail bank in living memory, and being part of that would be exciting and a great challenge; it was an opportunity to learn about a new
The Expert’s View
If anyone knows about Islamic finance mar- keting, it is top Change and Marketing Con- sultant, Alun Williams. Currently consulting independently, Mr. Williams has previously worked with the two major brands of Islamic Bank of Britain (IBB) and Salaam Halal Insur- ance.
(to me and the market) way of banking and new products; and, it was the opportunity to learn about the various Muslim communi- ties and their attitudes and behaviours, as a precursor to developing marketing and sales strategies.
Subsequent to Islamic Bank of Britain I be- came involved in the creation of what was known at the time as British Islamic Insur- ance Holdings.
This subsequently became Principle In- surance Holdings, and launched under the Salaam Halal insurance brand. I spent two years there, as a full time consultant.
What, if any, are the main differenc- es between a successful marketing strategy for a conventional financial institution and a successful market- ing strategy for an Islamic financial institution?
The concept is basically the same in that you should engage with your target
customers and communicate with them through the means that they want, via me- dia that they ‘consume’. In execution this means that to target Muslim consumers an Islamic financial institution needs to do eve- rything that a conventional financial institu- tion does, and more.
The ‘more’ being a greater need for educa- tional activities in order to build awareness, knowledge and understanding of what Is- lamic finance is, and also getting into the communities and building your brand at a grass roots level.
These days a new mainstream financial company can launch itself as a direct only business supported by a large marketing push, whereas the dynamics of many Islam- ic communities makes a face to face pres- ence within key community areas critical for credibility, and empathy.
In your time you have acted as Marketing and Sales Strategist for both Islamic Bank of Britain PLC and Salaam Halal Insurance. What were your initial aims in creating the respective strategies for these two entities?
The strategies were quite different, but were both brand driven. The emphasis upon de- veloping each brand was so important be- cause these were new financial businesses offering new products.
It was essential that consumers could trust the brands and have positive experiences and perceptions.
The challenges were made even greater,
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80