Islamic Finance gif
are great ways to capture your target market. Whether a com- pany is targeting a Muslim or non-Muslim market, everyone uses mobiles, laptops and other electronic products, which gives you sufficient scope to attract any market.
The approval of Shariah-com- pliant products with certified Is- lamic Shariah boards can help to reassure Muslims that the products are fully appropriate for Islamic use, and adhere to the principles of the Shariah.
Educating your target market on Islamic finance, and ensuring that the benefits are highlighted with comparisons to conven- tional banks, can do even more to capture both Muslim and non- Muslim markets.
As outlined above, there are many ways in which you can promote your Islamic financial product without compromising the principles of the Shariah law. One of the most beneficial meth- ods of gaining recognition from your target market is through discussion and international seminars.
In addition, networking can be vital in establishing good rela- tions with international leaders of the finance world, including
Figure 5: 1
•Islamic Finance Seminars • Introduce and promote your Islamic Finance Product in a recognised seminar such as Euromoney or IIFA seminars
those working in the conventional banking market, and who can fur- ther your scope to attract a new cli- ent base as a target market for your Islamic financial product.
2
•Organise Meeting with leading Islamic Scholars 7 Community Leaders •Set up a day in your financial institution to discuss and promote Islamic Finance from first hand experi- ence with leading scholars and community leaders.
•Advertisements from Islamic Media Groups/ Puplica- tions/TV
3
•Utilise the range of Islamic Media to target your Muslim Market and further educated them on what products are Shariah compliant.
4
•Global Islamic Finance International Forums • There are many Islamic Finance International Fo- rums which you can get sponsorship from as well as promote your Islamic Financial product at the event.
5
•Gain sponsoreship from Islamic Certified Accreditors such as CIMA •If your Islamic Financial product is at a bank you could gain sponsors from accredited financial institutions such as CIMA
6
•Network your way to successful Islamic Financial Product Promotion •Networking is key in establishing good contacts who can help to successfully promote your Islamic
Once your customer base is well- informed about the Islamic finan- cial product, and the benefits are clearly explained, it’s important to try to make the product accessible for them to use.
Customers who do not fit restrictive financial criteria set out by some Is- lamic banks often have difficulty in gaining access to Shariah-compli- ant products.
If the pricing of products can be reduced, or flexible payment plans can be arranged, the Islamic finan- cial product may become more ap- pealing and accessible.
In this article, Global Islamic Fi- nance Magazine has offered a com- prehensive discussion of the best way to launch your products and services through Islamic branding in order to spur optimum success.
In the second part of the Islamic branding and marketing series, GIF will investigate the best ways to market your Islamic financial prod- uct, both digitally and through other avenues.
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References and Further Reading
• B Alserhan (2010) On Islamic branding: brands as good deeds, retrieved from:
http://www.emeraldinsight.com/journals. htm?issn=1759-0833&volume=1&issue=2&articleid=1865394&show=html&PHPSESSID=r31n8k3b96pv5p9t36j90a9gf5 • Archer, Simon, and Rifaat Abdel Karim, (2002) «Islamic Finance: Growth and Innovation,» (Euro Money Books: London). • Rifaat Abdel Karim, Simon, 2007, “Islamic Finance: the Regulatory Challenge” (John Wiley & Sons: London) • The Role of the Shariah Advisory Board in Islamic Finance (2009) Q Finance, retrieved From:
http://www.qfinance.com/capital- markets-checklists/the-role-of-the-shariah-advisery-board-in-islamic-finance • M. EL Qorchi, Islamic Finance and Development, Developing Money Markets (2005),
http://www.imf.org/external/pubs/ft/ fandd/2005/12/
qorchi.htm • S. Chawdery, Islamic Finance 101 (2004) Dinar Standard, retrieved from:
http://www.dinarstandard.com/finance/finance_re- view100104.htm#murab • D.C Gargner, Training in Selling Financial Products (2000), retrieved from: •
http://www.dcgtraining.com/pdf/Selling_Skills.pdf
2012 May Global Islamic Finance 33
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