A marketing research questionnaire is essential if you are to grow your business. Issue 3 2010. It would be better if a businessman paid attention to the prevailing norms or trade procedures that exist in Islam. In developing your strategy, you will need to determine how far you will customize your product or services for the Muslim market. In fact, despite the prominence of Islam, there has been little literature on Islamic marketing (Temporal, 2011; Alserhan, 2010). Travel related examples include airlines offering Halal food options, special ‘Islamic themed travel packages. Islamic finance strictly complies with Sharia law. Islamic marketing ethics combines the principle of value maximisation with the principles of equity and justice for the welfare of the society. Islamic marketing is a great Ave nue for research. Marketing ethics in Islam has principles that maintain the rules in Islamic law or the rules of Islamic economic law. Many of our brothers and sisters have followed this example as have we at MBM. Product 4. GOT IT Examples include hotel brands such as Sofyan Hotels in Indonesia or De Palma Group of hotels in Malaysia that market themselves as sharia compliant. 1. You have the following options: Level 1: Mainstream (no customization): This is a “do nothing” strategy in terms of customizing for the Muslim market. Islam’s influence on marketing has always been felt in different ways, and is most commonly expressed in Muslim consumer markets in terms of food items being halal or not. Another area of Islamic product development is interest-free financial products. In determining your strategy, consider current trends and opportunities and decide what themes you will focus on. Furthermore, although over the course of the last few decades a reasonable understanding of Islam’s influence on marketing and consumers has developed in terms of knowledge and practice, with the recent emergence of Islamic marketing as a discipline, new perspectives and dimensions are being revealed. This observation holds true for any market in the world regardless of whether Muslims are in a majority or not. Image credit: justyn. What is largely missed is another area which Islam focuses on and which relates to communicating the product’s features in their entirety and without deception. Evaluate if the Muslim market potential is sizeable and relevant to the markets in which the company is operating or plans to operate. However, in the title of this article, including it this way is not to conclusively imply that there is a ‘Muslim’ consumer and that there is such a thing as ‘Islamic’ marketing. Depending on the type of product/service you offer and where you are based, there may not be a need. Contemporary Islamic finance is based on a number of prohibitions that are not always illegal in the countries where Islamic financial institutions are operating: Also consider ethnic nuances. This model can also be used to explore Islam’s potential influence on marketing. Excellent job. Issue 3 2011 Exploring Islamic markets and Muslim consumers selected papers from the inaugural Global Islamic Marketing Conference, UAE, 2011 . Rather, it is to initiate an exploration into the nature of the ‘Muslim consumer’ and ‘Islamic marketing’. Adherence to the Islamic ethics in the Islamic banking industry can help elevate the standards of both behaviour and living of bankers and customers alike. In fact, halal, has been the underpinning link between Islam, product development and marketing. In the case of IBBL for example, as a market leader in the Islamic banking industry, this bank should take on the role of a barometer of the industry and thus, lead the way in setting price structure for the market making price and making other marketing changes. Our Inbox and Messaging services connect financial firms and investors with the largest, most established Islamic markets community in the world. Since Islam places a greater emphasis on duties than on rights, social good or the 12 The Principles of Islamic Marketing benefit of the society as a whole, not profit, should guide Muslim entrepreneurs in their decisions. Under these basic tenets, different pricing models and practices should be carefully reviewed and revised. Other segmentation variables such as, for example, age, economic class and education play a greater role in consumer behaviour. This term fascinated me for its implicative context, which has been largely underrated in marketing knowledge and practice. In order to determine your strategy, identify the key trends and opportunities specific to your sector. It requires a whole new product line or business unit to be created to address unique Muslim product needs. The above 4-step Muslim market strategy framework serves as a general guideline for companies targeting Muslim markets. Islamic Marketing 1. Introduction Islam is a supreme package of guidance for all mankind. Below is a brief description of each of the steps. Since the Muslim world is extremely diverse in terms of economic development, customs and traditions and political and legal systems, it is vital for companies and marketers to analyze the environment before attempting to address these markets. DAFZA Dubai – 54194 A great deal of academic work and practice-oriented debate is required to help develop actionable practices. Thus, labelling a consumer class as ‘Muslim consumer’ has to be done more insightfully. Market positioning: The most important aspect of marketing to Muslim consumers is appealing to their values with sincerity. This article is not even a primer to the discipline of Islamic marketing and is intended to underline the importance of this emerging discipline. Volume 1. To begin with, when it comes to the product, Islamic teachings and rulings (fatwas) have been largely limited to pronouncing food items as being halal (allowed) or not, and almost any product marketer wanting to engage Muslim consumers will find it critical to have the product certified as such. In typical English writing, a square bracket implies that the contained word(s) are part of the phrase. This article attempts to give some insight into this emerging discipline as well as its potential implications. For example, if an Islamic bank purchases a home and sells it on an installment basis to a buyer, the bank is the owner of the home until the final payment is made. Market Islamic banking Financial Products Takaful Investment Products Equity Sukuk Sharia’a-compliant derivatives • Islamic Fund Management • Islamic REITs • Islamic Structured Products • Islamic stock broking • ijara • istisna’a • musharaka • Sharia'a deposit investment products • Money market products • Financing products • Other Investment products Exchange traded Terms and Conditions • Privacy Policy. Islamic marketing and for the same reason we can’t even find a proper definition of it in any book or on any website. talha.salam@nu.edu.pk, For questions regarding subscription and timely delivery, please contact on the following numbers or visit Efforts like these are now helping shape the characteristics of Muslim consumers and will go a long way in making marketing activities in Islamic markets more effective. As Muslims, we live our lives in a very simple yet specific way, which guarantees us good health, spiritual well-being and above all a closeness to our creator Allah (SWT). 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