Presenting Islamic finance to the whole humanity
Submission Type
Paper Presentation
Abstract/Description
Islamic finance globally in its current form can trace back its roots to the 1970s when the first Islamic bank was established, Nasser Social Bank in Egypt. Ever since, its growth trajectory has been upward. The awareness level of the public about interest free Islamic banking has also evolved and now most banking customers are aware of the difference between Islamic and conventional banking.
In the beginning, the focus of marketing in Islamic banking has been to cater to the Shari’ah sensitive customer by offering riba free banking. This trend has continued however the marketing horizon for Islamic banking has not been broadened despite the massive increase in the size of Islamic banking. The broadening of this target market is the need of the hour considering that Islamic finance originates from Islam which is meant for the whole humanity and not just Muslims.
Further, Islam provides guidance on all aspects of human life. These guidelines are on the highest level of ethical values. Similarly, guidance of Islam leads to sustainability of life and the planet. In today’s world, being socially responsible, sustainable, green, and ethical are considered benchmarks for products and services to have a social impact. This paper explores how Islamic banking being deeply rooted in Islam – a complete Deen – is clearly socially responsible, sustainable, green, and ethical. The paper draws the conclusion that the marketing of Islamic products should be done on a broader basis where the target audience is not just the Shariah sensitive customer but all banking customers regardless of their faith and belief.
Keywords
Islamic finance, Islamic banking, Marketing, SDG, ESG, Shariah compliant
Session Chair
Dr. Aishath Muneeza, Associate Professor, INCEIF, Malaysia
Session Host
Mr. Muhammad Raza, Customer Support & General Services, Meezan Bank Limited
Start Date
30-5-2022 4:15 PM
End Date
30-5-2022 4:30 PM
Recommended Citation
Ehsan, U., & Imran, M. (2022). Presenting Islamic finance to the whole humanity. IBA CEIF World Islamic Finance Forum (WIFF). Retrieved from https://ir.iba.edu.pk/wiff/2022/agenda/2
COinS
Presenting Islamic finance to the whole humanity
Islamic finance globally in its current form can trace back its roots to the 1970s when the first Islamic bank was established, Nasser Social Bank in Egypt. Ever since, its growth trajectory has been upward. The awareness level of the public about interest free Islamic banking has also evolved and now most banking customers are aware of the difference between Islamic and conventional banking.
In the beginning, the focus of marketing in Islamic banking has been to cater to the Shari’ah sensitive customer by offering riba free banking. This trend has continued however the marketing horizon for Islamic banking has not been broadened despite the massive increase in the size of Islamic banking. The broadening of this target market is the need of the hour considering that Islamic finance originates from Islam which is meant for the whole humanity and not just Muslims.
Further, Islam provides guidance on all aspects of human life. These guidelines are on the highest level of ethical values. Similarly, guidance of Islam leads to sustainability of life and the planet. In today’s world, being socially responsible, sustainable, green, and ethical are considered benchmarks for products and services to have a social impact. This paper explores how Islamic banking being deeply rooted in Islam – a complete Deen – is clearly socially responsible, sustainable, green, and ethical. The paper draws the conclusion that the marketing of Islamic products should be done on a broader basis where the target audience is not just the Shariah sensitive customer but all banking customers regardless of their faith and belief.
