Marketing management in an Islamic banking environment: In search of an innovative marketing concept

Imitating the behavior of Western institutions is not necessarily the most beneficial strategy for an Islamic bank to adopt in its marketing. Muslims have different priorities and preferences, different criteria for making decisions, different goals, and different beliefs than do most individuals living outside the Islamic world. Those in charge of Islamic banks need to realize this. Bank managers, it is suggested, ought to utilize a model-based approach in order to study the macro- and micro-economical effects of their actions and their strategies. According to the authors, effective marketing plans need to be focused on the consumer and on the family unit, competitive-minded in pricing, and carefully attentive concerning each individual's requirements and demands. It is predicted that all Islamic banks but the ones with the best utilization of consumer-focused marketing will be driven to failure.