Islamic banking: a study of customer satisfaction and preferences in non-Islamic countries

Perceptions on Islamic banking in the UK—Potentialities for empowerment, challenges and the role of scholars

“…in Western Europe) that alternative thinking is likely to gather weight: "since the traditionalists' grip on the local discourse and authoritarian governments' refusal to tolerate anything but conformity to the status quo make it difficult to find a critical audience in their home countries" (p. 288). 2 The UK has become the main hub for Islamic Finance in the west, with London attracting significant amounts of funds through investment banks linked to the Middle-East (Ahmad, 2008;Masood et al, 2009). However, this institutional dominance has not been reflected in widespread market engagement on the part of the nation's small -but large and well-established -Islamic population (Dusuki and Dar, 2007;Filippo et al 2013;Belouafi and Chachi, 2014).…”

“…Many academics have examined the phenomenon of Islamic banking by exploring sectoral growth, investigating selection criteria and evaluating institutional performance (Ford and Jones, 2001;Devlin, 2002a,b;Mathews et al, 2003;Wilson, 2007;Aldohni, 2008;Masood et al, 2009). While much of this literature analyses the attitudes of Muslims towards Islamic banking, it tends to do so from a purely financial perspective, emphasising quantifiable measures of performance and relegating theological debates and insights from critical perspectives to the margins (Dar, 2002;Wilson, 2003;Amin and Isa, 2008;Langah, 2008;Masood et al, 2011;Khan, 2010;.…”

Customer satisfaction and service quality in Islamic banking

“…Most important aspects which is important for customer satisfaction, includes the location of the bank, competitiveness of the service provider and the convenience. Masood and Bora (2009) have conducted study in Jordan to investigate the customer satisfaction and preferences in Islamic banking. There findings reveals that most of the respondents have showed the high level of satisfaction towards different factors and QRFM 4,2/3 aspects of Islamic banking, for example, Islamic bank's name and image, customer confidentiality, customer-client interaction, and physical aspects like the internal layout, suitability of furniture, the architectural design of the bank.…”

Perceptions on the accessibility of Islamic banking in the UK—Challenges, opportunities and divergence in opinion

“…From a strategic point of view, the unique features of Islamic finance have proved simultaneously beneficial and detrimental (Hassan, 2008), but significant in its appeal are the equity-based transactions and distributions of risk that should, in theory, lead to social welfare gains Iqbal, 2007;Housby 2013). Such purported benefits have encouraged the British government to make particular efforts to support the industry, although the UK is far from unique amongst non-Islamic nations in seeing significant growth in the sector in recent years (Masood et al, 2009). 2 Siddiqi (2001), Haron and Hisham (2003) and Hassan and Musa (2003) characterise Islamic banking as a phenomenon that represents much more than the ubiquitous prohibition on interest (Riba).…”