Islamic marketing ethics for Islamic financial institutions

Abstract

Purpose To wipe out the criticism of being a replica of conventional financial institution, Islamic financial institutions (IFIs) need to comply with Islamic principles not only on financial side but also while branding and marketing their products and services. This will bring the coherence between their overall market image and core business activities. This paper aims to discuss in detail the Islamic marketing traits relevant to the IFIs for positioning and offering their products. Design/methodology/approach This study follows the research design based on reviewing existing sources of Qura’an and Hadith, the secondary research literature on this novel topic and substantial intellectual discourse with the field experts. Findings It is criticized that IFIs lack the spirit of Islamic values for marketing and branding a commercial business entity. Therefore, this paper outline the differences between Islamic and conventional marketing. Also, it contributes to explain the traits of Islamic marketing mix relevant to the IFIs based on Islamic established principles. Research limitations/implications This study gives valuable practical guidelines for the marketing policymakers of Islamic financial institutions. Islamic marketing mix; product, price, place and promotion, related strategies can be designed and branded keeping the true spirit of Islamic marketing values intact. Practical implications This study is practically important for Islamic financial intuitions to sustain their “Islamic” image by making sure of Islamic principles in their product development, pricing, promotions and distribution. Social implications The socioeconomic system is the brand of Islamic economics and finance. IFIs being the stakeholders of this brand can contribute to the well-being of the society by enhancing their acceptability with the help of divine image and operations. Originality/value Literature on practical Islamic marketing approach in particular to the IFIs is very limited. This study gives comprehensive findings on all the major aspects of marketing based on Islamic values for Islamic financial institutions.

Pengaruh Islamic Marketing Mix Terhadap Keputusan Menjadi Nasabah Dengan Minat Sebagai Variabel Mediasi

“…Menurut Kotler dan Armstrong (2006), menurut kutipan dari (Riyono & Budiharja, 2016) (Aman, 2020), Islam tidak mendukung harga atau produk monopoli dari lebih dari satu pelaku pasar. Periklanan adalah bentuk kegiatan bauran pemasaran yang membantu anda menampilkan produk dan layanan yang ditawarkan dan menginformasikan kepada konsumen.…”

Pemahaman Peranan Pemasaran Islam Dalam Menghadapi Masa Pandemi Covid 19 Pada Pengusaha Muslim di Indonesia

“…Masih ada kegiatan promosi yang tidak sejalan dengan ketentuan syariah, gaya pemasaran konvensional masih ditemukan dalam menawarkan produk keuangan Islam. Pemasaran Islam dalam menawarkan produk keuangan Islam harus benar-benar sesuai dengan pertimbangan ketuhanan, hukum, dan etika syariah, hal ini akan membuat Lembaga keuangan Islam lebih menarik dan sama-sama bermanfaat bagi semua umat manusia tanpa memandang agama seperti yang diyakini syariat dalam budaya sosial, ekonomi dan keuangan untuk semua umat manusia [11].…”

Subjective Meaning of Strategic Pricing Decision Making based on Islamic Values in the Muslim Business community

“…Furthermore, fierce competition in business often encourages people to act unreasonably in their pricing strategies. Competition in price wars in the form of efforts to gain the market share in unethical ways or efforts that could harm competitors is unethical (Aman, 2020). Ethical and moral considerations should not be eliminated when conducting promotional activities and pricing (Aman, 2020).…”