The branding of religious financial institutions in the UK: conversations with market actors within the Islamic financial sector

Abstract

Purpose We are beginning to observe the growth of Islamic finance beyond the borders of traditionally Islamic markets such as the Middle East and the Far East. The proliferation of such religious financial institutions in non-Islamic and more secular markets has raised some pertinent questions about how these quasi-religious institutions brand themselves in light of the need to balance the conflation of Islamic theology with that of financial economic principles. Design/methodology/approach The study adopts a process-based qualitative methodology proceeded with an initial data reduction-theoretical conceptualization of the extant literature. This is followed by data display via quote research of participants’ precepts and concludes with a synthesis the extant academic conceptualizations with empirical perspectives. Findings The findings highlight a framework explaining the interface between Islamic and non-Islamic participation on the branding of Islamic financial institutions in the UK. The findings also set forth a need for consideration of non-religious and purely economic participation in the Islamic financial system in light of branding. Originality/value This study derives its incremental contribution by extending the extant academic literature on the branding and consumption of Islamic financial products and services within non-Islamic and secular markets. Furthermore, by adopting a multi-disciplinary, qualitative lens and engaging pertinent individuals within the field, the study provides a rich framework from which to explore the branding of these quasi-religious institutions and the interface between religious and non-religious consumption. This framework puts forth to the leaders of Islamic financial institutions of the between- and within-group interactions in terms of religio-financial consumption and branding.

Determinants to adopt conventional and Islamic banking: evidence from Indonesia

“…Hence, business and religion are unity with regard to which products and services are authorized and which are prohibited (Amin, 2020). Muslims have adopted these principles to adopt Islamic bank products and services (Junaidi et al , 2021; Kok, 2021; Zainudin et al , 2019).…”

“…Junaidi et al (2021) concluded that religiosity also positively affects consumers' commitment and materialism in Indonesia. Religiosity also has a crucial role in influencing brand image in Saudi Arabia (Abalkhail, 2021), the UK (Kok, 2021) and the USA (Liu and Minton, 2018). Unfortunately, the authors avoided simultaneously validating the role of materialism and Islamic brand image among Muslims in conventional and Islamic bank contexts.…”