E-Marketing Strategies for Islamic Banking

Abstract

This article describes how e-marketing is increasingly gaining interest within Islamic businesses. It is important to consider the extent to which it fits comfortably within principle notions of Islam and Sharia law. An Islamic business should ensure that its e-marketing strategy must be devoid of any contentious or exaggerated claims and there must be no excessive risk. As marketing practices include accentuating the benefits and features of products and services, and downplaying the negative attributes which potentially could lead to a consumer making an informed decision based on this unbalanced presentation. Arguably, this presents a form of risk that may be at odds with the fundamental tenets of Islam. This article presents a case-study of a large bank in Kuwait to identify how e-Marketing can be implemented more effectively to attract new customers and retain the existing ones by critically evaluating the viability of e-marketing strategies for promoting Islamic banking. A set of recommendations are also provided to support all Islamic Banks in the development of an e-marketing strategy.