STUDY OF MARKETING STRATEGY FOR ISLAMIC BANKING SECTOR IN SRI LANKA
Journal Title: International scientific journal Science and Innovation - Year 2024, Vol 3, Issue 3
Abstract
The global financial landscape has witnessed a remarkable increase in interest and uptake of Islamic banking products and services in recent years. Guided by principles rooted in Shariah law, Islamic banking offers an alternative financial model based on ethical and moral principles, particularly appealing to populations seeking financial services aligned with their religious beliefs. With its diverse and predominantly Muslim population, Sri Lanka presents fertile ground for the growth and expansion of Islamic banking. This research explores the marketing strategies employed by Islamic banks operating within the Sri Lankan financial sector. It delves into the unique challenges and opportunities faced by these banks in effectively reaching and engaging their target market. Operating within a distinct framework governed by Shariah principles, Islamic banks in Sri Lanka must navigate the prohibition of interest, the avoidance of uncertainty, and the promotion of risk-sharing and ethical investment practices while meeting the financial needs of customers. Despite the country's rich Islamic heritage and sizable Muslim population, Islamic banking remains relatively underdeveloped compared to conventional banking in Sri Lanka. This presents both challenges and opportunities for Islamic banks seeking to establish themselves as viable alternatives. Moreover, they must differentiate themselves in a competitive landscape characterized by intense rivalry among Islamic and conventional banks. The study analyzes factors such as product offerings, distribution channels, promotional activities, and customer relationship management to identify the key drivers of success for Islamic banks in Sri Lanka. It adapts the traditional marketing mix, incorporating Islamic principles into the Five Ps - Product (Halal and Ethical), Price (Fairness and Transparency), Place (Accessibility and Convenience), Promotion (Ethical Communication), and People (Ethical Conduct and Relationships) - to align with Shariah principles and ethical considerations. By examining the marketing strategies of Islamic banks in Sri Lanka, the dynamics of the Islamic banking sector and sheds light on potential avenues for further growth and development. It underscores the importance of ethical conduct, transparency, and social responsibility in fostering trust and building long-term relationships with customers and communities.
Authors and Affiliations
M. S. M Imthiyas, A. R. M Arshard, F. H. F Nasu Sahana
Keywords
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- EP ID EP733737
- DOI 10.5281/zenodo.10867837
- Views 48
- Downloads 0
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