The global Islamic finance and banking industry is growing at unprecedented rate around the world and many countries are tapping into the various opportunities that lucrative sector is spurring. Branding and marketing are partnership for effective profitable and go hand in hand in attracting, client, investor and trust from customers of Islamic banking institution.
Branding and marketing are partnership for effective profitable and go hand in hand in attractive clients , investors and trust from customers of Islamic banking institution. Branding is important first and foremost because it is visual identification and the image can further make or break your product especially in the Islamic financial sector where have to adhere and be marketing in Sharia Compliant manner.
All Islamic banking and financial institution have to ensure that all their banking products and services adhere to the basic principle.
Any investment in the branding of product should not involve interest and uncertainty of its compliance to Sharia . In addition it should always promote the presence of the underlying asset and any investment in branding and marketing should remain Sharia compliant where the investment in any branding material also involve risk sharing by both parties.
There is optimum potential for branding halal products especially in Islamic financial hubs . Sharia compliant branding of Islamic product can further help to promote new and innovate Islamic retail products and increase profitability of products and services at the Islamic financial institution.
In the 21 st century most branding and marketing is done electronically through the use of innovative technology and a global customer based can be reached in quick time through the use of social networking. Developing a brand for an Islamic financial institution can help to enable the company to recognized worldwide and can also help to attract new customers. There are many challenges of Islamic banking and marketing that an Islamic financial institution may need to consider.
For many Islamic banking institution around the world it may not be possible to implement a full branding and marketing strategy for a product or services due to the overall expenditure that the institution would have to endure . For this reason, an Islamic banking institution may need to consider how much they would want to spend on branding their products and services and creating an identify which can spur the growth of the company.
Another key challenge that Islamic banking institution may find is that they have to ensure all endorsement of products and services remain Sharia compliant throughout. Sharia compliant is extremely important in all branding and marketing strategies, as this is what builds the trust of customers and will leave scope for loyal clients.
Many Islamic banking institution may want to consider attracting sponsor for their product and services at endorsements so that it can further heighten the scope of their product offering .
However finding sponsor for branding may not always be smooth sailing and there needs to be level trust between the sponsor and the financial institution.
Another invaluable way of creating effective branding is by finding media outlets that specialize in creating an identify for Islamic banking products and services. There are many specialist media outlets which can help to create a branding and marketing strategy, however it is always important to engage with accompany that understand the principle of Shari compliancy. It can often be challenging creating a social networking presence for an Islamic financial institution but as the worldwide web has opened up many opportunity for social networking , the scope of advertising has become easier.
In addition , creating effective distribution links may be challenging if Islamic financial institution does not want to use others means of marketing such as by creating social networking pages . leaflets or flyer and others marketing. In order for the company to grow Islamic banking institution need to recognize the importance of branding and marketing and the necessity for effective distribution of branding material. The Islamic banking and finance industry has unprecedented potential for sustainable growth through the effective mean of branding and marketing which can help the industry to further excel worldwide.
In addition, Islamic banking institution can build a name for themselves and create innovate branding and marketing which can further increase profitability and attract a wider client base from around the world . The establishment of an effective branding and marketing can almost definitely guarantee sustainable growth of the Islamic banking or financial institutional for the years to come.