Issue 3 2011 Exploring Islamic markets and Muslim consumers selected papers from the inaugural Global Islamic Marketing Conference, UAE, 2011 . In 2008, Nestle achieved US$5.2 billion revenue in Halal products alone. Islamic teachings do guide a merchant on being principled in charging the right price. Efforts like these are now helping shape the characteristics of Muslim consumers and will go a long way in making marketing activities in Islamic markets more effective. In the emerging arena of Islamic marketing, a key area of focus revolves around understanding Muslim consumers. DAFZA Dubai – 54194 Islam’s influence on marketing has always been felt in different ways, and is most commonly expressed in Muslim consumer markets in terms of food items being halal or not. Islamic marketing (IM) is a relatively new development in marketing thought and the term IM has not been addressed satisfactorily in the literature. What is largely missed is another area which Islam focuses on and which relates to communicating the product’s features in their entirety and without deception. You have the following options: Level 1: Mainstream (no customization): This is a “do nothing” strategy in terms of customizing for the Muslim market. Below is a brief description of each of the steps. Frequently asked questions. The challenge of online privacy preservation in Muslim-majority countries during the COVID-19 pandemic Dina El-Bassiouny, Noha El-Bassiouny. These conditions make it impossible to sell debt in a capital market and create imaginary assets, which enable transactions of a speculative nature. Islamic marketing ethics combines the principle of value maximization with the principles of equity and justice for the welfare of the society (Abdelkader Chachi and Abdul Latiff, 2008). Once certification is achieved, the product is deemed to have crossed the hurdle of being ‘Islamic’ and can be marketed in any way. For example, if an Islamic bank purchases a home and sells it on an installment basis to a buyer, the bank is the owner of the home until the final payment is made. Issue 1 2010. It should also address the potential of what Spain has to offer Muslim travelers: Islamic heritage sites, Halal food, family-friendly atmosphere, etc. UAE, NJ, USA registered business Strategy Insights Inc., D.B.A DinarStandard. 'Islamic marketing' has been used for as long I can remember! Islamic Marketing is the study of marketing phenomena in relation to Islamic principles and practices or within the context of Muslim societies (Jafari, 2012). Market positioning: The most important aspect of marketing to Muslim consumers is appealing to their values with sincerity. Our Inbox and Messaging services connect financial firms and investors with the largest, most established Islamic markets community in the world. New York City, NY 10004 Issue 3 2010. Market Islamic banking Financial Products Takaful Investment Products Equity Sukuk Sharia’a-compliant derivatives • Islamic Fund Management • Islamic REITs • Islamic Structured Products • Islamic stock broking • ijara • istisna’a • musharaka • Sharia'a deposit investment products • Money market products • Financing products • Other Investment products Exchange traded Their kitchens are Halal certified, they have large prayer rooms and conduct congregational Friday prayers, and all female staff wear Islamic clothing. If this approach is applied and consumers are segmented by religion, Muslim consumers can be identified in any society. – The purpose of this paper is to explore the foundations of an Islamic market oriented cultural approach regarding its possible implementation by non‐Muslim firms., – The paper is based on a critical review of existing literature on Islamic marketing and branding. Image credit: justyn. Product 4. A marketing research questionnaire is essential if you are to grow your business. Readers may find developments of interest blogged at ogilvynoor.com. Objectives. This is because it enables you to know to know exactly what your customers want so you can tailor your products or services to their needs. The marketing mix, commonly referred to as the four Ps (product, price, place and promotion), gives a broad framework on which an organisation’s marketing strategy can be planned and reviewed. What is IslamicMarkets.com? Aren't they using religion to further their business? In developing your strategy, you will need to determine how far you will customize your product or services for the Muslim market. Travel related examples include airlines offering Halal food options, special ‘Islamic themed travel packages. For example a travel company in Spain needs to determine whether there is a sizable number of Muslim travelers visiting the region in which it operates. Islamic teachings and the marketing mix The marketing mix, commonly referred to as the four Ps (product, price, place and promotion), gives a broad framework on which an … Furthermore, any element of deception in pricing vis-à-vis product features is discouraged. In hard core segmentation theory, segments are defined as groups of consumers who tend to act in a similar manner. For example, Nestle is now manufacturing many of its brands using Halal processes and is working with Halal accreditation agencies to fast-track growth in Islamic markets. 80 Broad Street, 5th Floor However, in the title of this article, including it this way is not to conclusively imply that there is a ‘Muslim’ consumer and that there is such a thing as ‘Islamic’ marketing. Examples include hotel brands such as Sofyan Hotels in Indonesia or De Palma Group of hotels in Malaysia that market themselves as sharia compliant. The degree to which this instrument is used varies largely, based on regulatory requirements, cultural context and consumer tendency to observe such annotations on packaging at the time of purchase. Volume 1. DinarStandard’s 4-Step Muslim Market Strategy framework guides new and existing companies in implementing an effective Muslim market growth strategy. Evaluate if the Muslim market potential is sizeable and relevant to the markets in which the company is operating or plans to operate. Marketing ethics in Islam has principles that maintain the rules in Islamic law or the rules of Islamic economic law. Connect & Collaborate. USA, #225, Building 8 WB Although the marketing mix can also be defined by models other than four Ps, the four Ps model is what is popularly known as the marketing mix, and this article only reviews the four Ps model. Product 5. Some of the puffery in advertising, which may be considered part of the creative space, may be questionable if reviewed from the perspective of Islamic teachings and principles. In popular understanding, Islamic teachings apply to the content and characters used in advertisements being socially acceptable or not. Most of the companies spend considerable amounts of money on advertising approximately 25% of the total budget. Ramadan is the Islamic holiday that takes place during the 9 th month of the Islamic lunar calendar. Boycott of Danish products.2. Islamic Marketing Laith Eid, MBA Marketing Manager – Ketab Technologies 2. GOT IT Contemporary Islamic finance is based on a number of prohibitions that are not always illegal in the countries where Islamic financial institutions are operating: Under these basic tenets, different pricing models and practices should be carefully reviewed and revised. Islamic marketing is a great Ave nue for research. Get unrivalled access to financial intelligence and investment opportunities in Islamic markets, with our intra-daily market publications and reports. How many 'old style store' vendor are dressed in rather a 'pious' attire! View Cedomir Nestorovic’s recently published book: Islamic Marketing: Understanding the Socio-Economic, Cultural, and Politico-Legal Environment, Springer 2016 Extract: This newly published book analyzes the current Islamic marketing environment in a Muslim world which is extremely diverse in terms of economic development, customs and traditions and political and legal systems. Advertising: An Islamic Perspective Dr. Mohammad Ekramol Islam 1 Mohammad Zahedul Alam 2 Abstract Advertising is a major element of promotion tool of a company. Issue 2 2011. talha.salam@nu.edu.pk, For questions regarding subscription and timely delivery, please contact on the following numbers or visit Furthermore, although over the course of the last few decades a reasonable understanding of Islam’s influence on marketing and consumers has developed in terms of knowledge and practice, with the recent emergence of Islamic marketing as a discipline, new perspectives and dimensions are being revealed. This article attempts to give some insight into this emerging discipline as well as its potential implications. Depending on the type of product/service you offer and where you are based, there may not be a need. The latter refers to the extent to which individuals follow religious tenets and indoctrination. Marketing in Islam must contain Islamic marketing which is marketing that always pays attention to the rules and objectives of Islamic economics. Promotion Islamic Ethics falsetestimony Salesman Advertisement 8. Talha Salam is a faculty member in marketing at the FAST School of Business. IJIMB aims to advance academic and practical marketing knowledge through the promotion of the entirely new discipline of Islamic marketing and through the engagement of the academics representing more than 1.5 billion Muslim consumers who remain largely unknown to researchers. Muslims now want a marketing system that is in accordance with the laws of Shariah. (KHI) +92-21-3561-3066/7 • Haroon House Dr. Ziauddin Ahmed Road Karachi, 74200 Is there anything in Pakistan where religion is not discussed? In fact, there is a concerted effort by different circles to grasp the influence of Islam on Muslim consumer behaviour, including Oxford’s Saïd Business School, Ogilvy Noor and the Journal of Islamic Marketing. PDF | On Jan 1, 2007, S.M. For example, will you focus on accommodating the basic needs of Muslim guests, in terms of Halal food, and travel spaces; or will you go a step further and offer gender segregated activities by providing separate pool and spa facilities for men and for women. Although the degree of influence religions have on the lifestyles of their followers is yet to be conclusively defined, it can be said with a bit of certainty that Islam, compared to other mainstream religions, has a stronger influence and impact on the lifestyles of its followers. Brief Background on Ramadan. Level 3: Unique Messaging: In this level of customization, you will target Muslims through targeted media channels, coupled with unique messaging that addresses their values. This area, further popularised by the concept of Islamic banking, is much broader than Islamic marketing itself and has now developed into a parallel stream of banking operations in many parts of world. Examples include Burger King ads in local publications and TV commercials wishing Muslims happy Ramadan. Some of the opportunities include a growing demand for Muslim-friendly resorts, convergence with other travel sub-sectors or other Islamic economy sectors, and the rising middle class, especially in South East Asia. To begin with, when it comes to the product, Islamic teachings and rulings (fatwas) have been largely limited to pronouncing food items as being halal (allowed) or not, and almost any product marketer wanting to engage Muslim consumers will find it critical to have the product certified as such. Another area of Islamic product development is interest-free financial products. (LHR) +92-42-3575-8120-25 • 20-N, Gulberg II Lahore, 54660 It would be better if a businessman paid attention to the prevailing norms or trade procedures that exist in Islam. The label of being a ‘halal’ or ‘Islamic’ product may be used as a communication instrument. 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