Marketing Ethics At Islamic Banks: Principles And Practices
M Qoshid Al Hadi(1*), Eko Nur Cahyo(2), Iman Setya Budi(3)(1) University of Islam Kalimantan MAB
(2) Coventry University
(3) University of Islam Kalimantan MAB
(*) Corresponding Author
Abstract
This article highlights the principles and implementation of Islamic banking marketing ethics. Ethics based on sharia principles are an essential differentiator from their competitors. It begins from the 4 P's marketing mix framework, namely product, price, promotion, and place. This article is qualitative descriptive research using literature review. This article employs secondary data from 11 articles. The data that has been collected then analyzed with descriptive information. Therefore, through 4 P's marketing mix lens, this article finds a lack of ethical marketing practices in Islamic Banking from the ethical ideals espoused in the literature. This study analyzes the ethical marketing practices of Islamic banks which can be used as an evaluation of policies in the Islamic financial industry.
Keywords
Full Text:
PDFReferences
Abbas, A., Nisar, Q. A., Mahmood, M. A. H., Chenini, A., & Zubair, A. (2019). The role of Islamic marketing ethics towards customer satisfaction. Journal of Islamic Marketing, 11(4), 1001–1018. https://doi.org/10.1108/JIMA-11-2017-0123
Ahmed, E. R., Islam, M. A., Amran, bin A., & Alabdullah, T. T. Y. (2018). Proposed the pricing model as an alternative Islamic benchmark. Benchmarking, 25(8), 2892–2912. https://doi.org/10.1108/BIJ-04-2017-0077
Ahmed, S., & Rahman, M. H. (2015). the Effects of Marketing Mix on Consumer Satisfaction: a Literature Review From Islamic Perspectives. Turkish Journal of Islamic Economics, 2(1), 17–17. https://doi.org/10.15238/tujise.2015.2.1.17-30
Alquradaghi, B. A. (2013). The 7 Ps` In the Websites of Qatari Banks. Journal of Management and Science, III(2), 191–208. https://doi.org/10.26524/jms.2013.25
Beekun, R. I. (1997). Islamic Business Ethics. In The International Institute of Islamic Thought. The International Institute of Islamic Thought. https://doi.org/10.2307/j.ctvk8w1zv.4
Beekun, R. I., & Badawi, J. A. (2005). Balancing ethical responsibility among multiple organizational stakeholders: the Islamic perspective. Journal of Business Ethics, 60(2).
Bruin, L. De, Roberts-lombard, M., & Meyer-heydenrych, C. De. (2020). Internal marketing , service quality and perceived customer satisfaction An Islamic banking perspective. Journal of Islamic Finance, 12(1), 199–224. https://doi.org/10.1108/JIMA-09-2019-0185
Caner, D., & Banu, D. (2014). An Overview and Analysis of Marketing Ethics. International Journal of Academic Research in Business and Social Sciences, 4(11), 151–158. https://doi.org/10.6007/ijarbss/v4-i11/1290
Chonko, L. B., & Hunt, S. D. (2000). Ethics and marketing management: A retrospective and prospective commentary. In Journal of Business Research (Vol. 50, Issue 3, pp. 235–244). https://doi.org/10.1016/S0148-2963(00)00175-2
Elmawazini, K., Khiyar, K. A., & Aydilek, A. (2020). Types of banking institutions and economic growth. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 553–578. https://doi.org/10.1108/IMEFM-09-2018-0304
Fianto, B. A., Gan, C., Widiastuti, T., & Sukmana, R. (2020). Customer loyalty to Islamic banks: Evidence from Indonesia. Cogent Business and Management, 7(1). https://doi.org/10.1080/23311975.2020.1859849
Gundlach, G. T., & Murphy, P. E. (1993). Ethical and Legal Foundations of Relational Marketing Exchanges. Journal of Marketing, 57(4), 35. https://doi.org/10.2307/1252217
Hamid, A., & Zubair, M. K. (2019). Implementasi Etika Islam Dalam Pemasaran Produk Bank Syariah. BALANCA : Jurnal Ekonomi Dan Bisnis Islam, 1(1), 16–34. https://doi.org/10.35905/balanca.v1i1.1037
Hamza, H. (2013). Sharia governance in Islamic banks : effectiveness and supervision model. International Journal of Islamic and Middle Eastern Finance and Management, 6(3), 226–237. https://doi.org/10.1108/IMEFM-02-2013-0021
Hunt, S. D., Wood, V. R., & Chonko, L. B. (1989). Corporate Ethical Values and Organizational Commitment in Marketing. Journal of Marketing, 53(3), 79. https://doi.org/10.2307/1251344
ICD. (2020). Progressing Through Adversity. https://icd-ps.org/uploads/files/ICD-Refinitiv IFDI Report 20201607502893_2100.pdf
Kader, R. A., Zakaria, R. H., Razali, N., & Abdullah, N. (2015). Why This Bank ? : Understanding Customers’ Preference for an Islamic Bank in a Competitive Market. Journal of Islamic Economics Banking and Finance, 10(2), 138–153. https://doi.org/10.12816/0025174
Kamarulzaman, Y., & Madun, A. (2013). Marketing Islamic banking products: Malaysian perspective. Business Strategy Series, 14(2–3), 60–66. https://doi.org/10.1108/17515631311325114
Kamla, R., & Rammal, H. G. (2013). Social reporting by Islamic banks: Does social justice matter? Accounting, Auditing and Accountability Journal, 26(6), 911–945. https://doi.org/10.1108/AAAJ-03-2013-1268
Khaki, A. R., & Sangmi, M.-D. (2012). Islamic Banking: Concept and Methodology. SSRN Electronic Journal, March 2019. https://doi.org/10.2139/ssrn.2184856
Lim, W. M. (2020). A marketing mix typology for integrated care: the 10 Ps. Journal of Strategic Marketing, 00(00), 1–17. https://doi.org/10.1080/0965254X.2020.1775683
Mansour, W., Ben Jedidia, K., & Majdoub, J. (2015). How ethical is islamic banking in the light of the objectives of islamic law? Journal of Religious Ethics, 43(1), 51–77. https://doi.org/10.1111/jore.12086
Muhammad, A. M., Basha, M. B., & AlHafidh, G. (2019). UAE Islamic banking promotional strategies: an empirical review. Journal of Islamic Marketing, 11(2), 414–431. https://doi.org/10.1108/JIMA-10-2018-0205
Murphy, P., Laczniak, G. R., & Wood, G. (2007). An Ethical Basis for Relationship Marketing: A Virtue Ethics Perspective. In European Journal of Marketing (Vol. 41, Issue 1). DOI.
Musa, M. A., Sukor, M. E. A., Ismail, M. N., & Elias, M. R. F. (2020). Islamic business ethics and practices of Islamic banks: Perceptions of Islamic bank employees in Gulf cooperation countries and Malaysia. Journal of Islamic Accounting and Business Research, 11(5), 1009–1031. https://doi.org/10.1108/JIABR-07-2016-0080
Naeem, M. (2019). Understanding the role of social networking platforms in addressing the challenges of Islamic banks. Journal of Management Development, 38(8), 664–680. https://doi.org/10.1108/JMD-04-2019-0107
Nienhaus, V. (2011). Islamic finance ethics and Shari’ah law in the aftermath of the crisis: Concept and practice of Shari’ah compliant finance. Ethical Perspectives, 18(4), 591–623. https://doi.org/10.2143/EP.18.4.2141849
Ozatac, N., Saner, T., & Suzmen, Z. (2016). Customer Satisfaction in the Banking Sector : The Case of North Cyprus. Procedia Economics and Finance, 39(November 2015), 870–878. https://doi.org/10.1016/S2212-5671(16)30247-7
Palmatier, R. W., Houston, M. B., & Hulland, J. (2018). Review articles: purpose, process, and structure. Journal of the Academy of Marketing Science, 46(1). https://doi.org/10.1007/s11747-017-0563-4
Rahayu, S., Hati, H., Gayatri, G., & Indraswari, K. D. (2020). Migration ( Hijra ) to Islamic bank based on push-pull-mooring theory : a services marketing mix perspective. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-07-2019-0157
Rama, A. (2020). Strategic pricing by Islamic banks and the impact on customer satisfaction and behavioral intention. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-04-2019-0078
Rashid, M., & Hassan, M. K. (2014). The Market Values of Islamic Banks and Ethical Identity. American Journal of Islamic Social Sciences, 31(2), 43–74. https://doi.org/10.35632/ajiss.v31i2.289
Riaz, M. (2016). Islamic Marketing Ethics and the Marketing Practices of Islamic Banks. ISRA International Journal of Islamic Finance, 8(2), 27–49.
Saeed, M., Ahmed, Z. U., & Mukhtar, S. M. (2001). International marketing ethics from an Islamic perspective : A value-maximization approach. Journal of Business Ethics.
Schottmann, S. A. (2014). From duty to choice: Marketing Islamic banking in Malaysia. South East Asia Research, 22(1), 57–72. https://doi.org/10.5367/sear.2014.0189
Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104(July), 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
Sonko, M. (2020). Customers ’ Perceptions on Islamic Banking : A Case Study in the Gambia. Journal of Islamic Finance, 9(1), 13–23.
Thabit, T. H., & Raewf, M. B. (2018). The Evaluation of Marketing Mix Elements: A Case Study. International Journal of Social Sciences & Educational Studies, 4(4), 100–109. https://doi.org/10.23918/ijsses.v4i4p100
Ur Rehman, A., Aslam, E., & Iqbal, A. (2021). Intellectual capital efficiency and bank performance: Evidence from islamic banks. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2021.02.004
Wilson, R. (2002). Parallels between Islamic and ethical banking. Review of Islamic Economics, September 2001, 1–13. http://www.kantakji.com/fiqh/Files/Banks/b082.pdf
Wozniczka, J. (2016). The ethical dilemmas in marketing-the positive idea and its desirable and undesirable consequences. Oeconomia, 15(4), 195–207.
Article Metrics
Abstract view(s): 1855 time(s)PDF: 1521 time(s)
Refbacks
- There are currently no refbacks.