The Value Propositions and The Nature of The Islamic Banks Products and Services in Providing The Solution/s for The Financial Needs of Bimb Business Customer Segments
Abstract views: 830
,
PDF downloads: 1030
THE VALUE PROPOSITIONS AND THE NATURE OF THE ISLAMIC BANKS PRODUCTS AND SERVICES IN PROVIDING THE SOLUTION/S FOR THE FINANCIAL NEEDS OF BIMB BUSINESS CUSTOMER SEGMENTS downloads: 0
Abstract
The present study discusses the value proposition of the presently offered by Islamic banks (IBs) products and services. It also elaborates the nature of the Islamic banks’ products and services in providing the solutions for the financial needs and investment requirements of their retail and business customer segments. The study has adopted a qualitative approach, as this research paper justifies the value propositions and the nature of the IBs's products in providing the solution for the financial needs and investment to their clients. In collecting the data, the following sources were used, such as library research, content analysis, research articles. Journals, conference papers and websites in the literature review. With the practical implications of Islamic banking products offered by Bank Islam Malaysia Berhad (BIMB) such as the financing, deposit, and investment products, customers have now shifted more towards embracing IBs’s products due to the benefits derived through the value proposition attached on these products and services offering. Overall, this study provides comprehensive and coherent material on the topic which will serve as a guiding principle for customers to fulfil their needs. The study discusses value proposition of the currently offered banking products and services of IBs and does not cover the Shariah compliance aspect of the products and services. The paper will be a reference for fellow researchers to study the value proposition of the currently offered banking products and services and its implication in providing the solutions for the financial needs and investment requirements. The study aims at creating awareness to the consumers that the products and services provided by the IBs are competitive and superior to the ones offered by the conventional banks. This study is a comprehensive review of the value proposition of the contemporary products and services offered by Islamic banks.
References
Abdul Aris, N., Othman, R., Mohd Azli, R., Sahri, M., Abdul Razak, D., & Abdul Rahman, Z. (2013). Islamic banking products: Regulations, issues and challenges. Journal of Applied Business Research, 29(4), 1145–1156. https://doi.org/10.19030/jabr.v29i4.7922.
Ashfaque, et al. (2020). Ethical Value Propositions of Islamic Banking Products: A Phenomenological Inquiry of Relationship Managers Perspective. International Review of Management and Marketing, 2020, 10(2), 8-14. available at http: www.econjournals.com. DOI: https://doi.org/10.32479/irmm.9217.
Aziz, A. F. A. (2011). Islamic Finance within Trading Framework: The Way to Legitimate Profit. International Centre for Education in Islamic Finance (INCEIF) Malaysia, 2116, 0–33.
BNM, B. N. (2020). Bank Negara Malaysia. Retrieved from Shariah Advisory Council SAC: https://www.bnm.gov.my/index.php?ch=en_about&pg=en_thebank&ac=439&lang=en.
Ahmad, N., & Haron, S. (2012). Perception of Malaysian Corporate Customers . International Journal of Islamic Financial Services.
Ashfaque, M., Ali Shah, S. M., Sultan, F., Khalil, H., & Hussain, A. (2020). Ethical Value Propositions of Islamic Banking Products: A Phenomenological Inquiry of Relationship Managers Perspective. International Review of Management and Marketing,, 8-14.
BIMB. (2019). AL-AWFAR ACCOUNT. Kuala Lumpur: https://www.bankislam.com/personal-banking/deposit-and-investments/investments/al-awfar/.
BIMB. (2019). Term Deposit-i Tawarruq. Kuala Lumpur : https://www.bankislam.com/personal-banking/deposit-and-investments/deposit-account/KU.
BIMB. (2020). Product Disclosure Sheet- Vehicle Financing-i. Kuala Lumpur: https://www.bankislam.com/personal-banking/financing/vehicle-financing/.
BNM, B. N. (2020). Bank Negara Malaysia. Retrieved from Shariah Advisory Council SAC: https://www.bnm.gov.my/index.php?ch=en_about&pg=en_thebank&ac=439&lang=en.
Doraisamy, B., Shanmugam, A., & Raman, R. (2011). A Study on Consumers'Perferences of Islamic Banking Products and Services in Sungai Petani . Academic Research International.
Elrahman, A. (2012). Islamic Banking Structures:Implications for Risk and Financial Stability. Islamic Economic Studies.
Ghodeswar, B. (2008). Building brand identity in competitive markets: a conceptual model. Journal of Product and Brand Management, 4-12.
Khan, M., Yong, L. H., & Han, B. J. (2019). Emerging Techniques for Enhancing the Performance of Humanitarian Logistics. International Journal of Supply Chain Management.
Mohiuddin, M., & Haque, S. (2013). Marketing Ethics in Islam: A Model Based Theoretical study. Human Resource Management Research, 95-100.
Vargo, S., & Lusch, R. (2004). Evolving to a new dominant logic for marketing. Journal of Marketing, 1-17.
Yusof, E., Kashoogie, E., & Kamal, A. (2009). Islamic Finance: Debt versus Equity Financing in the Light of Maqasid al-Shari’ah. Munich Personal RePEc Archive.
Hakim, S. A., Al-jubari, I., & Bhatti, O. K. (2011). Advertising of islamic banking products. Advertising of Islamic Banking Products, 1(2), 60–70.
Hassan, A. (2012). The Value Proposition Concept in Marketing: How Customers Perceive the Value Delivered by Firms– A Study of Customer Perspectives on Supermarkets in Southampton in the United Kingdom. International Journal of Marketing Studies, 4(3), 68–87. https://doi.org/10.5539/ijms.v4n3p68.
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.
Umar A. O. et al., (2012). The Value Proposition of Islamic Financial Intermediation: Some Current Legal and Regulatory Challenges. Australian Journal of Basic and Applied Sciences, 6(11): 239-245, 2012 ISSN 1991-8178. Aust. J. Basic & Appl. Sci., 6(11): 239-245, 2012
Akintan, I., Dabiri, M., & Salaudeen, J. A LITERATURE REVIEW ON ISLAMIC FINANCE MODES AS AN ALTERNATIVE APPROACH TO FINANCE THE BUSINESS MODEL OF A CIRCULAR ECONOMY.
Ashfaque, M., Shah, S. M. A., Sultan, F., Khalil, H., Hussain, A., & Khan, M. (2020). Ethical value propositions of Islamic banking products: A phenomenological inquiry of relationship managers perspective. International Review of Management and Marketing, 10(2), 8-14.
Khan, M., Han, NH, HOI, S., & Bae, JH (2019). Good faith principle of contract law for the Islamic banking system. Utopia and Praxis Latinoamericana , 24 (5), 239-251.
Copyright (c) 2022 Mohammad Shahid, Farhad Ahmed Bhatti, Mohammed Meeran Jasir Mohtesham, Nur Farhah Binti Mahadi
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
El-Barka: Journal of Islamic Economics and Business allow the author(s) to hold the copyright without restrictions and allow the author(s) to retain publishing rights without restrictions, also the owner of the commercial rights to the article is the author.
